💸 The Tape

The fight over hemp is heating up on Capitol Hill—and this time, it’s Democrats telling Republicans to put down the flamethrower.

A coalition of Senate Democrats led by Ron Wyden (OR) and Jeff Merkley (OR) is urging colleagues to resist any attempt to resurrect a proposed ban on hemp products containing THC. Their message? Recriminalizing hemp now would deal a “fatal blow” to the very industry Congress birthed under the 2018 Farm Bill—ironically championed by none other than Mitch McConnell.

What’s at Stake

The controversial language, once tucked into the Senate’s agriculture spending bill, would have recriminalized virtually every hemp-derived cannabinoid product on the market. Think delta-8 gummies, CBD tinctures, and yes—even the vaguely suspicious hemp seltzers now lining convenience store fridges.

The Democratic senators say that kind of sweeping prohibition would not only collapse an industry worth $28.4 billion and supporting 320,000 jobs, but also leave states without the regulatory tools they need to keep unsafe products away from kids.

As their letter bluntly states: “Re-criminalizing cannabinoid products cuts off one leg of the hemp market’s stool, and it will topple if this language is included in any final spending bill.”

The Alternative: Regulation, Not Eradication

Instead of a blanket ban, the senators want a 21+ age restriction, clear labeling and packaging rules, bans on youth-targeted marketing, and mandatory lab testing. In other words: treat hemp like alcohol or tobacco, not plutonium.

They also argue that a thoughtful framework would empower states, protect consumers, and—importantly—stop sending farmers’ investments to zero overnight. As the letter points out, over 70 percent of hemp acreage is dedicated to cannabinoid production. Eliminate that market, and America’s hemp fields turn into fields of broken dreams.

A Bipartisan Wild Card

Interestingly, not all Republicans are on board with the hemp crackdown. Sen. Rand Paul (R-KY), one of hemp’s loudest champions, has already blocked the ban language once and is shopping his own bill to triple the allowable THC threshold in hemp crops. He’s also openly sparring with McConnell, warning colleagues that banning “even a little bit” of THC would wipe out consumer demand for CBD and other non-intoxicating hemp products.

Meanwhile, House prohibitionists like Rep. Andy Harris (R-MD) are doubling down, insisting their proposals wouldn’t “destroy” the market. But industry stakeholders—and, now, a sizable Democratic bloc—aren’t buying it.

The Bottom Line

Congress is staring down a simple choice: regulate hemp with guardrails, or slam it back into prohibition and watch farmers, small businesses, and investors eat the loss. With billions of dollars, hundreds of thousands of jobs, and even veterans who rely on hemp therapeutics at stake, the political cost of picking the latter option could be higher than advertised.

📈 Dog Walkers

$VREOF Vireo Goes Live In MINNESOTA

What’s Going On Here: Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) marked a historic milestone on September 16, 2025, recording its first adult-use cannabis sale at its flagship Green Goods® dispensary in downtown Minneapolis. With this launch, Vireo is now dispensing a full suite of medical and adult-use cannabis products across all eight Green Goods locations statewide, including Duluth, Rochester, and Moorhead.

As one of Minnesota’s licensed adult-use cultivators and retailers, Vireo is positioning itself to capture significant organic revenue growth in a market serving 5.7 million residents. The Company has been a fixture in Minnesota’s medical program since 2014, earning trust with patients through a decade of safe, consistent products.

Amber Shimpa, Vireo’s President, underscored the Company’s dual commitment: “We are proud to begin making our products available to all Minnesotans, while always remaining committed to our medical patients.”

Alexandra Breant, Head of Market in Minnesota, called the launch “a historic day… about building community, fostering inclusion, and serving Minnesotans with care and responsibility.”

Green Goods’ adult-use lineup includes flower, pre-rolls, edibles, and beverages, expanding options for both longtime patients and new adult consumers. With its Minnesota roots and deep local presence, Vireo is poised to be a central player in shaping the state’s new cannabis era.

$GTBIF ( ▲ 9.19% ) Is Going To Buy Back Some Shares

What’s Going On Here: Green Thumb Industries (CSE: GTII; OTCQX: GTBIF), the U.S. cannabis heavyweight behind RISE Dispensaries, has authorized a fresh $50 million share repurchase program—its latest move to flex financial discipline while rewarding long-term investors.

The program allows GTI to buy back up to 10.36 million subordinate voting shares over the next 12 months, starting September 23, 2025. This follows a busy stretch in which GTI scooped up 13.5 million shares for $108 million under prior authorizations. As CEO Ben Kovler put it: “Buying back our stock at the right price is one of the best ways to create value for shareholders.”

Importantly, management stressed the flexibility baked into the authorization: GTI can pause, accelerate, or suspend repurchases depending on market conditions and alternative uses for capital. Purchases will occur across the CSE, OTCQX, or alternative trading systems—with all repurchased shares canceled to reduce dilution.

GTI also noted that the program won’t rely on new debt, signaling confidence in its balance sheet and cash generation. In short, Green Thumb is doubling down on its long-standing playbook: invest in brands, keep leverage low, and seize opportunities when Wall Street undervalues the cannabis trade.

🗞️ The News

📺 YouTube

High Tide CEO Raj Grover on Q3 2025 Earnings I TTB Powered by Dutchie

What we will cover:

✅ High Tide (NASDAQ: HITI) just posted another standout quarter, and the numbers tell the story.

Same-store sales were up 7.4% year-over-year — the fastest growth rate in two years.

Free Cash Flow came in at $7.7 million in Q3 2025, up 148% YoY and 57% sequentially.

The company also reported positive Net Income of $832,000, a 1% increase YoY and a meaningful turnaround from a net loss of $2.8 million last quarter.

Market share continues to expand, with Canna Cabana holding 12% of cannabis retail sales in its five core provinces during May and June 2025, up from 11% the previous year.

High Tide also remains the highest revenue-generating Canadian cannabis company reporting in CAD, with a Q3 annualized revenue run rate of $600 million.

The TDR Trade To Black Podcast with host Shadd Dales and Anthony Varrell welcomes High Tide CEO Raj Grover (NASDAQ: HITI) for a special live stream.