💸 The Tape

In a significant development for the cannabis industry, the U.S. Supreme Court has approved a two-month extension for marijuana companies seeking to overturn federal prohibition. The decision, issued by Justice Ketanji Brown Jackson on Friday, pushes the deadline for filing a writ of certiorari from August 25 to October 24. This allows plaintiffs—Canna Provisions, Gyasi Sellers, Wiseacre Farm, and Verano Holdings—additional time to prepare their case against the Justice Department.

Represented by the prominent firm Boies Schiller Flexner LLP, the companies argue that federal enforcement of marijuana bans under the Controlled Substances Act (CSA) is unconstitutional, particularly in states where cannabis is legal. The extension request, unopposed by the Office of the Solicitor General, cited three key reasons: lead attorney David Boies' heavy engagement in other federal matters, the need for experts and state governments to draft supporting amicus briefs, and the case's complex constitutional questions.

At the heart of the lawsuit is a challenge to the 2005 Supreme Court ruling in Gonzales v. Raich, which upheld federal authority over intrastate cannabis cultivation under Congress's interstate commerce powers. The plaintiffs contend that evolving policies—such as the Justice Department’s hands-off approach to state-legal markets and congressional protections for medical marijuana—undermine Raich’s reasoning. "This case presents significant and complex constitutional issues concerning both state-regulated marijuana specifically and the authority of Congress to regulate purely intrastate commerce generally," the filing stated.

The extension follows a U.S. Appeals Court’s rejection of the companies’ arguments three months ago, affirming a lower court’s dismissal. Despite these setbacks, the legal team, including attorney Jonathan Schiller, has signaled intent to escalate to the Supreme Court. Interest from the bench may be signaled by Justice Clarence Thomas’s 2021 statement in a related case, where he criticized federal cannabis policy as a "half-in, half-out regime" that "strains basic principles of federalism."

Broader context includes stalled Biden Administration efforts to reschedule marijuana to Schedule III, amid bipartisan calls for reform. Former President Donald Trump, who endorsed rescheduling during his campaign, recently indicated a decision is imminent, though his stance remains fluid. A new political committee tied to Trump’s super PAC has launched ads urging follow-through.

If granted review—requiring four justices’ votes—the case could reshape federal marijuana enforcement, potentially ending prohibition’s grip on state markets. As amicus briefs from professors, nonprofits, and states pour in, the outcome may hinge on revisiting Raich amid shifting national attitudes. With no prejudice to respondents and the status quo intact, this extension underscores the high stakes for cannabis reform.

📈 Dog Walkers

$CGC ( ▼ 2.19% ) CUSA Appoints Exec Team

What’s Going On Here: Canopy USA, LLC, a brand-driven force in the U.S. cannabis market, has unveiled a fresh executive team to ignite its next wave of expansion. Strategically rooted in the fastest-growing states, these leaders bring industry expertise to elevate the company’s brand portfolio, streamline operations, and drive growth initiatives across multiple markets.

Casey Rash, the new Chief Financial Officer, will oversee Finance, Human Resources, and IT, leveraging his knack for navigating regulated industries to boost organizational efficiency. Rebecca Kirk, stepping in as Chief Operating Officer, will lead Operations, Innovation, and Legal teams, crafting scalable systems and launching category-leading products to supercharge Canopy USA’s performance. Meanwhile, Kelly Flores, the Chief Business Development Officer, will steer Marketing, Market Expansion, and Product Strategy, using her cannabis commercialization prowess to grow brands in both established and emerging markets.

President Brooks Jorgensen is buzzing, calling these appointments a bold step to capture U.S. cannabis market growth. By harnessing the strengths of Acreage, Jetty, and Wana, the company has aligned systems and teams for a scalable, efficient operation. With this leadership team in place, Canopy USA is set to deliver consistent quality, innovative products, and trusted brands nationwide, aiming to set the standard for leadership in the evolving cannabis industry.

Ohio, One Year Into Adult Use

What’s Going On Here: When Ohio voters greenlit Issue 2 in 2023, the state joined the recreational marijuana club, kicking off sales in August 2024. Since then, the Buckeye State has been riding a high, with $702 million in non-medical cannabis sales by August 2, 2025, and 100,000 pounds of marijuana flower sold, per the Ohio Division of Cannabis Control. But, as Sage Graham of Amplify Dispensaries puts it, it’s been a “fun ride” with some bumps. The number of dual-use dispensaries jumped from 98 to 162, yet unregulated delta-8 THC products sold at gas stations and vape shops are stealing the show, confusing customers and undercutting licensed dispensaries. These rogue products, often of dubious quality, are giving the industry a bad rap. Meanwhile, medical marijuana sales are dipping as patients dodge the hassle of maintaining a medicinal card. Lawmakers are still puffing over how to tackle delta-8 and tweak the marijuana law, with Jonathan Entin, a retired Case Western Reserve University professor, noting that reversing legislative changes is a “cumbersome process” requiring voter action. As Ohio’s cannabis industry blooms, it’s clear the state is navigating a hazy path, balancing explosive growth with the need to clear the air around unregulated products.

🗞️ The News

📺 YouTube

The Question: How to Play Cannabis Stocks Right Now? | TTB Powered by Dutchie

What we will cover:

✅ The latest episode of the TDR Trade to Black podcast presented by Dutchie asks the question every investor is focused on right now: how should you play cannabis stocks? With federal rescheduling potentially on the horizon and cannabis equities moving back into the spotlight, this episode delivers clear answers on the biggest catalysts and what they mean for both traders and long-term investors.

Hosts Shadd Dales and Anthony Varrell are joined by Tim Seymour from CNBC’s Fast Money, who explains why he called rescheduling a “game-changer.” Tim lays out how to position before and after a potential announcement, the role retail day traders could play when volumes spike, and which kinds of institutions might finally step in once regulatory barriers begin to ease. He also breaks down how he manages liquidity inside the actively managed CNBS ETF and what investors should be watching in the days ahead.

Plus, Margaret Brodie, CEO of Rubicon Organics (TSXV: ROMJ), provides a breakdown of her company’s latest earnings release. She outlines margin performance, product strategy, and how Rubicon is positioning itself for growth in a competitive Canadian market.

Finally, Michael Bronstein, President of the American Trade Association for Cannabis, highlights the key storylines in Pennsylvania’s adult-use push and the Texas State Senate’s debate on the recently passed HELP Act (Hemp Expansion & Legalization Proposal). Bronstein also points to the next moves likely to come out of the state senate that investors and industry watchers need to be paying close attention to.