💸 The Tape

Add another data point to the ever-growing pile: medical cannabis isn’t just a social experiment; it’s quietly becoming an opioid mitigation policy.

A new study from the University of Georgia and University of Colorado, published in the American Journal of Health Economics, found that states adopting medical marijuana laws (MCLs) saw opioid prescriptions drop by an average of 16% — with some states seeing declines north of 20%.

The analysis drew from 15–20 million insured Americans per year between 2007 and 2020, tracking how patient-level opioid use shifted before and after legalization. The results were strikingly consistent: where medical marijuana became available, opioid use fell, and the decline cut across sex, age, and race.

Cancer patients and non-cancer Black patients saw the steepest reductions — over 20%. And just to drive the point home, researchers observed a corresponding rise in NSAID use, suggesting that many patients substituted risky opioids for safer over-the-counter pain relievers once cannabis entered the medical toolkit.

The Policy Signal

In the authors’ words: “These findings support the potential of MCLs as a policy tool for reducing opioid use and promoting safer pain management.” Translation: when given legal access to cannabis, both patients and physicians appear to make smarter pain-management choices.

While the research doesn’t claim cannabis is a panacea, it does point toward a measurable, reproducible correlation — one that aligns with previous studies in the AMA, BMJ Open, and Drug and Alcohol Review. Across datasets, the same theme emerges: where cannabis becomes accessible, opioid prescriptions and overdoses trend downward.

Real-World Relevance

The opioid crisis remains one of the most expensive and deadly public-health challenges in the U.S. — costing an estimated $1.5 trillion annually. Policymakers have long debated harm-reduction strategies, yet medical cannabis continues to demonstrate what prevention actually looks like in practice.

As the U.S. edges toward possible federal cannabis rescheduling, this study arrives at an especially relevant moment. If marijuana moves to Schedule III, barriers to medical research, insurance integration, and physician prescribing could begin to crumble — potentially making cannabis a first-line alternative rather than a last-ditch experiment.

In short, the data suggest what many clinicians and patients already know: when the green light turns on, opioid dependence starts to dim.

📈 Dog Walkers

$AVGTF ( ▲ 9.32% ) Reports Strong Wholesale Numbers

What’s Going On Here: Avant Brands Inc. (TSX: AVNT) (OTCQX: AVTBF) continues to prove that premium Canadian cannabis can scale profitably. The company reported its eighth consecutive quarter of positive adjusted EBITDA, alongside double-digit revenue growth and a surge in domestic wholesale sales.

For the quarter ended August 31, 2025, gross revenue climbed 13% to $10.8 million, while net revenue rose 11% to $9.4 million year-over-year, driven by demand for Avant’s award-winning craft cannabis in both domestic and export markets. Gross profit jumped 68% to $1.7 million, while YTD gross profit soared 3,851% to $3.1 million.

Operating discipline remains a hallmark: expenses fell 15% to $3 million, helping generate $0.2 million in adjusted EBITDA and $3.7 million in YTD operating cash flow, up 111% from the prior year.

While export wholesale revenue dipped 16% due to one major partner shifting purchases to its new Canadian arm, domestic wholesale revenue exploded 307% to $2.3 million. Combined wholesale sales hit $6.5 million, a 17% overall increase versus last year — underscoring steady demand for Avant’s top-shelf flower across markets from Germany to Australia.

CEO Norton Singhavon credited the quarter’s results to “disciplined execution and premium consistency,” emphasizing Avant’s position as a trusted exporter of Canadian cannabis at commercial scale.

With cost reductions, SKU rationalization, and expanding international partnerships, Avant continues to carve out a profitable niche in a competitive global landscape.

Bottom line: Avant’s steady EBITDA streak and record operating cash flow signal a rare feat among Canadian LPs — sustainable growth without compromising quality.

$VRNOF ( ▲ 10.88% ) Expands In Ohio

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO | OTCQX: VRNOF) is adding another notch to its Ohio belt with the Grand Opening of Zen Leaf Antwerp on October 17, 2025. The new dispensary, located at 503 W. River Street, marks Verano’s sixth retail location in Ohio, expanding the company’s vertically integrated footprint across the Buckeye State.

Situated in the Norfolk and Western Train Depot, built in 1880 and listed on the National Register of Historic Places, the Antwerp location blends local heritage with a modern cannabis retail experience. The site lies less than five miles from the Indiana border and only 30 minutes from Fort Wayne, positioning it strategically to serve both in-state patients and those in neighboring regions.

To celebrate, Verano will host an onsite job fair on October 17–18 from 10 a.m. to 6:30 p.m., inviting aspiring cannabis professionals to apply for advisor roles and learn more about the company’s growing Midwest presence.

“We’re excited to offer a one-of-a-kind cannabis experience inside one of the nation’s most historic dispensaries,” said George Archos, Verano Founder and CEO. “Preserving the character of this landmark while bringing jobs, revenue, and opportunity to Antwerp reflects our commitment to community and craft.”

Verano now operates 158 dispensaries across 13 states, supported by 15 cultivation and processing facilities totaling over 1.1 million square feet. Its Ohio operations include a 22,000-square-foot grow and processing hub in Canton, producing popular brands such as Verano™ Reserve, BITS™, Encore™, Savvy™, and Avexia™.

Bottom line: Verano continues to pair brand expansion with cultural preservation — proof that even in cannabis, history and growth can share the same track.

🗞️ The News

📺 YouTube

Trump’s “Few Weeks” Cannabis Rescheduling Promise Revisited | TTB Powered by Dutchie

What we will cover:

✅Coming up today at 4 PM ET, the Trade To Black Podcast with hosts Shadd Dales and Anthony Varrell welcomes Gretchen Gailey, one of Washington’s most connected insiders on Capitol Hill for cannabis reform.

Gretchen joins the show to share the latest insight on cannabis rescheduling — what she’s hearing in D.C., how the government shutdown could affect timing, and whether President Donald Trump still plans to move forward after his August 11 comment promising a decision “in a few weeks.”

Two months later, the question remains: if rescheduling was going to happen, wouldn’t he have announced it by now? Or does that statement confirm that the plan is still alive behind the scenes?

The conversation also touches on Trump’s recent Caribbean operations targeting drug-trafficking boats, how those actions fit into broader political messaging, and whether drug policy reform could still be part of his 2025 agenda. Gretchen’s D.C. perspective cuts through speculation — giving investors, advocates, and policy watchers a grounded look at what’s real and what’s next.