💸 The Tape

Major Cannabis Trial Is Underway

After years of regulatory roadblocks, the Multidisciplinary Association for Psychedelic Studies (MAPS) is finally moving forward with a groundbreaking clinical trial evaluating the efficacy of smoked medical marijuana for veterans battling PTSD. This long-awaited study, funded by Michigan's cannabis tax revenue, could redefine how cannabis is viewed in therapeutic settings.

MAPS recently announced FDA approval for the Phase 2 trial—a randomized, placebo-controlled study involving 320 veterans with moderate to severe PTSD. The trial mimics real-world usage, allowing participants to self-titrate high-THC cannabis flower or a placebo. Principal investigator Sue Sisley sees this as an overdue opportunity to validate what many veterans already claim: cannabis might succeed where pharmaceuticals fail.

Despite this progress, the journey hasn’t been smooth. MAPS wrestled with five FDA clinical hold letters over issues ranging from cannabis-naïve participants to delivery methods. Only after MAPS submitted a formal dispute did the FDA relent, greenlighting smoked cannabis for the trial while tabling vaporization until further device safety reviews. As MAPS founder Rick Doblin puts it, “Our work challenges FDA’s typical one-size-fits-all approach.”

Michigan’s Veteran Marijuana Research Grant Program is funding the study as part of a broader push to explore cannabis’s potential. This effort includes a $20 million annual fund supporting research into PTSD, anxiety, and other mental health disorders across institutions like the University of Michigan and Wayne State University.

The implications of this cannabis study could ripple beyond veteran care, potentially influencing consumer markets, regulatory frameworks, and even ongoing marijuana rescheduling debates. Veterans groups remain vocal in pushing for broader access to medical cannabis and psychedelics, echoing sentiments heard in Congress and state legislatures alike.

With Phase 2 underway and the potential for transformative insights, this trial could elevate cannabis from a recreational commodity to a serious player in the medical treatment arsenal—finally bridging the gap between anecdote and evidence. As Doblin aptly states, “Veterans deserve treatments that work, and we’re leading the charge to make it happen.”

📈 Dog Walkers

Agrify Taps The Capital Markets

Agrify Corporation (Nasdaq: AGFY) just rolled out a non-brokered private placement, netting a tidy $25.9 million at $22.30 per share—no middlemen, no fuss. Chairman and Interim CEO Ben Kovler chipped in with a premium play, snagging 10,000 shares at a hefty $38.76 each, signaling confidence that could double as a billboard. The cash infusion is pegged for corporate must-haves—think working capital and growth moves—while keeping one eye on closing the Señorita transaction by year-end. Investors also score pre-funded warrants to skirt pesky ownership caps, though the shares aren’t SEC-registered yet (legalese enthusiasts, you know the drill).

Minnesote Moves Forward On Social Equity Program

The social equity cannabis lottery is turning into a high-stakes game of “survival of the fittest.” Out of 1,817 applicants, only about 640 will advance, giving them a much sweeter shot at landing one of 280 coveted preapproval licenses. For the unlucky two-thirds, the verdict is clear: incomplete applications or trying to game the system, like flooding the zone with multiple entries or hiding true investors, won’t cut it. Charlene Briner, interim head of the Office of Cannabis Management, didn’t mince words: “We gave you the answers ahead of time. Readiness means submitting a proper application.” For those moving forward, it’s time to cross fingers—the first lottery is slated for early December. Expect drama, because cannabis always delivers.

Planet 13 Brings In A Marketing Expert

Planet 13 Holdings (CSE: PLTH, OTCQX: PLNH) has just rolled out its marketing secret weapon: Bryant Ison. With a resume packed with big-brand experience—think Pepsi, Band-Aid, and Clorox—he's stepping in as VP of National Marketing to supercharge the company's award-winning cannabis portfolio. Bob Groesbeck, Planet 13's Co-CEO, isn’t holding back on ambition: expanding Trendi, Medizin, HaHa gummies, and Dreamland chocolates into new markets with celebrity partnerships in tow. Ison’s prior gigs at Columbia Care and Sterling-Rice Group scream cannabis savvy and strategic chops. Oh, and did we mention he’s revamping VidaCann stores in Florida while launching express-format outlets? With Ison at the helm, Planet 13 is blending cannabis with marketing sophistication.

🗞️ The News

Agrify Announces $25.9 Million Non-Brokered Private Placement

Weeding out bad actors? Cannabis license lottery entrants chosen

Cannabis SAFER Banking unlikely to pass Congress during lame-duck session

Planet 13 Hires Bryant Ison as VP of National Marketing to Drive Brand Growth

📺 YouTube

Rep. Nancy Mace Leads Cannabis Reform Change | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast, at a special time beginning at 5 PM EST, South Carolina Congresswoman Nancy Mace will join us to discuss cannabis reform and why she feels confident that progress can be made, based on recent appointee announcements by the Trump administration last week.

In a tweet on X four days ago, Mace posted: “Three years ago, we shook up Congress with the States Reform Act – common-sense cannabis reform. Now, with Republican Matt Gaetz tapped as AG by President Donald Trump, a fearless ally for freedom and reform, it’s time to finish what we started.”

We’ll find out and learn how important cannabis reform will be in Washington and what those following the industry can expect next.

Plus, Cannabis Capital Markets advisor Seth Yakatan will join us to kick off his weekly Wednesday segment, discussing the latest financial news in the cannabis industry, the winners and losers from the latest earnings season, and the debt maturity wall – and why he thinks it should concern investors.