💸 The Tape

In a move that could send the hemp industry into a full-blown panic spiral, a GOP-led House Appropriations subcommittee has rolled out a 2026 spending bill that would redefine hemp in a way that bans nearly all consumable cannabinoid products—including many CBD and Delta-8 items currently on store shelves.

The bill, spearheaded by Rep. Andy Harris (R-MD), head of the Agriculture, FDA and Rural Development subcommittee and no fan of marijuana in any form, takes direct aim at what it calls the “hemp loophole.” This perceived gap in regulation has allowed a booming market of products—ranging from Delta-8 THC vapes to CBD-infused gummies—to thrive post-2018 Farm Bill.

But under this latest version, “hemp” would only apply to plants grown for fiber, grain, and microgreens—not cannabinoids. That means even CBD products with trace THC (currently legal under the federal 0.3% limit) could get the axe.

Worse still, the bill bans products with any “quantifiable amount” of THC or any other cannabinoids that have similar effects—or are merely marketed as such. That definition now lies in the hands of the Secretary of Health and Human Services, who must coordinate with the Secretary of Agriculture to determine what’s quantifiable. (Good luck with that, small business owners.)

Anti-cannabis group Smart Approaches to Marijuana (SAM) called it a “huge win for families,” praising the inclusion of a Delta-8 ban in a must-pass budget bill. But for hemp advocates, this isn’t victory—it’s DEFCON 1.

“The legislation has the same desired effect, which would ban the vast majority of hemp products in the marketplace,” warned Jonathan Miller, general counsel to the U.S. Hemp Roundtable. He emphasized the urgent threat to both farmers and consumers who rely on these products for health and wellness.

This isn’t the first rodeo either—similar language was floated in last year’s failed appropriations package and again in the 2024 Farm Bill via an amendment from Rep. Mary Miller (R-IL). But this latest bill has teeth, and industry leaders aren’t taking any chances.

Whether this version survives Congress intact is still uncertain. But one thing is clear: If passed, it would effectively kneecap an $8 billion hemp economy—and send tens of thousands of jobs up in federally prohibited smoke.

📈 Dog Walkers.

$CBSTF ( ▲ 7.88% ) The Cannabist Adds Fresh Directors

What’s Going On Here: The Cannabist Company (Cboe CA: CBST; OTCQB: CBSTF) has appointed Tom Lynch and Peter Lee as independent directors to its Board, effective immediately. The move follows the completion of its plan of arrangement under the Canada Business Corporations Act, which included extending senior debt maturities to December 2028—with the option to extend to 2029.

Lynch, President and Partner at SierraConstellation Partners, brings over 30 years of capital markets and restructuring experience. Lee, currently President and COO of Leafly, adds deep public markets and private equity expertise.

CEO David Hart welcomed the new board members, citing their backgrounds in strategic transformation and financial leadership as key assets as the Company enters its next phase.

$ACB ( ▲ 1.8% ) Aurora Expands Down Under

What’s Going On Here: Aurora Cannabis (NASDAQ: ACB; TSX: ACB) is turning up the volume on its popular IndiMed brand with the launch of IndiMed TEMPO 22 via MedReleaf Australia. The new lineup includes two new 22% THC dried flower cultivars—Lemon Laser (Sativa) and Pickled Petrol (Indica)—offering prescribers a more potent option for patients seeking consistent, high-quality medical cannabis.

With demand rising in Australia’s medical cannabis market, Aurora’s expansion reinforces its commitment to accessibility and global leadership. “We’re meeting patients where they are—on a budget and in need of reliable relief,” said EVP Andre Jerome.

MedReleaf continues to meet TGA-GMP standards, keeping Aurora well-positioned as a go-to supplier in international markets.

$ROMJ.TSX ( 0.0% ) Rubicon Organics Closes On New Facility

What’s Going On Here: Rubicon Organics Inc. (TSXV: ROMJ; OTCQX: ROMJF) has officially closed its acquisition of a 47,500 sq. ft. indoor cultivation facility in Hope, British Columbia—marking a major leap in its strategy to scale up premium and certified organic cannabis production.

“This isn’t just about growing more—it’s about building the next generation of premium cannabis innovation,” said CEO Margaret Brodie. The Hope Facility is expected to increase Rubicon’s total annual output by over 40%, adding up to 4,500 kg per year and boosting company-wide capacity to 15,500 kg.

While licensing is anticipated by summer 2025, full planting is targeted by year-end, with revenue expected to kick in during the first half of 2026. Startup costs of around $3 million are forecast for this year. Rubicon says the facility will support future product development and global expansion efforts, reinforcing its premium market leadership.

🗞️ The News

📺 YouTube

DEA Accused of Blocking Cannabis | Germany’s Telehealth Crackdown Begins | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell tackle two high-impact stories shaking the cannabis sector—one in the U.S., the other in Germany—with conversations you won’t want to miss if you’re following medical cannabis, DEA reform, or European market expansion.

In Segment 1, we speak with Duane Boise, CEO of MMJ BioPharma Cultivation, who claims the DEA has delayed his FDA-approved cannabis research for over 2,300 days. Boise isn’t holding back—he’s publicly demanding the removal of top DEA officials while accusing the agency of ignoring illegal THC exports by major cannabis companies. His bold stance, backed by former Florida AG Pam Bondi, raises serious questions about federal cannabis policy and scientific access.

In Segment 2, we shift to Germany, where the April 2024 reclassification of medical cannabis has caused patient access to surge via telehealth platforms. But not everyone’s cheering. Legal expert Franziska Katterbach (Oppenhoff) and Bloomwell CEO Niklas Kouparanis break down why the boom could backfire if regulation doesn’t catch up. The now-banned Dr. Ansay platform is the latest flashpoint—highlighting how fast things can go off the rails in a rapidly scaling cannabis market.