💸 The Tape

This week, the U.S. House Oversight Committee will hold a hearing with a pointed title—“Restoring Trust in FDA: Rooting Out Illicit Products”—and while the agenda spans beyond cannabis, the hemp industry is getting a spotlight it’s been begging for.

Among those slated to testify is Jonathan Miller, general counsel for the U.S. Hemp Roundtable, who’s ready to deliver a scathing update on what he calls the FDA’s spectacular failure to regulate CBD. His message: "Still nothing's happened—and that nothing is causing everything."

Miller plans to highlight how, since the 2018 Farm Bill legalized hemp, the FDA has all but ghosted the industry when it comes to setting rules for CBD as a dietary supplement or food ingredient. That regulatory vacuum has allowed a flood of unregulated, and often intoxicating, cannabinoid products like delta-8 THC to fill shelves from coast to convenience-store coast—drawing fire from lawmakers, regulators, and state governments alike.

And speaking of states, many aren’t waiting for D.C. to get its act together. From California to Florida, lawmakers are busy implementing their own patchwork policies—some of which have thrown even non-intoxicating CBD businesses into legal limbo. Bans, restrictions, and confusing regulations have become the new normal for an industry that was once hailed as the next green gold rush.

At the hearing, he’s expected to tout a potential solution: a bipartisan bill from Sen. Ron Wyden (D-OR) that would finally give the FDA the authority (and nudge) to create a national regulatory framework for hemp-derived cannabinoids—while still letting states set their own standards.

Lawmakers may also look ahead to the 2024 Farm Bill, currently back in focus. Early drafts included proposals to tweak THC limits, ease burdens for hemp grain and fiber farmers, and—depending on who you ask—either clarify or quietly crush the booming cannabinoid market.

Meanwhile, the hemp sector—despite plummeting crop prices—remains an economic force. In 2022, hemp sales outpaced all state marijuana markets and nearly matched craft beer in total revenue. Yes, craft beer.

But without federal rules, the industry’s future feels as hazy as a THCP-Amanita gummy hangover. And if Congress doesn’t act soon, states may continue drawing their own—and wildly different—lines in the cannabinoid sand.

📈 Dog Walkers.

Florida Favors Vets

What’s Going On Here: Florida’s medical cannabis program is getting a mild makeover, with a newly amended bill, HB 555, offering a few key perks—especially for military veterans. The standout changes? Vets would no longer have to pay the $75 registration or renewal fee for their medical marijuana cards (just show your DD 214), and all patients would only need to renew their cards every two years instead of annually. While the original bill aimed higher with proposals like home grow and out-of-state reciprocity, lawmakers have scaled it back to a more modest (but meaningful) version.

Why This Matters: Im in full support of getting Vets access to medical cannabis without the onerous fees from the state but this would of been a great opportunity to allow home grow and bury the hatchet.

Michigan Supreme Court Rules

Whats Going On Here: The Michigan Supreme Court just gave cannabis users a constitutional win, ruling that the smell of marijuana alone is no longer enough to justify a warrantless car search. The 5-1 decision overturns a 25-year-old precedent and reflects the state’s shift in policy since voters legalized recreational weed in 2018. Justice Megan Cavanagh pointed out the obvious: the smell of pot doesn’t automatically mean someone’s breaking the law—it could just mean they were near someone who was using legally. That said, cops can still cite the scent as part of a bigger picture (e.g., erratic driving or incoherent behavior), but no more sniff-and-search shortcuts.

Why This Matters: Very interesting precedent that is being set. I would still expect cops to take action if they smell marijuana.

🗞️ The News

📺 YouTube

TDR Biggest Developments for the Week in Cannabis - April 1 | Trade to Black

What we will cover:

✅ Host Shadd Dales breaks down the biggest developments in cannabis for the week of April 1—covering everything from President Trump’s drug policy stance to major corporate shakeups in the cannabis industry.

We start in Washington, where the Trump administration released its initial drug policy priorities—and cannabis reform isn’t one of them. The focus is on opioids, drug trafficking, and enforcement, with no mention of marijuana rescheduling, despite Trump previously supporting medical marijuana and cannabis banking.

Advocates call it a missed opportunity, especially since research shows that access to legal cannabis can lower opioid-related deaths. However, Trump’s nominee for drug czar, journalist Sara Carter, offers a glimmer of hope—she’s called medical cannabis “fantastic” and supports regulated legalization.

At the state level, Ohio lawmakers are attempting to roll back legalization with new penalties and THC caps. Meanwhile, New York considers cannabis-friendly movie theaters, and Virginia sees leadership change amid growing pressure to legalize.

In business, Rubicon Organics (TSXV: ROMJ) posts record revenue, Organigram (NASDAQ: OGI) jumps into cannabis drinks, while 4Front Ventures (CSE: FFNT) and TILT Holdings (OTCQX: TLLTF) raise red flags. Overseas, the EU is rapidly embracing medical cannabis, led by Germany and the Netherlands.