💸 The Tape

In a classic case of Lone Star legislative whiplash, Texas lawmakers are simultaneously weighing a proposal to criminalize intoxicating hemp products while also considering a newly filed bill to legalize and regulate marijuana for adults 21 and older.

Rep. Jessica González (D) has dropped HB 195, a 28-page bill that would allow adults to possess up to 2.5 ounces of cannabis (15 grams in concentrate form) and keep up to 10 ounces at home, with anything above the 2.5-ounce threshold locked up. Sharing would be allowed as long as no cash changes hands, but homegrown plants wouldn’t be on the menu. The Texas Department of Licensing and Regulation would oversee the entire commercial market, with licensing slated to begin by November 2026.

While HB 195 focuses on creating a regulated market, it doesn’t include social equity provisions like expungements or priority licensing—a noticeable omission given other states’ efforts to address past enforcement disparities. Advocates still hailed the bill as a “cut-to-the-chase” solution amid ongoing hemp debates. “Not more arrests. No more confusing policies. Just safe, legal cannabis in Texas,” said Heather Fazio of the Texas Cannabis Policy Center.

At the same time, lawmakers are also navigating Governor Greg Abbott’s push for a “highly regulated” hemp system following his veto of an earlier THC ban bill. Abbott has called for outlawing intoxicating hemp for minors and banning synthetics while allowing adults access to “non-intoxicating” hemp with either a three-percent or three-milligram THC cap—depending on which interview you watch. The Senate, however, seems intent on advancing SB 5, which would ban any quantifiable THC in hemp products, a move industry groups warn would “decimate” the $8 billion market and its 53,000 jobs.

Adding another wrinkle, Rep. Nicole Collier (D) filed a bill to shield consumers from prosecution if they unknowingly buy mislabeled hemp that turns out to be illegal marijuana, while another new measure would direct the state to study THC impairment testing standards comparable to blood alcohol content limits.

With a special session underway, the stakes are high: the hemp fight threatens a booming industry, and González’s legalization bill offers a direct path to end prohibition in a state where 80% of voters support some form of legal cannabis. Whether Texas chooses regulation, prohibition, or a uniquely Texan blend of both remains to be seen—but for now, the cannabis policy rodeo is in full swing.

📈 Dog Walkers

Trump Endorses Gruters For RNC Chair

What’s Going On Here: Donald Trump has thrown his “Complete and Total Endorsement” behind Joe Gruters for RNC chair, and with it, the GOP might be getting its most cannabis-friendly leader ever. Gruters has long been a rare Republican voice defending medical marijuana patients in Florida. Back in 2020, he filed SB 1860 to shield public employees from losing their jobs over state-legal medical cannabis use and pushed for streamlining Florida’s medical program.

While he hasn’t championed full adult-use legalization, his 2019 comment—“we should be looking at all the options”—put him miles away from the old-school “just say no” playbook. For a party that’s historically allergic to legalization, elevating Gruters could signal a major pivot, especially as younger conservatives and veterans increasingly back both medical and recreational access.

If tapped, Gruters would not only become the most pro-cannabis RNC chair in history, he might also open the door for more GOP lawmakers to treat marijuana policy as a political opportunity instead of a liability. For the Republican Party, that’s less of a “gateway drug” and more of a gateway strategy.

Florida R’s On The Wrong Side Of The Fence

What’s Going On Here: Florida Republicans are giving the state’s 2026 adult-use cannabis initiative a cold shoulder. A new University of North Florida poll shows just 40% of registered GOP voters support the Smart & Safe Florida measure, while 58% are opposed. With the state’s 60% supermajority requirement, that means Democrats and independents will have to show up in force—or this effort could meet the same fate as 2024’s Amendment 3, which came up four points short despite winning a majority.

Pollsters note a curious split: back in February, 55% of Republicans said they supported legalization “in a general sense,” but when it comes to an actual yes/no ballot measure, enthusiasm craters. Call it the difference between theory and practice—or maybe just a hangover from DeSantis’s aggressive anti-legalization campaign last cycle.

Trump’s endorsement hasn’t moved the needle much, while DeSantis continues to call the proposal “big time trouble” for the Florida Supreme Court. Meanwhile, Smart & Safe Florida has already gathered 70% of the signatures needed. Whether the initiative catches fire or flames out may depend on whether Sunshine State voters want to spark up or keep things status quo.

🗞️ The News

📺 YouTube

U.S. Cannabis Rescheduling & Global Market Ripple Effect

What we will cover:

✅ Big Mike is back on the Trade To Black Podcast, powered by Dutchie! Shadd Dales and Anthony Varrell sit down with Big Mike Straumietis, founder and CEO of Advanced Nutrients, for a no-nonsense discussion about U.S. cannabis rescheduling, California’s enforcement chaos, and the future of global cannabis cultivation.

Big Mike has been in the cannabis space since the late 1980s, witnessing the plant’s evolution from underground grows to a global multibillion-dollar industry. With U.S. rescheduling now closer than ever, he shares why this moment could be one of the most important turning points in cannabis history.

We also dig into the ICE raids shaking California’s market, including the recent Glass House Brands (OTC: GLASF) raid that had the industry on edge. Are these isolated enforcement actions, or could they signal a wider federal crackdown just as the legal market struggles with pricing pressure and illicit competition?

Then we zoom out globally. If the U.S. moves cannabis off Schedule I, how quickly will other countries follow? Big Mike shares insights from his global network—highlighting where momentum is building in Europe, Australia, New Zealand, and beyond.