💸 The Tape

The U.S. Hemp Roundtable is making a full-court press to save the crop that President Donald Trump helped legalize—and it’s doing so with flattery, facts, and a touch of panic.

In a letter to Trump this week, the industry coalition thanked him for signing the 2018 Farm Bill, which officially legalized hemp and “ushered in a new era for the American hemp industry.” The group warned, however, that Congress is on the verge of reversing that progress with language in federal spending bills that would ban hemp products containing any amount of THC.

“Congress is close to passing a hemp ban,” the letter reads, “reversing the work you led in 2018 to make hemp blossom.”

Accompanying the letter is an online petition urging Trump to step in and defend the $28.4 billion industry and its 328,000-plus jobs. The group argues that prohibition would “wipe out 95 percent” of the U.S. hemp economy and push the market underground.

The outreach comes after Trump recently shared a video from The Commonwealth Project, a conservative-leaning advocacy group touting the health benefits of hemp-derived CBD—particularly for seniors. The Roundtable clearly saw that as a sign the president’s hemp sympathies remain alive and well.

The Politics of Hemp Survival

The letter walks a fine line between praise and pleading. “Outright prohibition is not the answer,” it says, urging the White House to back age-restricted, regulated sales rather than bans. The group frames the issue as pro-business and pro-freedom, warning that outlawing legal hemp will only “shift hemp to the black market” and “destroy a rising American industry.”

The timing is strategic. While the Senate stripped the hemp ban from its version of the agriculture spending bill—thanks in part to Sen. Rand Paul’s procedural protest—stakeholders fear it could reappear during bicameral negotiations. Meanwhile, Sen. Mitch McConnell, once hemp’s biggest champion, has supported tougher restrictions, drawing backlash from Kentucky farmers who once hailed him as an industry savior.

Bipartisan pushback is also growing: Sens. Ron Wyden and Jeff Merkley led a Democratic letter warning that an outright ban would “deal a fatal blow” to U.S. hemp. Their message mirrors the Roundtable’s argument—regulate smartly, don’t prohibit rashly.

The Bottom Line

For Trump, the hemp fight offers a rare bipartisan win within reach: defend an American-grown industry, stand up to overreach, and remind farmers who started the modern hemp revival.

As the Roundtable put it bluntly: “Mr. President, please help us save the industry you made possible.”

📈 Dog Walkers

$CGC ( ▼ 3.1% ) Dedicated DOJA Facility To Med

What’s Going On Here: Canopy Growth Corporation (TSX: WEED | Nasdaq: CGC) is doubling down on medical cannabis. The company announced that its DOJA facility in Kelowna, British Columbia has been converted into an exclusive medical cultivation site supporting its Spectrum Therapeutics portfolio in Canada.

The move marks a notable pivot for the once recreationally focused DOJA brand, which will now produce small-batch, BC-grown craft cannabis available only to registered Spectrum medical patients, including Canadian veterans. The site operates under a new micro-cultivation license and has been upgraded to deliver more consistent quality and support new product development for Spectrum’s medical line.

“As we advance Canopy Growth’s transformation, Canada’s medical market continues to be a standout business for us,” said Luc Mongeau, CEO. “Dedicating DOJA to this portfolio underscores our long-term commitment to medical cannabis and our focus on building a stronger, more sustainable business in Canada.”

Andrew Bevan, SVP of Global Medical, added that DOJA’s integration provides a “distinct commercial opportunity,” enhancing Spectrum’s product offerings and reinforcing its leadership in the Canadian medical space.

The shift comes as Canopy Growth continues to streamline operations, prioritizing profitability and market segments with higher margins and stable demand. Canada’s medical cannabis market, though smaller than its recreational counterpart, remains an important pillar for patient access — and a relatively predictable revenue source amid industry turbulence.

By turning DOJA into a craft medical hub, Canopy is signaling a back-to-basics strategy: less chasing hype, more cultivating trust.

Spain Passes Medical Cannabis Regs

What’s Going On Here: Spain’s Council of Ministers has approved a royal decree to formally regulate medical cannabis, marking the country’s first real step toward integrating the plant into its public health system.

Under the measure, specialist physicians could prescribe cannabis-based medicines for conditions such as chronic or refractory pain, severe epilepsy, multiple sclerosis, and cancer-related symptoms when conventional treatments fall short. The move, championed by Prime Minister Pedro Sánchez’s government and the Ministry of Health, now heads to Spain’s Congress for a final vote.

If enacted, medical cannabis would be dispensed exclusively through hospital pharmacies, with oversight from the Spanish Agency for Medicines and Medical Devices (AEMPS) to ensure quality, safety, and standardized dosing. The system aims to balance patient access with tight pharmaceutical controls—more white coats than green leaves, for now.

Interestingly, the decree stops short of naming qualifying conditions or products, instead directing AEMPS to publish authorized clinical uses within three months in the National Formulary. Whether flower and smokable forms will be allowed remains unclear; early indications point to oils and standardized extracts as the likely starting point.

Health officials say the regulation is designed to evolve with scientific advances and clinical evidence, providing a framework that’s both flexible and compliant with international treaties.

The proposal comes seven months after the Spanish Observatory of Medical Cannabis (OECM)—a patient advocacy group that fought for reform for a decade—closed its doors. The group had estimated more than 300,000 Spaniards already self-medicate with cannabis.

If Congress signs off, Spain would join Germany, Malta, and the Czech Republic among Europe’s emerging medical cannabis heavyweights—proof that even the most traditional monarchies can embrace a little modern medicine.

🗞️ The News

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Marijuana Market Meltdown Michigan's Tax Disaster | TDR Cannabis in 5

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What happens when a state taxes its own cannabis market out of existence? That’s the question Michigan’s industry is facing after lawmakers approved a 24% wholesale cannabis tax, a move projected to raise $420 million annually — but one that could push many operators to the brink.

In this episode of TDR Cannabis in 5 presented by Dutchie, host Shadd Dales breaks down why this tax hike has sparked protests, legal threats, and fears of an industry collapse. Michigan’s market has already been hammered by unlimited licensing, plunging wholesale prices, and oversaturation. Now, this new tax could trigger what some analysts are calling “consolidation through policy” — where only large, well-capitalized companies survive while independent operators disappear.

The Michigan Cannabis Industry Association is preparing a constitutional challenge, arguing lawmakers violated the 2018 voter-approved framework by changing taxation rules without public consent. If the case moves forward, it could set one of the most important cannabis legal precedents in the country — determining whether states can rewrite the financial rules of legalization after the fact.