💸 The Tape

🗞️ Headlines & Hot Takes: A Month in Review

Over the past few weeks, media outlets have been lining up with hot takes, analyses, and cautious optimism over whether cannabis will finally be demoted from its current status as a Schedule I substance. The narrative arc? Less Harry Potter’s “You-Know-Who” and more “Hanging Judge to Mellow Moderator”—at least in the press.

A flashpoint came when former President Donald Trump shared a video touting the benefits of cannabis-derived medicine for seniors, calling for Medicare coverage. The media pounced: was this genuine policy direction or political theater? Either way, cannabis stocks caught a contact high, rallying on renewed speculation that rescheduling might actually be around the corner.

Mainstream outlets reminded readers that even a shift to Schedule III wouldn’t make cannabis federally legal—just less of a tax and research nightmare. Legal analysts walked through how rescheduling could relieve the industry of the IRS’s infamous 280E stranglehold, open banking channels, and encourage scientific studies long blocked by federal red tape. Meanwhile, conservative lawmakers sounded alarms that the move would amount to “a multibillion-dollar tax break for Big Cannabis.”

Perhaps the most interesting through-line in recent coverage is how rescheduling is being framed not as the finish line but as the halfway point of a marathon. Commentators argue that full de-scheduling—removing cannabis entirely from the Controlled Substances Act—is the real endgame. Rescheduling, by contrast, is the bureaucratic warm-up act before the main event.

🎯 The Leading Contender: What’s the Most Likely Outcome?

If you were placing bets based on the tone of the coverage, the consensus odds point squarely to Schedule III. Most journalists and policy analysts treat it as a foregone conclusion—a politically palatable “middle way” that keeps regulators, investors, and the public all reasonably satisfied.

But the fine print is key. Schedule III would ease financial and research burdens, but not erase federal contradictions. Cannabis would still technically be a controlled substance—just one that Washington now admits might have some legitimate use after all.

🧠 Takeaway (with a Dash of Humor)

You might say the press has been staging a slow-burn romance with cannabis policy: flirtations, mixed signals, and occasional drama—but no consummation yet. If the media mood is any indication, the path to Schedule III looks inevitable. It won’t make cannabis federally legal, but it will finally acknowledge what everyone else has known for years: that calling it more dangerous than fentanyl might’ve been a little… overbaked.

📈 Dog Walkers

Michigan Could Kill Its Industry

What’s Going On Here: Michigan’s cannabis operators just got served a new reality check: a 24% wholesale tax is set to hit the industry starting January 2026, and business owners are fuming that the only thing getting higher now is the price tag.

“It’s like a gut punch to the industry,” said Al Williams, president of the Detroit Cannabis Industry Association and owner of several dispensaries, including DACUT in Detroit. “We’re already overtaxed from the federal government and the state — now this?”

The new levy, baked into Michigan’s state budget, aims to raise roughly $420 million (yes, really) for road repairs. It squeaked through the Senate in a 19–17 vote, and while politicians are celebrating infrastructure wins, dispensary owners warn the move could pave the way for the illicit market instead.

Williams estimates consumers could see prices jump $3–$4 per gram, with gummies and concentrates following suit. “Your gummies are going to go up, flower’s going to go up — everything’s going up,” he warned.

The state’s Governor Gretchen Whitmer defended the move, arguing Michigan’s new tax structure is “commensurate with other states in our region.” But operators say comparing cannabis to tobacco and alcohol ignores one critical detail — cannabis still can’t deduct normal business expenses thanks to federal 280E restrictions, and smaller urban operators are already fighting to stay afloat.

Even California Governor Gavin Newsom recently rolled back his state’s 25% cannabis tax hike after watching the legal market bleed consumers to street dealers.

As Williams put it, “People are going to lose their jobs. Smaller growers in Detroit and Flint won’t survive.”

So, while Michigan’s roads may soon get smoother, its cannabis market could be headed straight for a rough patch.

$VRNOF Deals With The Strike

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) is advising shareholders to vote online ahead of its special meeting on October 27, 2025, as Canada’s ongoing postal strike threatens to delay delivery of meeting materials.

The Meeting Materials, which include information on a proposed plan of arrangement, can be accessed via SEDAR+, EDGAR, or directly at investors.verano.com. While Verano is still mailing physical copies “in the normal course,” the company warns there’s no guarantee that all shareholders will receive them before the big day.

To ensure votes are counted, Verano urges investors to skip the mailbox and cast ballots online. If you already mailed your proxy, the company recommends recasting your vote digitally to be safe. The proxy cut-off is officially October 24 at 9:30 a.m. CDT, though Verano will accept submissions up to that time.

Registered shareholders—those holding shares directly—can contact Odyssey Trust Company via chat or phone for help obtaining a control number or voting assistance. Beneficial shareholders—those holding through a broker or intermediary—should request voting instructions from their broker and submit votes at least 24 hours before the cut-off.

For those seeking to exercise dissent rights, formal written notices must be sent to Fasken Martineau DuMoulin LLP in Vancouver by October 23, 9:30 a.m. PDT.

With postal disruptions in full swing, Verano’s message to investors is simple: go digital or risk being left behind.

All meeting materials and proxy information remain publicly accessible—because in the world of cannabis and capital markets alike, timing is everything.

🗞️ The News

📺 YouTube

Weekly Recap: Trump Cannabis Post Sparks Senior Healthcare Debate | TTB Weekly Recap

What we will cover:

✅ If you’re ever injured in an accident, you can check out Morgan & Morgan. You can start your claim in just a click without having to leave your couch. To start your claim, visit: https://www.forthepeople.com/TDR

Can cannabis for seniors really reshape U.S. health care? And what happens when California, Texas, and Washington all push new hemp and cannabis rules in the same week? This week, the headlines are packed — from President Trump’s Truth Social post sparking fresh debate to major corporate updates from Verano, Village Farms, and Cannara Biotech that show how the industry keeps evolving.

TDR Trade To Black Weekly Recap presented by Dutchie breaks it all down. Shadd Dales covers Trump’s repost of The Commonwealth Project and its push to integrate cannabis into senior health care, Senator Moreno’s latest comments on moving the SAFER Banking Act, and California’s new AB8 law bringing intoxicating hemp under full cannabis regulation by 2028.

We also look at Texas’s THC testing standoff, Cannabuzz joining the Wine & Spirits Wholesalers of America, and Ohio’s tighter rules on packaging and product safety.