💸 The Tape

U.S. Department of Veterans Affairs (VA) Secretary Doug Collins is positioning himself as a key advocate for exploring psychedelics as a treatment option for veterans suffering from post-traumatic stress disorder (PTSD), traumatic brain injuries (TBI), and other service-related conditions. Speaking at two congressional hearings on Thursday, Collins emphasized his willingness to break from traditional approaches in search of new therapeutic avenues.

Addressing the House Veterans’ Affairs Committee, Collins declared, “I’m probably one of the first VA secretaries who’ve actually decided that we will take a look at it [psychedelics]. We’re not simply putting it off.” He noted that there are currently 11 clinical studies connected to the VA examining psychedelics for therapeutic use, adding, “What we’re seeing so far is positive.”

Collins acknowledged that psychedelics are not a “magic cure” and won’t work for everyone, but stressed the importance of evidence-based exploration. “If there are treatments we can show clinically to be effective, we’ll continue to look at them. The key is coupling these treatments with intense counseling,” he said.

Support for this research is increasingly bipartisan. Rep. Jack Bergman (R-MI), co-chair of the Congressional Psychedelic Advancing Therapies (PATH) Caucus, praised Collins for his leadership, while Rep. Mariannette Miller-Meeks (R-IA) expressed her unexpected but firm support for pursuing psychedelic therapy for veterans.

At an earlier appropriations hearing, Rep. Scott Franklin (R-FL) shared personal stories of losing fellow Navy veterans to suicide, stating, “I’m looking at anything that works.” He applauded Collins’s openness, reflecting a broader shift in attitudes among lawmakers once skeptical of psychedelics.

Bergman and PATH co-chair Rep. Lou Correa (D-CA) recently introduced legislation to allocate $30 million annually to establish psychedelics research “centers of excellence” within VA facilities. The bill aims to fast-track access to treatments involving psilocybin, MDMA, and ibogaine for veterans.

Collins has taken proactive steps, including recent meetings with veteran advocates and discussions with HHS Secretary Robert F. Kennedy Jr. about psychedelic therapy’s potential. He even floated the idea of vouchers to help veterans access treatments outside the VA system.

However, Collins was quick to temper expectations: “This is not the only answer, but it could be part of the solution.” His pragmatic yet progressive stance signals a major cultural shift within the VA, as the agency faces increasing pressure to address the mental health crisis affecting America’s veterans.

With bipartisan momentum building in Congress, the path toward integrating psychedelics into veteran care is becoming clearer—though it remains subject to rigorous scientific validation and legislative support.

📈 Dog Walkers.

TILT?

What’s Going On Here: TILT Holdings reported Q1 2025 results, highlighting its strategic pivot to a Jupiter-first, asset-light model. Revenue fell to $22.7M from $37.5M YoY, reflecting lower hardware sales as planned. Gross margin was 14.9%, impacted by plant-touching operations, though Jupiter’s margins improved through a commission-based model. Net loss widened to $13.2M (vs. $9.7M), while Adjusted EBITDA was $(974)K. Notably, operating cash flow turned positive at $1.9M.

Key moves include:

• Sale of two MA dispensaries for $2M.

• First EU medical device certification for Jupiter’s vaporizer.

• New MSO partnership for exclusive hardware.

• Shifting production to Indonesia for cost savings.

TILT aims to streamline operations, focus on Jupiter innovation, and improve margins moving forward.

Bottom line: Company is in an absolute shambles but they did just get a first of its kind medical device approved in th EU in conjunction with $CURLF. Safe to say the company is not investable.

NextLeaf Gives Update

What’s Going On Here: Nextleaf Solutions (CSE: OILS) announced a major commercial update with 20 new product listings under its Glacial Gold brand across vapes, softgels, oils, and infused pre-rolls, launching nationally by June 2025. This includes the company’s first entry into Quebec, partnering with Quebec Craft Cannabis for distribution. Nearly half of the new products feature minor cannabinoids like CBG and CBN, showcasing Nextleaf's focus on nuanced formulations and wellness-oriented formats.

Nextleaf also issued 1.42M shares at $0.055 as part of employee equity compensation. CEO Emma Andrews emphasized agility, market demand, and Quebec’s $662M cannabis market potential.

Bottom line: Sharp little update from a cannabis extract leader.

🗞️ The News

📺 YouTube

Trump’s DEA Nominee Holds Back on Marijuana Commitment | Trade to Black

What we will cover:

✅ Host Shadd Dales breaks down a high-stakes exchange on Capitol Hill that could reshape the future of cannabis reform. During a Senate confirmation hearing, Terry Cole, the Trump administration’s nominee to lead the DEA, faced tough questions from Senator Cory Booker about the ongoing process of marijuana rescheduling.

Since the Department of Health and Human Services recommended moving marijuana from Schedule I to Schedule III, the cannabis industry has been watching closely. That move would dramatically ease federal restrictions, eliminate 280E tax penalties, and signal legitimacy for cannabis stocks and businesses nationwide.

Booker pressed Cole on whether he would honor the scientific recommendation. Cole, aligned with Donald Trump’s administration, avoided clear commitments—raising concerns about whether the DEA under his leadership might delay or derail the process.