💸 The Tape

As the White House moves closer to tinkering with the federal cannabis rulebook, the legal landscape for state-level medical marijuana remains as tangled as a tumbleweed in a windstorm. A recent examination by congressional number-crunchers reveals that the Justice Department’s hands-off approach to states’ medical markets may hinge on how courts interpret a key spending policy. This ongoing debate could leave investors wondering whether cannabis entrepreneurs should celebrate or stock up on headache medicine.

At the heart of the matter is an established budget provision preventing federal funds from being used to thwart state-approved medical marijuana operations. Think of it like a “Do Not Disturb” sign for the Department of Justice—at least, in theory. Some judges read this sign as blocking the feds from barging in on legal cannabis patients and producers who follow state rules to the letter. Others see enough wiggle room to squeeze in federal action if the state compliance isn’t as airtight as a well-sealed jar of premium flower.

Different regions have taken opposing stances. One judicial camp believes that to earn protection, every “i” must be dotted and every “t” crossed in accordance with local regulations. Another faction figures the bar shouldn’t be set so unrealistically high, acknowledging that state laws can be as intricate and layered as a wedding cake—good luck never making a crumbly mistake.

Of course, even if some courts prove more lenient, don’t expect this to spark a tsunami of unregulated activity. Federal prosecutors generally have bigger fish to fry, so casual slip-ups are unlikely to trigger a raid van full of agents. Still, these subtleties matter for long-term strategy. Lawmakers are weighing whether to revise the rules of engagement—maybe adopt a more flexible interpretation, broaden the policy to include recreational cannabis, or scrap the whole mess and legalize the plant outright.

Meanwhile, the Biden administration’s attempt to dial down cannabis’s harsh classification might not change how this particular budget clause works. After all, rescheduling doesn’t necessarily erase the underlying complexities. Add in the collateral damage—banking woes, immigration hurdles, and tax headaches—and the cannabis industry’s regulatory environment starts to resemble a challenging puzzle missing a few key pieces.

Ultimately, Washington holds the cards. Should Congress choose to rewrite the playbook, it could give everyone from small dispensaries to multi-state conglomerates a cleaner path forward.

📈 Dog Walkers

Grown Rogue Enters New Jersey

Grown Rogue is taking its craft cannabis show on the road, landing in New Jersey with a bang—or perhaps a puff. From its Oregon roots, the company has brought its signature strains like Blue Runtz and Jack Herer to a market hungry for high-quality flower. With an 8,000-square-foot canopy already churning out 500-600 pounds monthly, Grown Rogue is wasting no time scaling up. Phase II construction, set for Q1 2025, aims to double production to over 1,000 pounds per month. CEO Obie Strickler is understandably bullish, touting both the product quality and team effort behind this expansion. Early buzz from dispensaries signals demand, making this a smart play in a state where craft cannabis is scarce. For Grown Rogue, the path to national recognition just got greener.

High Tide Continues To Open More Doors In 2024

High Tide is riding high, celebrating the opening of its 189th Canna Cabana store, and the first in Richmond, Ontario—a charming community just outside Ottawa. Strategically positioned in a bustling shopping node, with liquor stores, discount retailers, and pet shops drawing traffic, this new location boasts prime real estate and low competitive density. CEO Raj Grover is optimistic about Richmond’s potential, calling Ottawa one of Canna Cabana’s strongest markets. While the company expands its brick-and-mortar presence, it’s also making waves online with its newly launched global Cabana Club, promising innovative products and unbeatable pricing.

The SAFE Mudslinging Is Back

It seems the SAFER Banking Act is stuck in legislative limbo, courtesy of some classic political chess. Senate Majority Leader Chuck Schumer (D-NY) made a push to include the cannabis banking bill in the must-pass funding resolution, only to have Senate Minority Leader Mitch McConnell (R-KY) and House Speaker Mike Johnson (R-LA) slam the door shut. The bipartisan charm of SAFER Banking fizzled as Republican leadership—despite vocal support from GOP sponsor Sen. Steve Daines (R-MT)—remains reluctant to cash in on cannabis reform. Sen. Thom Tillis (R-NC) even called it a “half-assed” attempt at reform, advocating for comprehensive federal regulation instead. With shifting political tides and Trump’s sudden pivot toward cannabis reform, SAFER Banking might need more than bipartisan buzzwords to make it to the legislative vault.

Bring it to the floor Chuck and expose the people that are full of sh*t.

🗞️ The News

Grown Rogue Commences Sales in New Jersey

High Tide to Open 75th Canna Cabana in Ontario

Decibel Announces Results of its Annual and Special Meeting of Shareholders, Including Approval of New Stock Option Plan

Workers Can’t Sue Employers Who Violate New Jersey’s Marijuana Anti-Discrimination Law, Federal Court Says, Siding With Walmart

Richmond City Commission tables vote on medical cannabis ban for city employees

Infused beverage executives seek path forward for hemp, marijuana

📺 YouTube

Kim Rivers, Trump: Pioneering Cannabis Legalization in 2025 | Trade to Black

What we covered:

✅ On our latest TDR Trade to Black cannabis reform segment. Today, we center around the relationship between Kim Rivers, CEO of Trulieve, and the 47th President of the United States, Donald Trump, and how this relationship might influence cannabis legalization once Trump takes office in 2025.

We'll cover off the dynamics of their interactions, the strategic moves made by Trulieve, and the potential impact on federal cannabis policy.

Kim Rivers as we know has been a pivotal figure in the cannabis industry, leading Trulieve to become one of the largest medical marijuana companies in the United States. Under her leadership, Trulieve has expanded significantly, particularly in Florida. Rivers has been a strong advocate for cannabis reform, pushing for both medical and recreational legalization.

Trump's endorsement of Amendment 3 in September 2024 was a significant shift, as he publicly supported legalizing recreational marijuana for adults 21 and older. Although the amendment did not pass, Trump's support was a game-changer.

Rivers and Trulieve are likely to continue their efforts to influence Trump's administration, highlighting the economic benefits of cannabis legalization and engaging in extensive lobbying efforts.