💸 The Tape

In Pennsylvania’s ever-growing medical marijuana program, anxiety has officially taken the crown as the most common condition being treated—surpassing long-standing front-runners like chronic pain and PTSD. A new study from Johns Hopkins and the University of Pittsburgh found that over 1.6 million patients in the Keystone State have been certified for medical cannabis to manage anxiety since it became a qualifying condition in 2019. That’s 60% of all certifications issued in the state.

The researchers reviewed more than 1.7 million records and found that chronic pain (91,759) and PTSD (21,671) were now trailing far behind. One theory for the anxiety surge? The global pandemic didn’t exactly lower stress levels.

Still, experts like Pitt’s Coleman Drake warn that patient perception may be outpacing scientific consensus. Cannabis might feel like it works for anxiety, but evidence-based medicine hasn’t caught up. Adding the condition to the state’s qualifying list, he says, may unintentionally imply it’s a proven treatment.

Meanwhile, Pennsylvania legislators are pushing toward adult-use legalization with more urgency than ever. Bipartisan bills are flying, regulatory frameworks are being proposed, and Governor Josh Shapiro is vocally supportive. But progress still hinges on flipping enough votes in the GOP-controlled Senate, where legalization faces a steeper climb.

As voters increasingly favor reform and lawmakers refine proposals, the rise of anxiety as a top medical use might be telling us something: Pennsylvanians are stressed—and ready for a more rational cannabis policy.

📈 Dog Walkers.

$CGC ( ▼ 5.04% ) Appoints Interim CFO

What’s Going On Here: Canopy Growth (TSX: WEED, Nasdaq: CGC) has named Tom Stewart as Interim Chief Financial Officer, effective immediately, following the departure of CFO Judy Hong. Hong, who joined in April 2022, was credited with improving Canopy’s capital structure and overall financial footing.

Stewart, a seasoned finance executive with over 20 years of experience, joined Canopy in 2019 as Chief Accounting Officer after holding senior roles at Constellation Brands. A CPA licensed in New York, he brings a strong background in consumer packaged goods finance and operational leadership.

CEO Luc Mongeau called Stewart the “right person” to step in during this pivotal period, as Canopy advances its Fiscal 2026 strategy—focused on efficiency, disciplined capital management, and sustainable performance. Stewart emphasized his commitment to fundamentals and profitable growth, stating, “I believe in the strength of this team and the long-term opportunity in the sector.”

The company has launched a formal search for a permanent CFO.

$MRMD ( ▲ 0.39% ) CCO Sits Down With Shadd

Chief Commercial Officer of MariMed, to talk about how this lean MSO is punching above its weight. While the rest of the industry obsesses over margin gymnastics, MariMed’s focused on brand power and wholesale dominance — and it’s paying off. Betty’s Eddies is crushing it as the #1 edible brand in Massachusetts, Maryland, and Delaware, and even making a dent in the ever-fickle Illinois market.

But wait — now they’re mixing in functional mushrooms, fast-acting microdose tablets, and zero-sugar vegan SKUs? Yep. Crandall breaks down how MariMed is turning downtime on its equipment into product gold without bloating overhead.

With Delaware going adult-use on August 1 and a few M&A chess moves on the board, MariMed’s positioning is looking sharp whether or not Uncle Sam gets his act together on reform. If you’re scouting CPG-savvy cannabis operators who aren’t just surviving — but scaling — MariMed might just be your next due diligence deep dive.

Full Episode

Chinese Nationals Go Down Swinging

What’s Going On Here: Seven Chinese nationals living in Massachusetts have been indicted for operating a large-scale, multimillion-dollar marijuana trafficking and human smuggling ring across the U.S. Northeast, according to the Department of Justice. The organization allegedly ran an extensive network of grow houses, with smuggled Chinese nationals working to pay off debts incurred from being brought into the country illegally. The suspects include Jianxiong Chen, Yuxiong Wu, Dinghui Li, Dechao Ma, Peng Lian Zhu, Hongbin Wu, and fugitive Yanrong Zhu.

The investigation—part of the DOJ's Operation Take Back America—revealed profits were funneled into luxury assets, including cars, real estate, and jewelry. A Braintree, MA home served as the operation’s hub, where agents discovered over $270,000 in cash and multiple Chinese passports. Further searches uncovered more than 240 pounds of marijuana and nearly $200,000 more in cash.

The FBI and DOJ say this ring contributed significantly to the illegal cannabis trade in the region. Charges range from marijuana trafficking to money laundering and alien smuggling. Officials say this case highlights how transnational criminal networks exploit U.S. immigration loopholes and cannabis markets for profit.

🗞️ The News

📺 YouTube

Mitch McConnell’s Hemp Reversal & What It Means for Cannabis Reform | TTB Powered By Dutchie

What we will cover:

✅ Host Shadd Dales and co-host Anthony Varrell welcome back—former hedge fund manager and activist investor Marc Cohodes, and cannabis entrepreneur and policy strategist Brady Cobb.

This latest episode breaks down a major shakeup in Washington. Senator Mitch McConnell—the same lawmaker who helped legalize hemp back in 2018—is now backing a proposal that could effectively ban most consumable hemp products. It’s a surprising turn—and one that’s raising serious concern across the cannabis and wellness sectors.

But here’s where it gets even more important: this move may end up doing more than just disrupting the hemp market. It could become the trigger that finally forces Congress to address comprehensive cannabis reform.

We break down: • What the proposed hemp ban actually includes—and why it targets much more than Delta-8 • How this could impact popular wellness products like full-spectrum CBD • Why Senator Rand Paul is pushing back with his HEMP Act to raise the THC threshold • How all this ties into the upcoming September 30 crypto regulation deadline, opening a legislative window for cannabis banking • Why the proposed hemp restrictions may indirectly push Congress toward full cannabis reform, by exposing the flaws in current policy • And why pressure is growing to create a unified national cannabis framework.