💸 The Tape

Nebraska cannabis advocates are back at it—this time with a constitutional twist. Activists have officially filed a 2026 ballot initiative that would establish a constitutional right for adults 21 and older to use cannabis.

The measure is nothing if not concise. Its one-sentence declaration: “All persons twenty-one years of age or older have the right to use all plants in the genus Cannabis.” In other words, no lengthy legal jargon, just a straightforward “yes, you can.”

The proposal comes from Bill Hawkins of the Nebraska Hemp Company, who has been something of a fixture in the state’s legalization pushes. According to Ballotpedia, this is the fifth recreational marijuana measure Hawkins has filed since 2018. None of the previous attempts made the ballot, often due to signature shortfalls.

To make the 2026 ballot, organizers will need signatures from 10 percent of registered voters statewide, plus 5 percent from two-fifths of Nebraska’s 93 counties. Translation: it’s a tall order in a state not known for easy ballot access.

The timing is notable. State regulators are currently rolling out medical marijuana initiatives that voters approved in 2024, but rules so far have drawn heavy criticism. The Nebraska Medical Cannabis Commission banned smokable flower, vapes, edibles, and even flavored products, leaving many patients wondering what exactly is left.

This frustration appears to be fueling Hawkins’s latest effort. By elevating cannabis rights into the state Constitution, the campaign hopes to sidestep what advocates see as regulatory overreach.

Of course, the push faces significant political headwinds. Nebraska’s attorney general has recently cracked down on intoxicating hemp products like delta-8 THC, signaling that regulators aren’t exactly eager to expand access. And let’s not forget the hard luck history: in 2020, a medical cannabis initiative did qualify for the ballot, only to be struck down by the state Supreme Court on a single-subject technicality.

Still, momentum is undeniable. Nationally, more than half of states have embraced adult-use legalization. And in Nebraska, legalization backers now have a track record of persistence—even overcoming setbacks like losing a key donor in a tragic plane crash ahead of the 2022 signature drive.

The new measure may be simple in language, but its implications are sweeping: full parity between cannabis and other adult choices like alcohol or tobacco. If Hawkins and his team can gather enough signatures, Nebraska voters could finally decide whether it’s time to turn the Cornhusker State into the Cannabis State.

📈 Dog Walkers

$CGC ( ▼ 6.04% ) Gives Proxy Update

Whats Going On Here: Canopy Growth just got a key thumbs-up ahead of its September 26, 2025 Annual General and Special Meeting. Institutional Shareholder Services (ISS), the heavyweight proxy advisory firm trusted by roughly 3,400 of the world’s biggest investors, has recommended that shareholders vote FOR all resolutions on the ballot. That’s no small endorsement—ISS guidance often sways institutional votes in a big way.

The company, listed on both Nasdaq and the TSX, is now urging shareholders to get their proxies in before the September 24 deadline to ensure quorum is met. And quorum matters: at least one-third of outstanding shares must be represented, or else the meeting risks adjournment—translation, more costs and a scheduling headache.

Even if investors plan to tune into the webcast (at virtualshareholdermeeting.com/WEED2025), Canopy is pushing for advance votes to lock in support and avoid procedural drama.

The Board of Directors is also echoing ISS, recommending a “FOR” vote across the board. Bottom line: Canopy wants its investors to click “submit” sooner rather than later, so they can focus on strategy and execution—rather than scrambling for quorum.

$TCNNF ( ▼ 8.65% ) Brings Home Some Hardware

What’s Going On Here: Trulieve Cannabis Corp. isn’t just rolling joints—it’s rolling in awards. The company snagged seven honors at the 2025 Brandon Hall Group™ HCM Excellence Awards®, bringing its two-year haul to a sparkling 14. For context, Brandon Hall is basically the Oscars of HR, minus the red carpet and awkward acceptance speeches.

The TruU ATTAIN program—designed to upskill entry-level cannabis workers—took home two Golds (Best Competencies & Skill Development, Best Use of Video for Learning) plus two Silvers for its custom content and blended approach. If onboarding had a highlight reel, this would be it.

Seeds to Success, a training program for new retail hires, grabbed two Silvers, thanks to its gamified, blended learning style. Think of it as the cannabis industry’s answer to Duolingo, but for dispensary skills instead of Spanish verbs.

And finally, SPHERE of Influence earned a Bronze for Best Employee Recognition Program, giving Trulieve’s workforce a formal way to celebrate colleagues who embody the company’s “SPHERE” values—Stewardship, Proactivity, Harmony, Excellence, Respect, and Empowerment.

CEO Kim Rivers’ team now has a trophy shelf as busy as its cultivation facilities, underscoring that people strategy is just as key to growth as product strategy.

🗞️ The News

📺 YouTube

PA Cannabis Stalemate Raises Questions + Texas Vape Ban Creates Uncertainty I TTB Powered by Dutchie

What we will cover:

✅ TDR Trade to Black—presented by Dutchie—goes live today at 4:00pm ET. Host Shadd Dales, alongside Anthony Varrell, welcomes Michael Bronstein, president of the American Trade Association for Cannabis & Hemp (ATACH), to break down two of the biggest state stories shaping the cannabis industry right now: Pennsylvania’s adult-use legalization debate and Texas’s new hemp and vape laws.

Pennsylvania cannabis legalization update 2025: Governor Josh Shapiro has made legalization part of his budget plan, but the state remains divided. The House advanced a state-run model earlier this year, while Senators Dan Laughlin and Sharif Street are pushing for a private licensing system with a Cannabis Control Board. The stakes are high: with neighboring states like New Jersey, New York, and Maryland already legal, Pennsylvania risks losing out on hundreds of millions in tax revenue and jobs if it delays further.

Texas hemp and vape law changes: On September 1, SB 2024 went into effect, banning the sale and marketing of vape products containing cannabinoids such as Delta-8, CBD, and THC. Violations carry Class A misdemeanor penalties. Meanwhile, SB 6—a broader hemp-derived THC ban—remains under consideration during the special session, with a September 14 deadline. Investors, operators, and retailers alike are watching closely as Texas reshapes its hemp market.

We’ll connect these policy shifts to the investor outlook: compliance risks, market opportunities, and which catalysts could drive the next wave of cannabis investing news.