💸 The Tape

In a striking acknowledgment buried in an online educational quiz, the Drug Enforcement Administration (DEA) has confirmed what cannabis policy researchers and reformers have argued for years: youth marijuana use has steadily declined over the past three decades, even as more states have moved to legalize medical and recreational cannabis.

The admission appears in the DEA’s “Just Think Twice” platform, an interactive site aimed at educating young people about substance use. One question asks users to determine whether the statement “From 1995 to 2025, past-year cannabis use decreased among 8th, 10th, and 12th grade students” is fact or fiction. The correct answer, according to the agency itself, is “Fact.”

The DEA explains: “Use of cannabis within the past year declined from 15.8 percent to 7.6 percent for 8th grade students, 28.7 percent to 15.6 percent for 10th grade students, and 34.7 percent to 25.7 percent for 12th grade students, from 1995 to 2025.” The data comes from the long-running Monitoring the Future (MTF) survey, funded by the National Institute on Drug Abuse.

This is a significant departure from the long-standing prohibitionist narrative that legalization would lead to a surge in teen cannabis use. For decades, opponents of reform warned that removing criminal penalties and allowing regulated sales would normalize the drug and drive youth experimentation. The DEA’s own data now directly contradicts that claim.

The timing is particularly notable. The acknowledgment comes as the federal government continues to consider rescheduling cannabis from Schedule I to Schedule III — a move that would recognize its accepted medical use and lower abuse potential. It also arrives amid growing state-level momentum, with more jurisdictions legalizing adult-use cannabis and expanding medical programs.

Researchers have repeatedly found similar trends. Multiple peer-reviewed studies show that after states legalize medical or recreational cannabis, youth use either remains stable or declines. Legal markets introduce strict age verification, product testing, labeling requirements, and public education campaigns — tools that the illicit market never provided. When adults can purchase safely and legally, the black market shrinks, reducing youth access through older peers or street dealers.

The DEA’s quiz does not celebrate legalization. In fact, the agency uses another question to reiterate traditional concerns, claiming cannabis is “linked to mental health problems like anxiety and psychosis, can slow brain development, and is the substance most often found in the blood of drivers involved in car crashes.” These assertions have faced increasing scrutiny from researchers who argue the evidence is mixed, context-dependent, and often overstated when compared to alcohol or tobacco.

Still, the explicit admission that teen cannabis use has dropped significantly since 1995 — a period that includes the rapid expansion of state-level legalization — is hard to ignore. It undercuts one of the central arguments used for decades to justify federal prohibition and Schedule I status.

The data also aligns with broader public health trends. While cannabis use among adults has risen as legalization spreads, adolescent rates have trended downward nationally. This pattern mirrors what occurred with alcohol and tobacco after age restrictions and public health campaigns were strengthened. Regulation, it appears, can be more effective at protecting youth than criminalization.

For cannabis advocates, the DEA’s quiz item is a quiet but powerful validation. It reinforces the argument that state-level reforms have not created the youth-use crisis critics predicted. Instead, regulated markets appear to be associated with more responsible consumption patterns among adults and declining rates among teens.

The broader context makes the admission even more relevant. The Supreme Court is currently weighing cases that challenge aspects of federal cannabis policy, including gun ownership restrictions for users and the constitutionality of Section 280E tax penalties. Scientific studies continue to accumulate evidence of medical utility and relative safety compared to substances that remain unscheduled or less restricted. Public opinion has shifted dramatically, with only about 1 in 10 Americans now supporting full prohibition.

While the DEA’s quiz does not signal a policy reversal, it does reflect a subtle erosion of the old narrative. When even the agency tasked with enforcing prohibition quietly concedes that youth use has fallen during the era of legalization, it becomes harder to justify maintaining cannabis in the same schedule as heroin.

The path to meaningful federal reform may still run through the Department of Justice and rescheduling. But judicial challenges, accumulating scientific evidence, and shifting public attitudes are creating pressure from multiple directions. The DEA’s own educational materials now provide ammunition for those arguing that prohibition has outlived its claimed justification.

As more states legalize and regulate cannabis, the data will continue to accumulate. For now, the DEA has handed reformers an unexpected but potent data point: teen cannabis use has declined for three decades — even as legalization spread across the country.

That single quiz question may prove more consequential than the agency intended.

📈 Dog Walkers

$CNTMF ( ▲ 0.56% ) Secures Fresh Capital

The vertically integrated multi-state cannabis operator announced today that it has entered into an amendment to its senior secured credit agreement, originally dated November 26, 2024. The amendment allows FLUENT to draw an additional $6,000,000 in the form of term loans.

These new term loans carry a paid-in-kind (PIK) interest rate of 13.00% per annum and mature on December 31, 2026. The company intends to use the net proceeds for working capital and general corporate purposes, providing greater financial flexibility as it navigates the evolving cannabis market.

This move comes as many operators continue to face pricing pressure and capital constraints. By tapping its existing relationship with Chicago Atlantic Financial Services, LLC (as successor administrative agent), FLUENT has secured non-dilutive funding without the need for an equity offering or new lender negotiations.

While the amendment provides short-term liquidity, the relatively high PIK interest rate and near-term maturity in late 2026 suggest the company will need to address its capital structure again within the next year. Nevertheless, the immediate injection of $6 million gives management breathing room to execute on operational priorities and pursue growth opportunities in its core markets.

The full details of the amendment will be filed on the company’s SEDAR+ profile in the coming days.

In a sector where access to capital remains one of the biggest challenges, FLUENT’s ability to expand its existing credit facility demonstrates continued lender confidence in the company’s strategy and asset base. The additional funds should support working capital needs as FLUENT focuses on optimizing its vertically integrated operations and improving profitability in a competitive environment.

$VRNO ( ▲ 0.67% ) Expands In The Sunshine State

Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNO) continues to strengthen its dominant position in Florida’s medical cannabis market with the grand opening of its newest MÜV dispensary in Lehigh Acres.

The new location at 902 Lee Boulevard — a high-traffic thoroughfare with an average daily count of 15,800 vehicles — opened to the public on Friday, March 20, 2026. This brings Verano’s total Florida retail footprint to 84 MÜV dispensaries and its nationwide total to 161 locations. The store joins five existing MÜV sites in Lee County, a rapidly growing region with over 860,000 residents east of Fort Myers.

Grand opening festivities run through Saturday from 9 a.m. to 7 p.m. and Sunday from 11 a.m. to 5 p.m., with regular hours beginning Monday, March 23: 9 a.m.–8 p.m. Monday through Saturday and 10 a.m.–5 p.m. on Sunday.

“We’re excited to drive further momentum for our Florida business and broaden access for area patients with the opening of MÜV Lehigh Acres, our sixth MÜV location in Lee County,” said George Archos, Verano founder and Chief Executive Officer. “Our MÜV Lehigh Acres team looks forward to offering our expanding portfolio of award-winning products that support the health and wellness of the local medical cannabis community.”

The opening reflects Verano’s ongoing commitment to expanding access while enhancing its product offerings. Recent additions to the Florida portfolio include Savvy 10-pack barrel-style pre-rolls for convenience and affordability, and the award-winning Avexia line of topicals featuring pain relief balms, lotions, and bath soaks. The company also launched an exclusive partnership with Flower by Edie Parker, bringing Petal Puffer all-in-one vapes and 1-gram cartridges to all 84 MÜV locations statewide.

🗞️ The News

📺 YouTube

The Cannabis Capital Markets Are Ready To Catch Fire | TTB Powered by Flowhub

What we will cover:

✅ Trade to Black presented by Flowhub hosted by Anthony Varrell is back with another high-level conversation on the biggest issues shaping the cannabis industry, cannabis capital markets, rescheduling, and cannabis M&A.

In today’s episode, Anthony is joined by Sammy Armenia from C21 Investments to break down the current state of cannabis capital market activity, what investors and operators are seeing across the sector, and where capital is actually flowing in today’s market. From debt and equity financing to investor sentiment and public market dynamics, this discussion takes a close look at how cannabis companies are navigating one of the industry’s most important turning points.

The conversation also dives into the real viability and impact of cannabis rescheduling, including what a move to Schedule III could mean for operators, tax treatment, valuations, access to capital, and the broader investment landscape. Anthony and Sammy also discuss the road ahead for potential mega-merger M&A, industry consolidation, and whether the cannabis sector is finally approaching the scale needed for transformational deals.