💸 The Tape

If you’ve been dreaming of a presidential pen stroke instantly erasing marijuana from the Controlled Substances Act (CSA), you might want to dial down your expectations—just like waiting for that penny stock to skyrocket overnight. The Commander-in-Chief, as powerful as they may seem, can’t single-handedly remove marijuana from the CSA with an executive order. Think of it this way: the CSA is not a mere departmental memo; it’s a piece of legislation passed by Congress. And while the President is the CEO of the Executive Branch, they don’t get to rewrite the company bylaws on a whim.

Here’s the nitty-gritty: the CSA places drugs in different “schedules” based on their perceived medical use, potential for abuse, and safety concerns. Marijuana remains on Schedule I, indicating a high potential for abuse and no accepted medical use. Changing that classification or removing it altogether isn’t as simple as crossing out a line in a policy document. There’s a formal process involving the Department of Health and Human Services (HHS) and the Drug Enforcement Administration (DEA), which evaluate the scientific and medical evidence around cannabis. As to which we already have rolling and measures CAN be taken to expedite the wheels that are already in motion for Schedule 3.

There are a couple of ways to remove marijuana from the CSA—no magic wand required, just a healthy dose of legislative elbow grease or administrative hoop-jumping. First, Congress can pass a law. Yes, you heard that right: the House and Senate can actually agree on something and enact legislation to deschedule or reschedule cannabis. It might not be as riveting as watching your favorite cannabis SPAC get listed, but it’s the most straightforward path. Alternatively, the administrative process can kick into gear. HHS reviews medical data, the DEA evaluates the threat level, and, if both give the thumbs-up, the Attorney General can initiate the removal or reclassification of cannabis.

So, while it might seem frustrating that the President can’t just sign an executive order and magically legalize your favorite green commodity, this structure is designed to ensure checks, balances, and, let’s be honest, a heap of red tape. After all, stable policy often requires more than one signature on the dotted line. In the meantime, keep an eye on Capitol Hill and the federal agencies because that’s where the real scheduling drama will unfold—like the final minutes of a high-stakes trading day, minus the ticker tape.

📈 Dog Walkers

Gov. Beshear Has Our Back

Kentucky’s forging ahead with medical marijuana while reloading its legislative crosshairs on federal gun restrictions. A bipartisan resolution aims to clarify that cannabis patients aren’t barred from bearing arms, challenging the Gun Control Act of 1968. The ATF’s stance? “Don’t mix weed and weapons.” Meanwhile, Gov. Beshear says patient signups are underway, though dispensaries aren’t operational yet. A federal rescheduling decision looms, but it’s delayed. Voters and local governments widely back legal cannabis—a bullish sign for Kentucky’s budding market indeed.

🗞️ The News

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📺 YouTube

TDR’s Top Developments for the Week in Cannabis: Policy Shifts and Growth | Trade to Black

What we covered:

✅ On this Trade to Black is back with a with a new weekly feature, an episode that highlights the biggest developments for the week in the cannabis industry.

Hosted by Shadd Dales, this week’s episode dives deep into policy, business, and investing in marijuana stocks.

Off the top? The shift in political leadership as Donald Trump prepares to be sworn in tomorrow. Shadd examines what a Trump administration could mean for cannabis reform, particularly following Joe Biden’s recent moves. From his 2022 pardons for simple marijuana possession to his 2024 proposal to reschedule marijuana to a Schedule III drug, Biden’s legacy leaves the cannabis industry at a turning point, however important to note that cannabis reform still has not implemented and passed. Will Trump take a different direction?

We will highlight news from Ohio’s growing cannabis market, where Trulieve (OTC: TCNNF) has launched a new dispensary, along with the latest on Florida’s 2026 adult use cannas legalization push.

Plus, the United States Cannabis Roundtable has formed as two of the largest lobbying firms have combined. The advocacy group brings together industry giants that include Cresco Labs (OTC: CRLBF), Curaleaf (OTC: CURLF), Green Thumb Industries (OTC: GTBIF) and more.