💸 The Tape

If you were hoping for clarity on where Donald Trump’s pick for attorney general, Pam Bondi, stands on cannabis, prepare to be disappointed. After her Senate Judiciary Committee hearing, the former Florida AG responded to written questions from Sens. Cory Booker (D-NJ) and Peter Welch (D-VT). On four separate cannabis policy questions—rescheduling, federal enforcement priorities, state autonomy, and prosecutorial discretion—Bondi repeated the same line like a broken record:

“If confirmed, I will give the matter careful consideration after consulting with appropriate Department officials.”

That was it. No wink, no nod, just bureaucratic vagueness dressed up as caution.

The evasiveness matters because the next attorney general will inherit a years-long rulemaking process to move cannabis from Schedule I to Schedule III—a process already bogged down by delays, lawsuits, and allegations of improper DEA back-channeling with reform opponents. Advocates had hoped Bondi might offer at least a breadcrumb on how she’d approach the issue. Instead, she gave them a blank page.

Bondi’s track record hardly soothes concerns. As Florida’s AG from 2011–2019, she fought against medical marijuana expansion and once defended the legislature’s now-defunct ban on smokable cannabis, citing “harms to patients” and secondhand smoke. That hardly screams reform champion.

Meanwhile, her hedging contrasts sharply with Trump’s own public stance. The president has endorsed rescheduling, SAFE banking access, and even Florida’s failed 2024 legalization ballot initiative. But his AG nominee is keeping her cards close—or perhaps just not holding any.

Adding intrigue, Trump’s potential DEA pick is a former deputy administrator who has called marijuana a “gateway drug.” While he’s said rescheduling could free resources to tackle harder drugs, he’s also shown a shaky grasp of DEA’s actual role in scheduling decisions. Not exactly confidence-inspiring.

For now, the takeaway is simple: Bondi isn’t talking, at least not yet. Whether that’s political prudence ahead of a contentious Senate vote or a signal she’s aligned with past prohibitionist instincts remains unclear. What is clear is that stakeholders—from state regulators to cannabis entrepreneurs—are stuck waiting for an answer as administrative hearings on rescheduling have now been delayed at least three months.

In Washington, sometimes silence says more than words.

📈 Dog Walkers

$CXXIF ( ▲ 1.4% ) Closes The Books On Litigation

Whats Going On Here: C21 Investments (CSE: CXXI; OTCQX: CXXIF) has finally closed the book on a long-running legal tangle tied to its 2018 acquisition of Eco Firma Farms. After years of Oregon court battles, appeals, and a parallel action in British Columbia, the company has inked a Settlement Agreement with the vendors of Proudest Monkey Holdings, putting all claims to bed—with prejudice.

The deal comes at a cost: US$2.4 million in cash, paid via an upfront US$500,000 chunk this September followed by 19 monthly installments of US$100,000, plus the issuance of 555,793 common shares owed under earlier share payment notes. Importantly, the liability is partially offset by wiping out more than US$1.7 million in accruals tied to convertible notes and litigation payables, softening the net impact on C21’s balance sheet.

No one admits fault in this drama, but investors can breathe easier knowing management has cleared a distracting overhang from its books. With this monkey off its back—literally—C21 can now refocus on operations and growth rather than courtrooms and claims.

$DRUG ( ▲ 1.57% ) Bright Minds Delivers Data

What’s Going On Here: Bright Minds Biosciences (NASDAQ: DRUG) just delivered encouraging preclinical data for its investigational compound BMB-201, and the results may give migraine mainstay sumatriptan a run for its money. In a validated rat model for vascular headache, BMB-201 reduced facial pain sensitivity in both male and female cohorts—consistently outperforming sumatriptan at several timepoints. For instance, in males, BMB-201 clocked in at 86% efficacy versus sumatriptan’s 81% at one hour, while females saw up to a 100% effect size at the same point compared to sumatriptan’s 56%.

The science here is more than rodent trivia: BMB-201 is a selective 5-HT2A/2C receptor agonist designed to unlock serotonin’s analgesic potential without the trippy side effects associated with classic psychedelics. That makes it a serious contender in the next-gen pain management space.

CEO Ian McDonald framed it as another validation of their approach: with strong efficacy across pain models and clean safety design, BMB-201 is heading toward clinical development for headaches and migraine-related conditions. The compound also aligns with the NIH’s HEAL Initiative, which is pushing for non-opioid pain solutions.

Bottom line: Bright Minds is betting its serotonin-smart science can not only ease migraines but also outshine today’s best-known treatments.

🗞️ The News

📺 YouTube

The Morning Cannabis Gets Rescheduled: What Happens Next?

What we will cover:

✅ In this episode of TDR Trade To Black presented by Dutchie, host Shadd Dales sits down with cannabis industry veteran Seth Yakatan to answer the question on every investor’s mind: what will the morning look like when cannabis rescheduling is announced? This isn’t theory anymore — it’s about what happens that very first day. Will U.S. cannabis stocks gap up? Do ETFs like MSOS catch fire? Or will the rally fade after the opening bell? On the business side, the conversation cuts into how rescheduling could finally ease the 280E tax burden, change company balance sheets, and open the door to potential uplistings. Shadd and Seth also tackle the political angle — how lawmakers in Washington, and the Trump administration, will spin the news and what it means for the broader regulatory agenda. For investors, the discussion breaks down how sentiment will shift — from retail beginners who just want to know if their stocks are going up, to seasoned investors who’ve survived years of volatility. Canadian institutions also enter the conversation — will they finally move into U.S. names? And could companies like Curaleaf (TSX:CURLF) get the green light for TSX inclusion? Finally, Shadd and Seth talk about how the media will cover rescheduling — and why that coverage alone could reshape how the world looks at cannabis.