💸 The Tape

Just when you thought the hemp-derived THC saga had enough characters—state regulators, cannabis operators, vape shop cowboys, and the occasional confused grandmother—another heavyweight has stepped into the ring: Big Food.

Yes, the Consumer Brands Association (CBA)—whose membership roster reads like the grocery store aisle (Coca-Cola, General Mills, Kraft Heinz, Nestlé, and even Target)—has officially asked Congress to ban intoxicating hemp products. In a letter to House and Senate leadership, the trade group said, in effect: The hemp loophole has gotten out of hand, and we’d like it shut, please and thank you.

The “hemp loophole” refers to the 2018 Farm Bill, which legalized hemp containing less than 0.3% delta-9 THC. Lawmakers didn’t account for the plant’s slightly more creative cannabinoids—like delta-8 and delta-10, which can be synthesized from CBD and will, in fact, get you high. Cue: gas stations selling gummy bears that could turn Tuesdays into an experience.

CBA says this wasn’t the intention of Congress and that these products have “caused significant investigative and testing challenges”—which is corporate speak for: No one has any idea what’s actually in these things. They also called out kid-friendly packaging, noting that some products look a little too much like candy for comfort. (If there is one thing Big Food does know well, it’s candy packaging.)

This move aligns the food giants with 39 state and territorial attorneys general, who also want Congress to slam the door on intoxicating hemp. Joining the chorus this week: major alcohol industry groups—Beer Institute, Wine Institute, Distilled Spirits Council—who, perhaps unsurprisingly, do not love a burgeoning category of beverages that can replace their own.

The push is part public safety, part regulatory turf war, and part market share defense. After all, hemp-derived drinks are now popping up in bars, wellness boutiques, and—wait for it—Target (in Minnesota stores only, for now). Yes, the same Target that belongs to the CBA asking Congress to make those products illegal. The irony shelf is full.

But this is far from settled. Sen. Mitch McConnell (who spearheaded hemp legalization in 2018) now wants to ban hemp intoxicants. Rep. Andy Harris is pushing the same. Meanwhile, Sen. Rand Paul is threatening to hold up spending legislation if a ban is included, arguing it would devastate farmers and small businesses.

As he put it: banning hemp intoxicants while cannabis remains legal in multiple states is like saying, “No, no, no—you can only have the strong stuff.”

In other words: Washington does not have a cannabis policy problem.
It has a logic problem.

📈 Dog Walkers

$CGC ( ▼ 4.39% ) Posts Respectable Q2

Canopy Growth (TSX: WEED; Nasdaq: CGC) reported Q2 FY2026 results that show a company actively pulling itself back from the brink—and with some measurable success. Canada adult-use revenue rose 30% year-over-year, with strong sell-through in infused pre-rolls and all-in-one vapes under the Tweed and 7ACRES brands. Meanwhile, Canada medical revenue increased 17%, marking another quarter of strong patient and product expansion. Together, these segments helped push total cannabis revenue to $51 million, up 12% vs. last year.

Just as importantly, the balance sheet is no longer a crisis headline. Canopy ended the quarter with $298 million in cash, exceeding total debt by $70 million—meaning the “going concern” cloud has officially lifted. That alone is a narrative shift.

Profitability, while still a work in progress, is moving in the right direction. Adjusted EBITDA loss improved to ($3 million) from ($6 million) last year, and operating loss narrowed 63% to ($17 million) on the back of 13% lower SG&A and $21 million in annualized cost savings captured since March.

International markets remain the weak spot, with Europe down 39% due to supply chain challenges, and Storz & Bickel revenue down 10%, though the new VEAZY™ device is expected to stabilize momentum into the holiday season.

The tone from management is measured but confident: discipline is sticking, brands are resonating again, and the cash cushion is real this time. In cannabis, that combination counts as momentum—and, for Canopy, that’s newsworthy progress.

$GRWG ( ▼ 6.12% ) Reports Turnaround Q3

What’s Going On Here: GrowGeneration Corp. (NASDAQ: GRWG) delivered what can fairly be called a real turnaround quarter in Q3 2025. Net sales reached $47.3 million, up 15.4% sequentially, marking a clear break from the slow grind that’s characterized the CEA retail space the past two years. The shift to higher-margin proprietary brands paid off, with those products climbing to 31.6% of cultivation and gardening sales, up from 23.8% last year. That mix shift helped push gross margin to 27.2%, a sizable expansion versus 21.6% a year ago.

Meanwhile, GrowGen continued tightening the operational belt. Store operating expenses dropped 27.8%, total operating expenses fell 31.5%, and the result was Adjusted EBITDA swinging to +$1.3 million—the company’s strongest profitability in four years. The GAAP net loss narrowed to $2.4 million, a dramatic improvement from $11.4 million in Q3 2024. And, importantly, the company ended the quarter with $48.3 million in cash and marketable securities and no debt—a balance sheet position that most cannabis-adjacent operators would commit light tax evasion to have.

CEO Darren Lampert reiterated the company’s brand-led roadmap, projecting proprietary brands to reach ~40% of segment revenue by 2026, further supporting margin expansion and customer stickiness. Looking to Q4, management expects ~$40 million in revenue, with confidence in positive revenue growth and positive Adjusted EBITDA in 2026.

Bottom line: GrowGen appears to have found the bottom, sharpened the model, and begun climbing again—leaner, smarter, and actually profitable at the operating level. In this market, that’s no small achievement.

🗞️ The News

📺 YouTube

Latest Numbers: Boris Jordan & Anthony Coniglio Break Down Q3 Performance | TTB Powered by Dutchie

What we will cover:

✅ Earnings season rolls on and we’re back with another double-header on today’s TDR Trade To Black podcast hosted by Shadd Dales and Anthony Varrell. Tune in at 4 PM ET as we break down the latest Q3 2025 results from two major players in the cannabis and cannabis-adjacent space.

First up: Boris Jordan, Chairman and CEO of Curaleaf Holdings Inc. (TSX: CURA). We’ll get his take on how Curaleaf posted $320 million in revenue this quarter, with international sales jumping 56% year-over-year. Despite price compression in U.S. markets, Curaleaf’s global strategy is gaining traction. We’ll talk margins, cash flow, and how they’re managing debt while expanding their European footprint.

Plus, Anthony Coniglio, CEO of NewLake Capital Partners (OTCQX: NLCP) check back in with us. The cannabis REIT reported $12.6 million in revenue and $11 million in AFFO, while navigating tenant defaults from AYR Wellness and Revolutionary Clinics. We’ll ask how NewLake is managing risk, maintaining dividends, and staying liquid in a volatile sector.