💸 The Tape

Sen. Jeff Merkley (D-OR) wants to get the Secure and Fair Enforcement Regulation (SAFER) Banking Act out of political gridlock, but he admits it’s been sidelined—for now—by bigger headline items like war and reconciliation bills. So if you were hoping for a quick floor vote, you’ll need to keep waiting (and possibly keep your dispensary cash in the safe for a bit longer).

In a recent interview, Merkley said he’s tried to schedule meetings around the bill, which cleared committee last year but hasn’t seen the light of day since. Despite efforts to coordinate, “other things” have taken the legislative fast lane. Still, he’s holding out hope for action “sooner than later”—a slightly more optimistic read than his GOP co-sponsor Sen. Bernie Moreno (R-OH), who recently predicted a fall timeline at best.

The SAFER Banking Act, designed to protect banks and credit unions from federal penalties for working with state-legal cannabis businesses, has long been billed as a “commonsense” fix to a very real public safety and business problem. After all, few industries move this much cash in duffle bags in 2025 without wearing ski masks.

And yet, despite broad bipartisan support and repeated committee-level victories, the bill keeps getting leapfrogged by other priorities. On the House side, Rep. Dave Joyce (R-OH) is expected to reintroduce it—but not anytime soon, per his staff.

Meanwhile, rumors that the banking bill would hitch a ride on a crypto package recently fizzled. And even though Trump nodded to cannabis banking and rescheduling during the campaign, he’s been conspicuously quiet since returning to the Oval Office.

Bottom line? The will might be there, but until lawmakers clear some of the legislative clutter, SAFER remains stalled at the intersection of “bipartisan support” and “political inertia.”

📈 Dog Walkers.

PA Med Program Revealing Some Deep Insights

What’s Going On Here: A new study from the University of Pittsburgh reveals that Pennsylvania’s 2019 decision to add anxiety as a qualifying condition for medical marijuana has significantly altered the state’s cannabis program. Researchers analyzed over 1.7 million certifications from 2017 to 2023 and found that anxiety has overtaken chronic pain as the most cited condition—now representing about 60% of all patient diagnoses.

The study, which included experts from Pitt and Johns Hopkins, found the number of certifications issued monthly nearly tripled after the inclusion of anxiety. However, the researchers cautioned that they couldn’t determine how many of these certifications were from new patients versus existing ones adding anxiety to their conditions.

Lead author Coleman Drake raised concerns about the lack of strong evidence supporting cannabis as a treatment for anxiety, warning that its inclusion may have signaled unwarranted clinical efficacy to patients. The findings highlight both the rapid growth of Pennsylvania’s medical marijuana program and the research gaps that persist due to cannabis’ federal Schedule I status.

New York Is Still Developing Years Later

What’s Going On Here: When New York legalized adult-use cannabis in 2021, it promised a new kind of market—one centered on equity, inclusion, and reparative justice. For many Latino entrepreneurs, that vision is becoming a lived reality.

From Astoria to Bed-Stuy, Latino-owned dispensaries—often helmed by formerly incarcerated or legacy-market veterans—are opening their doors in neighborhoods where they were once criminalized. These include trailblazers like Happy Munkey, Terp Bros, and Budega NYC, who have turned cultural authenticity and lived experience into legitimate cannabis businesses.

Yet while more than half of CAURD licenses have gone to Black and Latino entrepreneurs, major gaps remain—especially for Latina-owned ventures, which face disproportionate challenges in funding, stigma, and access. Leaders like Elyssa Colon (HighGarden NYC) and Kristina Lopez Adduci (House of Puff) are helping change that through community-led events, bilingual education, and art-forward brands.

As federal tax burdens (280E) and capital shortages persist, many equity licensees find that surviving in this space is just as difficult as entering it. Still, New York stands out from peers like California and Illinois by translating inclusion into actual ownership at a scale yet unmatched elsewhere.

As Miguel Brito of The 1 Brand puts it:
“Equity isn’t about getting mentioned in press releases—it’s about staying open.”

🗞️ The News

📺 YouTube

Top Cannabis Developments This Week: Tyson, Trump & Market Momentum | TTB Weekly Recap

What we will cover:

✅ Host Shadd Dales breaks down the biggest developments shaking up the cannabis industry as renewed talk of U.S. federal reform drives bullish sentiment in cannabis stocks.

In the political spotlight, Mike Tyson leads a celebrity coalition urging Donald Trump to finish what he started on cannabis reform. Their demand? Reschedule cannabis, issue mass clemency for nonviolent marijuana offenses, and fix the crippling tax and banking burdens faced by U.S. cannabis operators. Meanwhile, Senator Rand Paul (R-KY) is pushing back hard against a proposed federal hemp ban, warning it could annihilate the legal CBD industry. His HEMP Act offers a regulatory alternative that protects farmers and keeps THC thresholds reasonable.

We also break down Florida’s new crackdown on medical marijuana patients, California’s cannabis tax hike (now 19%), and a massive illicit grow operation busted in Oklahoma tied to organized crime networks.