💸 The Tape

As was widely reported to be imminent, last week just about the entire cannabis universe watched President Donald Trump sign an executive order to reschedule marijuana from Schedule I to Schedule III. What was not as widely reported was what Trump also did: He directed lawmakers to legislate again on the new definition of hemp as passed by Congress last month.

The specific text from the executive order reads:

“The Assistant to the President and Deputy Chief of Staff for Legislative, Political, and Public Affairs shall work with the Congress to update the statutory definition of final hemp-derived cannabinoid products to allow Americans to benefit from access to appropriate full-spectrum CBD products while preserving the Congress’s intent to restrict the sale of products that pose serious health risks…”

This provision is careful and specific. It directs a deputy chief of staff to work with Congress to update the new definition of hemp in direct recognition of what the hemp industry has been saying for weeks now: Full-spectrum CBD products are not possible under this new language.

It acknowledges specifically that if CBD products are to be subsidized or covered by Medicare, as is part of Trump’s plan, those products will be derived from hemp.

Full-spectrum CBD is crucial to many Americans. It is a lifeline for veterans and seniors who rely on these products for a variety of therapeutic purposes. It is a crucial element for some with epilepsy, including pediatric patients. I have had mothers and fathers message me expressing that Epidiolex, a federally approved CBD prescription drug, simply did not work for their kids—and instead they relied on other CBD products to find relief for their children.

This is not just politics for them, but a stark reality.

You cannot have full-spectrum CBD with only 0.4mg of THC per container, as is required under the newly enacted change to the federal definition of hemp, and the president recognized this in his executive order—I’m sure with the counsel of groups like the Commonwealth Project who were present at the signing. Because of this, the definition of hemp is very likely to be reopened and legislated once more.

So here’s the point: This conversation will take time, and likely more than is left for hemp ahead of the ban set to be enacted late next year. In the nearly three years I’ve been working with the New Jersey legislature to craft a bill to regulate hemp cannabinoids in a way that doesn’t decimate the CBD market, no law at the time of this writing has yet managed to take full effect in the state because of this complexity.

This means that the best, first step Congress must take is to extend the deadline for the implementation of the revised hemp definition in order to ensure full spectrum CBD access remains for the tens of millions of Americans who will lose access next November should this language take effect.

With 2026 being a tight election year, most legislation will be slowed to a crawl after April, and so it is unlikely that a final bill updating this language and regulating hemp cannabinoids could make it over the finish line until the next Congress beginning in January 2027. And the extension must pass soon, as farmers cannot plant in the spring if their crop will be a crime come harvest time.

I look forward to the ensuing conversation. Hemp must be regulated in this country, that is clear. The White House just sent a signal that the prohibitionist redefinition cannot stand if we are to do right by the people who rely on cannabis the most, particularly across the red states that voted for this president and have no access to cannabis outside of hemp products.

Congress, you have your marching orders from the president. Extend the implementation timeline for the hemp ban, and let’s do the real, hard work to craft legislation that enshrines safe access to cannabis for Americans across this great nation.

Original Print - MM

🗞️ The News

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A Holiday Message from Cannabis Leaders | TDR

What we will cover:

✅ The TDR team shares a special holiday message to close out the year, celebrating the cannabis industry and the people helping move it forward. In this festive video, Shadd Dales sends warm holiday wishes alongside GUAP (GUAPNV), reflecting on a year defined by resilience, leadership, and continued evolution across the cannabis sector.

The video also features familiar industry voices, including Margaret Brodie of Rubicon Organics (TSX: ROMJ), Raj Grover of High Tide (NASDAQ: HITI | TSX: HITI), and Anthony Coniglio of NewLake Capital Partners (OTCQX: NLCP). Additional appearances include Ryan Crandall, JON Levine, and Howard Schacter of MariMed (OTCQX: MRMD), representing a broad cross-section of operators, executives, and capital providers.

As the holiday season arrives, this message offers gratitude to the cannabis community and looks ahead to continued growth and opportunity in the year to come.