💸 The Tape

Just as the federal cannabis rescheduling saga was starting to simmer again, DEA Administrative Law Judge John Mulrooney has announced his retirement, stepping down on August 1 and leaving the already sluggish process stuck in bureaucratic molasses. The timing couldn’t be more dramatic if it had been scripted by Aaron Sorkin—Mulrooney’s exit comes one day after Terrance Cole was confirmed by the Senate as the new DEA administrator.

Now, with no administrative law judge on the bench, the entire matter has been dumped squarely in Cole’s lap, giving the Trump-appointed DEA chief a high-stakes opportunity to shape federal drug policy—or stall it further. Mulrooney made it clear in his farewell notice that all filings and unresolved issues in the case will now be forwarded directly to Cole, who “may take whatever action, if any, he deems appropriate.”

Translation: The ball is officially in Cole’s court, and nobody’s quite sure if he’s going to serve or sit on it.

Mulrooney, who wasn’t exactly shy about calling out DEA procedural bungles—like ignoring federal directives and bungling subpoenas—had placed the rescheduling hearings on ice in January. The freeze came amid allegations that DEA officials were a little too cozy with anti-cannabis witnesses, effectively tainting the whole process.

So what now?

While moving marijuana to Schedule III wouldn’t federally legalize it, the shift would still be monumental: it would unlock long-denied tax deductions for cannabis businesses, remove roadblocks to research, and signal a long-overdue federal shift.

But Cole, who has previously linked cannabis to youth suicide and hasn’t committed to any policy direction, now has the power to move—or mangle—the process. Advocates are watching closely, as Trump’s DEA could either deliver long-awaited reform or keep the nation’s cannabis policy in the political stone age.

For now, the courtroom is empty, the administrative gavel silent, and the cannabis industry holding its breath. One thing is certain: if Cole does nothing, the inaction won’t go unnoticed—especially with 2026 campaign season and cannabis voters heating up.

So Mr. Cole, the bench is yours. Let’s see if you bring clarity—or just more smoke.

📈 Dog Walkers

Rep. Brian Mast Joins The Fight

What’s Going On Here: The STATES 2.0 Act—reintroduced by Reps. Dave Joyce (R-OH), Max Miller (R-OH), and Dina Titus (D-NV), with Rep. Greg Steube (R-FL) later joining in—aims to end federal interference in state-legal cannabis markets once and for all. The bill would amend the Controlled Substances Act to formally protect individuals and businesses operating in compliance with state or tribal marijuana laws.

It goes further than just non-interference: STATES 2.0 would authorize interstate cannabis commerce between consenting legal states (a big deal for brands and supply chains), fix Section 280E so cannabis businesses can deduct standard expenses, and lay groundwork for a federal regulatory and taxation system—the scaffolding for a future national marketplace.

One key provision: the U.S. Attorney General would be required to issue a rule within 180 days to officially exclude compliant state and tribal programs from federal prohibition.

In short, STATES 2.0 is the cannabis policy bridge between state autonomy and a coherent, regulated federal framework—without rescheduling but with a healthy dose of political pragmatism.

Big Alcohol Wants In On Weed

What’s Going On Here: Big Booze has been nursing a hangover—and it’s not from last night’s bourbon tasting. With beer, wine, and spirit sales sliding and the “drink less, vibe more” crowd on the rise, alcohol giants are circling the booming hemp-derived THC beverage market like hungover hawks.

Brands like Cann, Wynk, and Tilray have already made moves, grabbing shelf space in liquor stores and partnering with distributors. Meanwhile, heavyweights like Constellation Brands and Pernod Ricard are sniffing around deals but haven’t popped the hemp-infused cork—yet.

Why the sudden interest? Hemp-based THC drinks skirt federal cannabis restrictions, can be sold in grocery and liquor stores, and—bonus—offer juicier margins than beer. Liquor stores report THC beverages now make up 10–20% of sales, often bought by the elusive yet coveted “soccer mom” demographic.

Sure, Big Alcohol’s been burned before (RIP Molson Coors CBD biz), and the regulatory landscape is murky at best. But with $1B in projected 2025 sales and no signs of slowing, hemp seltzers may just be the happy-hour hero corporate booze has been waiting for. Bottoms up—responsibly, of course.

🗞️ The News

📺 YouTube

Trump & Cannabis Rescheduling – Weldon Angelos Speaks Out | TTB Powered by Dutchie

What we will cover:

✅ On our latest Trade To Black podcast, host Shadd Dales and co-host Anthony Varrell welcome back Weldon Angelos, one of the most influential voices in U.S. cannabis reform—and a man with rare access to President Donald Trump and his inner circle.

Weldon isn’t just another advocate. He’s a symbol of cannabis criminal justice reform. After serving 13 years of a 55-year federal prison sentence for selling cannabis, Weldon was granted clemency under the Obama administration and has since made it his mission to free others serving excessive sentences for non-violent cannabis offenses.

His organization, Mission Green, is working directly with the Trump administration to push for clemency, rescheduling, and broader reform.

Weldon takes us inside his recent White House meeting and shares what he believes the Trump administration will do on cannabis reform—including whether more White House meetings are coming soon.