💸 The Tape

After years of half-steps and partisan stalemates, Wisconsin may finally get its medical-marijuana moment—sort of. Senate President Mary Felzkowski (R) and Sen. Patrick Testin (R) formally introduced a new Republican-backed bill this week to legalize limited medical use, setting up a Senate Health Committee hearing next Wednesday.

The proposal, a successor to Felzkowski’s earlier attempts, offers a carefully fenced-in model: plenty of patient protections but few of the broader market freedoms seen in neighboring states.

What’s in the Bill

The measure would allow patients with a list of serious qualifying conditions—including cancer, epilepsy, PTSD, Parkinson’s, multiple sclerosis, and terminal illness—to obtain cannabis in non-smokable forms only. Think oils, tinctures, edibles, pills, topicals, or vaporizable liquids—but no flower and no home grows.

Each dispensary would have to employ a pharmacist to consult on dosing, while patients’ use would be logged in the state’s Prescription Drug Monitoring Program. Supply caps (30 days for first-time patients; 90 days thereafter) and a $20 registration fee keep the system lean. Products would be sales-tax-exempt, but use outside the home—or forgetting your registry card—could still trigger a civil fine.

Oversight duties would split between two new agencies:

• A Medical Cannabis Office under the Department of Health Services, managing the patient registry and dispensaries.

• The Department of Agriculture, Trade and Consumer Protection, supervising cultivation and lab testing.

Political Reality Check

Even with the Senate poised to debate the bill, Speaker Robin Vos (R) has already labeled it “way too broad and wide-ranging.” Vos favors a skeletal, state-run dispensary model rather than private operators—a stance that previously tanked efforts within his own caucus.

Felzkowski remains hopeful that a compromise is possible, saying the bill is meant to spark a real dialogue after years of legislative stalemate. But with the Assembly leadership balking, the odds of a floor vote this session look slim.

The Public Is There—The Politics Aren’t

Polling from Marquette Law School shows two-thirds of Wisconsin voters support legalizing marijuana outright, not just for medical use. Yet Republicans have repeatedly stripped cannabis reform from budget proposals, while Gov. Tony Evers (D)—a legalization advocate who isn’t seeking re-election—has been left urging the GOP to “catch up with the voters.”

For now, Wisconsin’s medical-marijuana debate remains caught between cautious reformers and outright prohibitionists. The hearing next week will reveal whether pragmatism—or partisanship—wins the day.

📈 Dog Walkers

$VRNOF ( ▲ 6.99% ) Expands Vape Category

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO | OTCQX: VRNOF) has unveiled HYPHEN, a sleek, all-in-one vape pod system designed to unify flexibility, technology, and flavor under one minimalist platform. The new device marks a major expansion of Verano’s rapidly growing vape portfolio, with initial rollout beginning October 18 across Arizona, Illinois, Maryland, and New Jersey, followed by additional markets including Connecticut, Florida, Nevada, Ohio, Pennsylvania, Virginia, and West Virginia.

The HYPHEN system features a modular battery that accommodates multiple oil and pod sizes — giving consumers the freedom to switch between 1-gram (the) Essence and 2-gram Savvy pods without changing devices. The launch lineup includes 20 top-performing strains, from Pineapple Express and Gelato to Grape Kush and Blue Raz Haze, catering to both flavor enthusiasts and potency purists.

HYPHEN’s innovation extends beyond design. Each unit offers three temperature settings, a pre-heat function, and an embedded NFC chip, enabling consumers to tap their phone for exclusive promotions and rewards. Verano’s Chief Marketing Officer David Spreckman described the device as “the intersection of simplicity and innovation,” emphasizing its ability to deliver convenience, customization, and premium quality in one package.

Available through Zen Leaf dispensaries and select third-party retailers, HYPHEN positions Verano to capture a larger share of the U.S. vape market, one of the fastest-growing segments in cannabis.

Bottom line: Verano’s HYPHEN rollout signals a bold step into smart-device cannabis hardware, merging premium oil brands with a frictionless user experience that could set a new industry standard.

$ATAI ( ▼ 0.47% ) Hit Major Milestone

What’s Going On Here: atai Life Sciences (NASDAQ: ATAI) and Beckley Psytech hit a major milestone in their planned merger journey — announcing that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy designation (BTD) to BPL-003 (mebufotenin benzoate), a fast-acting psychedelic-derived nasal spray for treatment-resistant depression (TRD).

The FDA’s BTD program is reserved for drugs addressing serious or life-threatening conditions with early clinical evidence showing substantial improvement over existing therapies. The designation allows for closer FDA collaboration and potential acceleration of both development and review timelines — a meaningful advantage in the competitive psychedelic-drug space.

BPL-003 demonstrated rapid and durable antidepressant effects in Beckley’s Phase 2b trial, where a single 8 mg or 12 mg dose produced statistically significant symptom reduction within 24 hours, sustained over eight weeks. Notably, most patients were ready for discharge within 90 minutes, highlighting the treatment’s efficiency and scalability within existing clinical frameworks.

Beckley Psytech CEO Cosmo Feilding Mellen called the FDA’s decision “a significant milestone” that validates the company’s data and should help expedite the pivotal Phase 3 program, expected to launch in Q2 2026.

atai Life Sciences CEO Dr. Srinivas Rao added that BPL-003 joins a “select group of mental health programs” recognized by the FDA with BTD — reinforcing atai’s position as a front-runner in next-generation psychiatric medicine.

Bottom line: The Breakthrough Therapy nod could fast-track BPL-003’s path to market, placing atai and Beckley at the forefront of a new era in psychedelic-assisted treatments for depression — one where rapid, in-clinic relief may replace years of trial-and-error pharmacotherapy.

🗞️ The News

📺 YouTube

Trump's 60-Day Cartel War Could Reshape Cannabis Policy | TDR Cannabis in 5

What we will cover:

✅ How has President Trump, in just the past 60 days, essentially put drug cartels on notice — through military strikes, policy shifts, and financial sanctions? From August to October 2025, his administration has declared an “armed conflict” with cartels, launched multiple naval strikes in the Caribbean, imposed terrorist designations, and revoked dozens of foreign visas. But this story isn’t only about enforcement — it’s also about how these actions could reshape the public narrative around regulated cannabis and the war on drugs itself.

TDR Cannabis in Five presented by Dutchie — hosted by Shadd Dales — breaks down every major move in Trump’s cartel crackdown and why it matters for investors, policymakers, and anyone watching the future of legal cannabis. We’ll explain how the administration’s “narcoterrorist” strategy could strengthen the argument for regulation, investor confidence, and differentiation from the illicit market.