💸 The Tape

Washington may be known for legislative gridlock, but when it comes to dropping the hammer on hemp, some lawmakers seem surprisingly aligned—even those who normally cheer for cannabis reform.

Key GOP figures, including pro-legalization Rep. Dave Joyce (R-OH) and House Agriculture Chair Glenn Thompson (R-PA), say the hemp industry has gone a little too wild west, thanks to what they call a “loophole” in the 2018 Farm Bill. Now, a new appropriations bill is proposing to redefine hemp entirely—one that could effectively ban nearly all consumable cannabinoid products, including good ol’ CBD.

The controversial language, embedded in a must-pass FY2026 spending bill, would prohibit hemp products that contain any “quantifiable” THC or even cannabinoids that produce “similar effects”—basically anything that might make you feel… anything.

Joyce, a co-chair of the Congressional Cannabis Caucus, admitted he hasn’t read the full bill yet (who has time for 138 pages?) but supports the goal of keeping these products out of kids’ hands—and out of gas stations. “You’re handcuffing the regulated cannabis industry while the hemp guys are selling ‘whatever other shit’ to minors at convenience stores,” he said, bluntly.

Thompson echoed that sentiment, saying the Farm Bill’s original intent was to support “food and fiber,” not faux-THC gummies. He made it clear: “This issue will ultimately be addressed in the next Farm Bill,” suggesting the current proposal may be more symbolic posturing than lasting policy.

Still, the language is raising alarms. The U.S. Hemp Roundtable and other stakeholders say it would wipe out non-intoxicating CBD products that contain even trace THC, devastating a multibillion-dollar industry and sidelining millions of consumers who rely on hemp-derived remedies for sleep, pain, and anxiety.

Meanwhile, Rep. Lou Correa (D-CA), who supports both cannabis and psychedelics research, isn’t sure what Rep. Andy Harris (R-MD)—the anti-pot crusader and chair of the subcommittee behind the bill—is really after. But Correa hopes Harris won’t stand in the way of “our psychedelics stuff.”

The full Appropriations Committee still needs to weigh in, and the hemp fight is far from over. But if Congress actually manages to pass this provision, the gas station gummy game might be about to go up in smoke.

OG Take: MM

📈 Dog Walkers.

$AYRWF ( ▲ 11.82% ) AYR Working Through Its Default

What’s Going On Here: AYR Wellness (CSE: AYR.A, OTCQX: AYRWF) has entered into a Limited Waiver Agreement with the majority of its senior secured noteholders. The agreement temporarily waives certain defaults, including those tied to the delayed Q1 2025 financial filings and potential missed payments on unsecured or subordinated debt, if AYR chooses to withhold them.

The waiver runs through June 19, 2025, unless terminated earlier by specific triggers, such as payments made toward junior debt—something prohibited under the agreement. This move gives AYR additional runway to negotiate with senior lenders and explore strategic solutions to address its capital structure.

While the waiver provides short-term relief, it is not a permanent fix. AYR emphasized that business operations will continue as usual and pledged to keep stakeholders updated on further developments.

$VEXTF ( ▼ 6.77% ) Vext Swaps Auditors

What’s Going On Here: Vext Science Inc. (CSE: VEXT, OTCQX: VEXTF) announced a change in auditors, effective June 4, 2025, with MNP LLP replacing Reliant CPA as the company’s auditor until its next annual general meeting.

The switch comes as Reliant voluntarily resigned, citing that Vext’s operational scale has outgrown the scope of its audit practice. Vext’s audit committee selected MNP for its greater experience with public companies and its ability to meet the company’s growing financial reporting needs.

There were no disagreements, reservations, or modified opinions from Reliant in past audit reports, and no reportable events were identified. Vext thanked Reliant for its service and has filed the required documentation in accordance with NI 51-102 on SEDAR+.

🗞️ The News

📺 YouTube

Hemp Crackdown, Cannabis vs Alcohol & Reform Moves in North Carolina | TDR Weekly Cannabis Recap

What we will cover:

✅ Host Shadd Dales covers the biggest cannabis industry news for the week of June 2, 2025 — with developments that could impact cannabis stocks, hemp businesses, and industry investors.

We start in Washington, where a House Appropriations Subcommittee advanced a bill that would redefine hemp — a move that could ban intoxicating hemp-derived cannabinoids like delta-8 and THCA. If you’re in the CBD or hemp industry, this is one to watch closely.

Next, we explore shifting consumer behavior as Brown-Forman, the company behind Jack Daniel’s, acknowledges that legal cannabis is eating into alcohol sales. Could this signal a long-term shift in market dominance?

We also turn to North Carolina cannabis reform, where Governor Josh Stein appears open to medical marijuana legislation. Could this be the start of a Southern domino effect?

Finally, we look at the broader implications of federal cannabis policy and how potential changes to hemp regulations could reshape the legal landscape.