💸 The Tape

Ohio’s cannabis regulators are back at it—this time with a set of proposed rules aimed at tightening up how marijuana products are labeled, packaged, and sold under the state’s young adult-use program. The Department of Cannabis Control (DCC) filed six draft rules under the state’s Common Sense Initiative, which, despite the name, often translates to “more paperwork, fewer gray areas.”

At the top of the list: a new universal THC symbol. The goal is to make it crystal clear to consumers—and law enforcement—that what’s inside isn’t just oregano. Think of it as the scarlet letter of cannabis packaging, except this one comes with lab testing and compliance standards.

Another proposed rule would cap the amount of cannabis per container, a move designed to prevent party-sized “mystery bags” from slipping into the market. Processors and retailers would also need to follow stricter rules on single-serve products, ensuring they meet all testing, packaging, and labeling requirements before reaching shelves.

But perhaps the most eye-catching change (pun intended) is a ban on packaging that’s “attractive to children.” That means no cartoon mascots, no Marvel knockoffs, and no gummies shaped like your favorite Saturday morning cereal character. The rules also forbid false health claims, obscene designs, or anything that might encourage overconsumption. In other words, cannabis companies may want to leave their graphic designer’s sense of humor at home.

The proposals are open for public comment until October 13, giving stakeholders and residents alike a chance to weigh in before regulators finalize the package.

This all comes against the backdrop of a booming market: Ohio cannabis sales have already crossed $3 billion. About $703 million of that came from adult-use sales in the law’s very first year. Not bad for a state that only voted to legalize in 2023.

Still, lawmakers remain tangled in debates over how much to tweak the law voters approved. Earlier this year, the House and Senate sparred over SB 56, a bill that would have added stricter limits—including banning adults from sharing cannabis on private property. The measure ultimately stalled, thanks to some intraparty gridlock and pushback from local leaders.

For now, the DCC seems intent on ironing out the details without waiting on the legislature. With Ohio’s cannabis industry growing fast, regulators appear determined to keep things orderly, childproof, and—hopefully—free of SpongeBob-shaped edibles.

📈 Dog Walkers

The EU Is Rapidly Maturing

What’s Going On Here: The European Union Drugs Agency (EUDA) has unveiled Cannapol, a new toolkit to help member states craft evidence-based adult-use cannabis regulations. The move reflects Europe’s shifting cannabis landscape, with Germany, the Netherlands, Malta, Czechia, Luxembourg, and Switzerland all advancing recreational frameworks.

Why It Matters:

• Cannapol emphasizes a harm-reduction approach, echoing UN recognition that punitive prohibition has failed.

• The project, developed with RAND Europe and the Trimbos Instituut, will run for three years, gathering insights from 50+ stakeholders across 10–12 countries.

• It aims to guide states considering legal cannabis while also providing legal frameworks for those opting out.

Industry Reaction:

• Supporters, like the German Cannabis Business Association, call Cannapol a step toward evidence-based policymaking, though some fear it risks becoming a box-ticking exercise if stakeholder engagement remains vague.

• Prohibition Partners stresses the need for substantive industry dialogue, noting Switzerland’s co-development model as a positive example.

Policy Scope:

• Cannapol will focus exclusively on adult-use, not medical cannabis.

• It will weigh models from home grow to retail, address challenges like cultivation, banking, and smoking restrictions, and analyze lessons from North America.

Public Opinion:
EUDA research shows two-thirds of EU nations now support adult-use regulation, with 53% of citizens in favor—despite a 9% dip in support since 2021.

$VFF ( ▲ 26.14% ) Authorizes Buy Back

What’s Going On Here: Village Farms International’s Board of Directors has authorized a US $10 million share repurchase program, covering up to 5,687,000 shares (5% of the company’s outstanding float).

Rationale & Capital Strategy CEO Michael DeGiglio framed the move as a signal of confidence in Village Farms’ balance sheet strength and cash flow generation, noting the company expects to close Q3 with about $75 million in cash. Management sees the buyback as a complement to its organic growth initiatives in Canada and the Netherlands, balancing shareholder returns with strategic expansion.

Execution Details

Repurchases may occur in the open market or privately negotiated deals.

Conducted under Rule 10b-18 and 10b5-1 (U.S.) and Canadian issuer bid exemptions.

Program is discretionary, allowing management to pause, adjust, or discontinue depending on market conditions, liquidity, and performance.

Funded with existing cash and operating cash flows.

Investor Takeaway While $10 million is modest relative to market cap, the authorization provides a supportive capital allocation signal at a time when Village Farms is emphasizing efficiency and international growth. With shares under pressure in recent years, opportunistic buybacks could offer accretive upside for long-term holders.

🗞️ The News

📺 YouTube

Trump's Truth Social Endorsement: Is Cannabis Rescheduling Next? | TTB Powered by Dutchie

What we will cover:

✅ What do President Trump’s latest comments about the endocannabinoid system really mean for cannabis reform?

The TDR Trade to Black Podcast presented by Dutchie features host Shadd Dales and co-host Anthony Varrell, joined by Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH). On today’s Insiders Edge segment, we’ll look at Trump’s recent Truth Social video where he highlighted hemp-derived CBD, tied it to senior health, and even called for Medicare coverage. In that post, he said CBD could help restore balance in the body’s endocannabinoid system, reduce stress, improve sleep, and ease pain as people age. He also referenced the 2018 Farm Bill and pointed to a Fox News clip suggesting full integration of cannabis into health care could save tens of billions of dollars annually.

With Bronstein’s policy expertise and Varrell’s market perspective, we’ll break down what this message might mean for the rescheduling debate, how it could influence federal regulation, and what practical effects it could have for businesses, investors, and consumers.