💸 The Tape

In a twist worthy of a political soap opera, Sen. Mitch McConnell (R-KY)—the same man who spearheaded hemp legalization in 2018—is now reportedly backing a proposal that could wipe out the consumable hemp market he once helped birth.

According to multiple sources, McConnell is behind a provision expected in the Senate’s agriculture appropriations bill—one that mirrors Rep. Andy Harris’s (R-MD) House language banning hemp products with any “quantifiable” amount of THC. If true, this could pull the rug out from under the $28 billion industry built largely on CBD products that typically contain trace THC.

To recap: under the 2018 Farm Bill, hemp was legalized so long as its THC content remained below 0.3% by dry weight. But the boom in unregulated intoxicating cannabinoids like delta-8 THC, particularly in gas stations and headshops, has drawn bipartisan ire and regulatory whiplash. Harris calls it a “loophole.” McConnell, apparently, wants it closed—with a steel trap.

The issue? Stakeholders say this isn’t just about delta-8. The proposed language—if carried over from the House—could ban nearly all hemp-derived ingestibles, even those that are non-intoxicating, like full-spectrum CBD oils. Sen. Rand Paul (R-KY) isn’t having it, warning the bill would “completely destroy the American hemp industry.”

Paul has offered his own alternative: the HEMP Act, which would increase the allowable THC threshold in hemp and simplify testing rules. So, in one corner of Kentucky politics: expand hemp. In the other: shut it down.

The proposed ban also carves out exceptions for FDA-approved CBD drugs like Epidiolex, which is great for Big Pharma—but not so great for small farmers or retail operators relying on legal full-spectrum CBD products.

Meanwhile, opposition is swelling beyond cannabis circles. The Wine & Spirits Wholesalers of America (WSWA) warns that this kind of blanket ban would “create chaos in the marketplace” and erode state regulatory authority.

The Senate Appropriations Committee is expected to mark up the legislation Thursday. Whether cooler heads—or looser definitions—prevail remains to be seen. But if McConnell’s reversal holds, his hemp legacy may go up in smoke.

📈 Dog Walkers.

$TSNDF ( ▲ 1.44% ) Secures $79M NDF

What’s Going On Here: TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF) has closed a $79 million upsized senior secured term loan, with $68 million used to retire existing debt and the balance earmarked for growth, including future M&A. The deal includes an uncommitted $35 million add-on facility. The loan, led by FocusGrowth Asset Management, carries a 12.75% interest rate, matures in August 2028, includes no prepayment penalties, and involved no warrant issuance.

Executive Chairman Jason Wild highlighted the transaction as a vote of confidence in TerrAscend’s strategy. FocusGrowth Partner Peter Bio noted the company’s strong multistate presence and growth potential. Wild personally contributed $1.6 million to the loan, triggering a related party transaction disclosure. However, formal valuation and minority approval requirements under MI 61–101 were waived due to the transaction's size relative to market cap.

$VREOF ( ▼ 0.83% ) Closes Major Refi

What’s Going On Here: Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) has closed $153 million in refinancing transactions, eliminating all existing senior secured debt and expanding its credit capacity under more favorable terms. The move puts over $100 million in cash on the balance sheet and is expected to reduce annual interest expenses by more than $10 million.

The company secured a $120 million self-syndicated first lien term loan with a 3-year term at 8.3% interest (1-month SOFR + 4%). It also closed a $33 million second lien facility with a $50 million accordion for future initiatives, maturing in 3 years with prime + 5.5% interest.

The refinancing follows a string of mergers and fulfills a post-merger commitment to optimize Vireo’s debt structure. The transaction was oversubscribed, reflecting lender confidence in the company’s leadership and growth strategy under CEO John Mazarakis.

🗞️ The News

📺 YouTube

Inside MariMed’s Delaware Play—What Happens August 1? | Trade to Black

What we will cover:

✅ Host Shadd Dales sits down with Ryan Crandall, Chief Commercial Officer at MariMed Inc. (OTCQX: MRMD), for a timely conversation on how the company is scaling smart, staying lean, and leading with brand-first execution in some of the most competitive cannabis markets in the U.S.

Crandall shares what his expanded role now includes—from R&D to marketing—and how aligning these departments has helped sharpen the company’s product rollout strategy. The two discuss how Betty’s Eddies, Bubbies Baked, and the new Microdose mushroom-infused line are outperforming in key states like Massachusetts, Maryland, and Illinois.

They also break down: • Why MariMed is sticking to a wholesale-first model • What the August 1 launch of adult-use cannabis in Delaware could mean for growth • How product consistency and disciplined SOPs set them apart • What’s working in fast-acting edibles and low-dose functional SKUs • Where the next real M&A opportunities might come from as reform slowly takes shape