💸 The Tape

It wouldn’t be a week in Washington without a committee hearing framed like the trailer for a Tom Clancy novel. The latest? A House Homeland Security Subcommittee session scheduled for September 18, ominously titled: “Invasion of the Homeland: How China is Using Illegal Marijuana to Build a Criminal Network Across America.”

Yes, you read that right. Not fentanyl. Not TikTok. Marijuana.

A Committee With a Mission

The Oversight, Investigations & Accountability Subcommittee will dig into the alleged spread of Chinese-linked illicit cannabis grows across the U.S. Details on witnesses remain under wraps, but expect a mix of law enforcement officials, security analysts, and maybe a sheriff from Oklahoma or Maine—the two states most often spotlighted as ground zero for suspicious grow houses.

The hearing follows language slipped into this year’s Commerce, Justice, Science (CJS) spending bill directing federal agencies to probe whether Chinese criminal groups—or even Beijing itself—have ties to illegal marijuana cultivation. Lawmakers like Sen. Chuck Grassley (R-IA) have already claimed “thousands” of Oklahoma marijuana businesses have Chinese fingerprints. Maine’s Sen. Susan Collins has also been vocal about grow houses in her state with similar ties.

Politics in the Air (And in the Greenhouse)

For cannabis reform advocates, the timing is awkward. President Trump has promised a decision “within weeks” on whether to reschedule marijuana from Schedule I to Schedule III. Prohibitionist groups like Smart Approaches to Marijuana (SAM) are leaning into the China narrative, warning that reform could “empower cartels.” Think Reefer Madness meets Cold War paranoia.

It’s not the first time cannabis has been roped into foreign intrigue. A major marijuana lobbying group had to apologize in 2023 after suggesting Chinese investment concerns could be used to help push SAFE Banking. But now, with congressional committees framing illicit grows as a national security threat, the stakes feel higher.

What It Means for the Industry

The licensed cannabis sector could find itself in an odd spot—having to explain that the legal market is part of the solution, not the problem. That may mean more emphasis on seed-to-sale tracking, financial transparency, and compliance audits. Industry leaders may also have to repeat (loudly) that keeping cannabis federally illegal only makes illicit grows more profitable.

The Bottom Line

This hearing isn’t really about farming—it’s about framing. By casting illicit grows as an “invasion,” lawmakers are setting the stage for tougher oversight, stricter banking rules, and maybe even new hurdles for reform. Whether this changes the calculus on Trump’s looming rescheduling decision remains to be seen, but one thing is clear: cannabis is no longer just a domestic debate. It’s been drafted into the great power rivalry.

📈 Dog Walkers

$CGC ( ▼ 1.44% ) Retires More Debt

What’s Going On Here: Canopy Growth Corporation (TSX: WEED, Nasdaq: CGC) has moved quickly to clean up its balance sheet, announcing it has completed an early prepayment of US$25 million on its senior secured term loan.

This payment, combined with an earlier US$25 million installment, means Canopy has now satisfied the full US$50 million in prepayment obligations it agreed to with lenders back in July—well ahead of schedule. By paying early, the company has locked in US$4.0 million in cash interest savings for fiscal 2026, freeing up resources to strengthen its financial position.

“By reducing debt and interest expense, we continue to take prudent steps that strengthen the Company’s financial position,” said Tom Stewart, Interim CFO.

Canopy Growth remains a global leader in cannabis, with brands like Tweed, 7ACRES, DOJA, Deep Space, and Storz & Bickel under its umbrella, as well as a strong medical cannabis presence across Canada, Europe, and Australia. Its U.S. strategy runs through Canopy USA, which holds stakes in Acreage, Wana, and other major operators.

Bottom line: Canopy is trimming debt, saving cash, and putting itself in a better spot to capitalize on growth opportunities both in Canada and internationally.

$VRNOF ( ▼ 7.44% ) Is Coming Back To The USA

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO / OTCQX: VRNOF) has announced plans to shift its corporate domicile from British Columbia to Nevada, aligning its structure more closely with its U.S.-centric business.

CEO George Archos framed the move as part of a long-term capital markets strategy, saying Verano is focused on unlocking shareholder value and positioning for growth. The company, which already lists on Cboe Canada, says redomiciling will streamline regulation, simplify operations, and better reflect its U.S. footprint across 13 states with headquarters in Chicago.

Under the plan, Verano’s current shares will automatically convert on a one-for-one basis into Nevada common stock, with options and RSUs adjusted accordingly. Shares will continue to trade under the familiar VRNO ticker in Canada and VRNOF on OTCQX.

The proposal requires shareholder approval at a special meeting, with the Board reserving the right to pull the plug even after approval.

Why it matters: This marks another step in U.S. operators aligning governance and financial infrastructure with their core markets, while also signaling confidence that regulatory tailwinds could soon open broader institutional and capital market access.

🗞️ The News

📺 YouTube

Cannabis Stocks: What to Watch This Week | TDR Cannabis in 5

What we will cover:

✅ Cannabis stocks ended last week on shaky ground, with MSOS closing at $4.20 and sitting right above a key support level. The action showed how fragile sentiment remains — some NASDAQ-listed names like Organigram, Village Farms, High Tide, and SNDL held stronger, while U.S. OTC operators faced more pressure. With volatility picking up across equities more broadly, cannabis investors are now watching whether support holds or breaks as the new week begins.

TDR: Cannabis in Five, presented by Dutchie, with host Shadd Dales, breaks down how markets set up for the week ahead. From MSOS technicals, to relative strength in senior exchange names, to catalysts like High Tide earnings and the ever-present rescheduling question, this episode focuses on what actually matters before markets open. It’s not just about the charts — it’s about understanding how investor behavior shifts in uncertain conditions, and where the safer pockets of capital may be flowing.