💸 The Tape

Legislation aimed at cracking down on intoxicating hemp products like delta-8 THC gummies and THC-infused seltzers hit a wall in the Missouri Senate this week—again.

Sen. Nick Schroer (R-Defiance), who has pushed the hemp clampdown for two consecutive years, saw his bill stalled on Wednesday after a seven-hour bipartisan filibuster led by Sen. Karla May (D-St. Louis) and backed by a handful of skeptical Republicans.

“It reminds me so much of a street drug war,” said May. “All drugs have always been about distribution and territory. And this is no different.” Her fiery remarks summed up what opponents see as the bill’s true intention: protecting Missouri’s tightly regulated (and lucrative) marijuana industry by stomping out hemp’s scrappy, seltzer-slinging competition.

At issue is the regulatory vacuum around intoxicating hemp derivatives like delta-8 THC, which are legal under the 2018 Farm Bill and sold freely in gas stations, vape shops, and bodegas—no age checks required. Schroer’s bill would ban most of these products outside of marijuana dispensaries, arguing that untested and unregulated cannabinoids are a “public health crisis.”

But critics saw it as corporate gatekeeping. “This is not just a loophole,” Schroer said. “It’s an entire unguarded side door into intoxicating products.”

Attempts at compromise fizzled. Schroer amended the bill to allow low-dose THC beverages (up to 5 mg per can) while banning synthetic THC. Still, May and others noted this carve-out does nothing for other hemp businesses, particularly those selling higher-dose edibles for wellness purposes.

May countered with a failed amendment to license hemp companies through the state’s existing marijuana regulatory body, a proposal that had echoes of previous House bills—also sunk by infighting among hemp industry leaders and a now-legendary act of sabotage from one hemp beverage distributor who turned on his own bill.

The real fireworks, though, came from Republicans. Sens. Mary Elizabeth Coleman and Mike Cierpiot both sided with May, calling the legislation a “turf war” and a bad precedent.

“We’ve got to find a path for us to not continually pick winners and losers through the government,” Coleman said. “And increasingly, we see Republicans taking those positions, which I find very troubling.”

Cierpiot offered a simpler fix: keep the products legal, but lock them behind the counter like cigarettes. As he riffed on crypto investments near 8 p.m., Schroer abruptly ended the debate, shelving the bill once more.

Moral of the story? In Missouri, hemp’s still high, the marijuana lobby is powerful, and bipartisan cannabis chaos is alive and well.

📈 Dog Walkers.

SMG Cries Uncle

What’s Going On Here:ScottsMiracle-Gro (NYSE: SMG) is officially pruning its cannabis-adjacent portfolio, transferring its subsidiary, The Hawthorne Collective, to an independent strategic partner. Created in 2021 to invest in sectors of cannabis beyond its core cultivation supply business (Hawthorne Gardening), the Collective holds assets like a stake in Fluent (formerly Cansortium), a multi-state operator.

CEO Jim Hagedorn said the move is the first step in separating all cannabis-related businesses from Scotts, aiming to reduce exposure to the industry's volatility and sharpen focus on its core lawn and garden business. Next up: a full separation of Hawthorne Gardening Company by the end of fiscal 2025.

While Scotts retains a reacquisition option tied to potential federal cannabis reform, Hagedorn noted that four years of inaction in D.C. have made it difficult to sustain growth in the space—despite support from former President Trump for initiatives like rescheduling and SAFER Banking. For now, the company sees more value in housing its cannabis assets within an independent, cannabis-focused entity that could align with MSOs or top-tier brands.

Why This Matters: Not a good sign from a historical name in the traditional Ag industry.

Plus Gummies Roll Out In FL

Whats Going On Here: Glass House Brands (CBOE CA: GLAS.A.U | OTCQX: GLASF) is bringing California’s beloved PLUS cannabis gummies to Florida through a new partnership with Eaze Inc. The rollout will debut in all 39 Green Dragon dispensaries across the state, marking the brand’s first foray outside California, where it’s sold over 200 million gummies since 2015.

The launch features four best-selling flavors—Sour Watermelon, Blackberry Lemonade, Clementine, and Raspberry—with each 100mg pack containing twenty 5mg, all-natural, vegan gummies. Glass House execs call this a major step in their multi-state expansion strategy, while Eaze sees it as a win for Florida’s nearly 1 million medical cannabis patients seeking consistent, high-quality edibles.

Why This Matters: PLUS holds a special place in my heart as it was one of the first brands I invested in and we took it public. It was also a cautionary tale years later to focus on your core markets and always be prepared for others to enter and potentially eat your lunch. Thanks WYLD.

🗞️ The News

📺 YouTube

Top Attorney Weighs In on What's Next for Cannabis Rescheduling

What we will cover:

✅ Hosts Shadd Dales and Anthony Varrell welcome back Eric Berlin, a leading cannabis attorney from Dentons.

Eric provides an in-depth update on the ongoing ALJ Hearing for cannabis rescheduling, and further explains on what lies ahead for the cannabis industry.

He also examines the Trump administration's decision to exclude marijuana rescheduling from its list of top drug policy priorities, discussing the potential impact on cannabis reform and the future of cannabis stocks. Eric shares his perspective on whether reform might take place later this year.

Plus Trent Woloveck, Chief Strategy Officer at Jushi Holdings (OTC: JUSHF), joins us to provide insights into the hemp industry and what changes that could be on the horizon.

Additionally we’ll discuss the progression of adult-use cannabis legalization in Pennsylvania and deliver the latest updates on cannabis reform efforts out of Washington, D.C., under the Trump administration.