💸 The Tape

Sen. Rand Paul (R-KY) says he’s ready to go to the mat — and maybe even extend the government shutdown — if congressional negotiators try to sneak in language banning hemp products containing THC.

At a virtual town hall hosted by Hemp Industry & Farmers of America (HIFA) this week, Paul warned that Capitol Hill is “at crunch time” as lawmakers hammer out a spending deal that could make or break the hemp industry. His message to colleagues: “We can do this the easy way or the hard way.”

The easy way, in Paul’s view, is adopting his compromise amendment — a nonbinding study that would examine how states are regulating hemp-derived cannabinoids and explore potential national models. The hard way? Passing a bill without him. “I’ll block it,” he said, “if it means saving hemp.”

The Kentucky senator’s position puts him directly at odds with Sen. Mitch McConnell (R-KY) and Rep. Andy Harris (R-MD), who are pushing a Farm Bill revision that would set THC limits so low “there won’t be any hemp products left to sell.” Paul called the proposal an “industry killer,” arguing it could even criminalize industrial hemp and force farmers to reengineer entire crop lines.

“If they don’t care and they just roll over me—which is a possibility—they’re essentially going to ban hemp,” he said. “Most of the hemp that’s sold would not meet this standard.”

Paul also pointed out the irony that the Senate already removed the ban language from its spending package after he objected earlier this year. But with the House version still carrying it, there’s a risk negotiators could quietly reinsert the prohibition during conference committee. “Breaking the rules or making them up as we go is what often happens in Washington,” Paul quipped.

The senator urged hemp farmers, retailers, and advocates to flood congressional offices with calls, particularly McConnell’s. “If thousands of people don’t make their voices heard, the default is to give McConnell what he wants,” Paul warned. “This isn’t thoughtful policymaking — it’s a rush to kill an entire industry.”

Paul’s last-ditch effort underscores how the battle over hemp’s legal future has turned into one of Congress’s most unexpected flashpoints during the ongoing shutdown. Whether his blockade works or not, the showdown could determine whether hemp-derived THC — from gummies to seltzers — remains a legal, regulated market or becomes the next casualty of overcorrection.

📈 Dog Walkers

$SAM ( ▼ 4.38% ) Boston Beer Company Now Selling THC Edibles

What’s Going On Here: Emerald Hour, the non-alcoholic cannabis cocktail brand from The Boston Beer Company, is adding a new twist to its portfolio — cocktail-inspired THC gummies infused with live rosin and solventless cannabis diamonds.

Now hitting dispensary shelves across Ontario and Alberta, each vegan-friendly gummy contains 5 mg of THC and comes in a sleek, two-pack format that fits neatly in a pocket or purse — ideal for discreet daytime dosing or your next mocktail brunch.

The first flavor to launch, Peach & White Grape, channels a brunch-inspired flavor profile, offering a balanced mix of fruit and effervescence that feels right at home beside a croissant and cold brew.

“Boston Beer is renowned for crafting quality beverages, and we’re bringing that same level of craft to cannabis,” said Paul Weaver, Boston Beer’s Toronto-based Head of Cannabis. “Our Emerald Hour gummies deliver a full-spectrum experience — without sacrificing flavor, design, or sustainability.”

The launch builds on Emerald Hour’s growing ready-to-drink cannabis beverage lineup, which debuted in January 2025 and now spans over 600 dispensaries nationwide. Packaged in 222 ml mini-cans, each beverage contains 10 mg of THC, with flavors like Agave, Lime & Sea Salt, Cranberry & Citrus, Ginger & Lime, and Lime & Mint.

Bottom line: Boston Beer continues to push its cannabis beverage brand into new form factors — translating its craft-brew credibility and cocktail culture instincts into a growing THC brand ecosystem designed for the sober-curious, canna-curious, and flavor-obsessed alike.

$VRNOF ( ▲ 5.22% ) Verano’s Q3 Shows Some Softness

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO | OTCQX: VRNOF) reported Q3 2025 revenue of $203 million, largely flat quarter-over-quarter but down 6% from the same period last year as price compression and heightened competition continue to test the sector.

Gross profit came in at $95 million (47% margin), reflecting both promotional activity and short-term operational costs. SG&A expenses declined 12% year-over-year to $81 million (40% of revenue), underscoring management’s ongoing cost-discipline efforts.

Despite operational efficiencies, the company reported a net loss of $44 million (22% of revenue), impacted by a $5 million impairment charge and $10 million in legal contingencies tied to recent settlements — including its just-announced $10 million resolution with Vireo Growth Inc. Still, Adjusted EBITDA landed at $53 million (26% margin), demonstrating resilient cash generation.

Operating cash flow reached $26 million, with capex reduced to $8 million from $57 million last year as Verano reins in capital spending post-expansion. The company ended the quarter with $83 million in cash and $401 million in total debt, bolstered by a new $75 million revolving credit facility that cut borrowing costs and improved liquidity flexibility.

Operationally, Verano opened its 82nd Florida dispensary, expanded into Antwerp, Ohio, and debuted its HYPHEN all-in-one vape platform. Shareholders also approved the company’s redomicile from Canada to Nevada, though a British Columbia registrar strike has delayed finalization.

CEO George Archos called the quarter “a positioning phase for long-term growth,” adding that Verano aims to close the year with strong retail momentum and product innovation heading into 2026 — a year he described as potentially “transformative” for both the company and the broader U.S. cannabis landscape.

🗞️ The News

📺 YouTube

Mike Tyson Hits Harrisburg: Cannabis Legalization in PA?

What we will cover:

✅ What happens when Mike Tyson walks into the Pennsylvania Senate to talk weed reform?

TDR’s Trade to Black podcast, presented by Dutchie, returns today at 4 PM ET with hosts Shadd Dales and Anthony Varrell breaking down four major stories;

Here's what they're covering:

• Colombia just legalized the sale of psychoactive cannabis flower for medical use—what does this mean for LATAM operators and global exports? • Verano Holdings (CBOE: VRNO) released Q3 earnings: revenue dipped, margins held, and the company is signaling a leaner, more disciplined approach heading into 2026. • Verano and Vireo settled their long-standing lawsuit in British Columbia—$10M in value changes hands, and both sides walk away clean. • Mike Tyson showed up at the Pennsylvania Capitol this morning to push for adult-use legalization. Joining us live from Harrisburg is Ryan Burke, President of Tyson 2.0, to share what was said behind closed doors and what kind of feedback they got from lawmakers.