💸 The Tape

After years of interim leadership and bureaucratic backflips, the Senate has confirmed Terrance Cole as the new administrator of the DEA in a 50–47 vote, finally putting a full-time boss in charge of the agency that’s been sitting on the hot seat in the ongoing federal marijuana rescheduling saga.

Cole, handpicked by President Donald Trump, has promised that reviewing the cannabis rescheduling proposal would be “one of my first priorities.” That’s nice and all, but he’s also danced around whether he actually supports rescheduling and, in the past, expressed some serious pearl-clutching over weed’s alleged ties to youth suicide.

Cue the cannabis industry’s polite but pointed emails.

The National Cannabis Industry Association (NCIA) wasted no time in turning up the heat. In a letter sent within hours of Cole’s confirmation, the group urged him to make good on Trump’s campaign promise to “unlock medical uses of marijuana” and reclassify it as a Schedule III drug. NCIA’s president Aaron Smith asked Cole to lead a “timely and transparent” conclusion to a process that’s been, generously speaking, a mess.

That mess includes delayed hearings, ex parte communications, and procedural misfires that would make a DMV line look like a model of efficiency. The whole thing has been in limbo since Administrative Law Judge John Mulrooney hit pause back in January amid allegations that DEA officials were cozying up to anti-cannabis witnesses.

Meanwhile, Mulrooney has not been shy about roasting the DEA for its “astonishing” procedural missteps—most recently over how it tried to submit tens of thousands of public comments digitally without following proper court protocol.

Now, with Cole confirmed and the Trump administration’s Department of Government Efficiency (DOGE) sniffing around for more cost cuts, the fate of the rescheduling effort hangs in the balance. Cole’s appointment could finally restart the stalled process—or signal another round of bureaucratic whiplash.

In the meantime, former Rep. Matt Gaetz is reportedly angling for a cannabis consulting gig, Mike Tyson is lobbying Trump to outdo Biden on cannabis reform, and even Republican voters are showing strong support for rescheduling.

All eyes now turn to Cole: Will he light the fire under DEA—or just keep the slow burn going? The weed world’s waiting.

📈 Dog Walkers

Missouri Shuffles Its Tax Strategy

What’s Going On Here: In a decisive 6–1 ruling, the Missouri Supreme Court just gave cannabis consumers a reason to exhale: cities and counties can no longer both slap a 3% sales tax on marijuana. It’s one or the other—not both.

At the center of the case was Florissant-based Robust Missouri 3, where customers were paying nearly 21% in total sales taxes, with 3% each from Florissant and St. Louis County. That double-taxation game is now over. The Court ruled that the 2022 constitutional amendment that legalized adult-use cannabis only allows one local government—either a city (if incorporated) or a county (if unincorporated)—to levy the tax.

More than 70 localities are affected, and the decision is expected to save cannabis consumers across the state a whopping $3 million per month, according to the Missouri Cannabis Trade Association.

Justice Zel Fischer dissented, saying the ruling twisted plain language and ignored constitutional logic. But for cannabis customers, it’s a win for wallet relief—and a firm reminder that Missouri remains one of the most consumer-friendly cannabis markets in the country.

Stacked taxes are out. Clear rules—and cheaper weed—are in.

Big Alcohol Is Coming

What’s Going On Here: After years of nursing a cannabis hangover, Big Alcohol may finally be ready to belly up to the THC bar.

Major players like Constellation Brands and Pernod Ricard are sniffing around the booming hemp-derived THC beverage market, spurred by slumping booze sales, rising health concerns, and shifting consumer habits. While THC drinks remain confined to dispensaries in legal cannabis states, hemp-derived versions skirt federal bans and are popping up in liquor stores, c-stores, and even supermarkets.

Sales of hemp-based THC beverages are expected to hit $1B this year and quadruple by 2028. Still, alcohol giants remain wary. Past missteps (see: Molson’s CBD exit, Constellation’s Canopy coma) and regulatory ambiguity—thanks in part to Sen. Mitch McConnell’s crusade against candy-like gummies—are keeping many on the sidelines.

But with beer down 6%, spirits down 5.6%, and THC seltzers flying off shelves, one thing’s clear: the next round of growth might come with a buzz of a different kind.

$NEVI.CSE ( 0.0% ) Nevis Brands Hits The Grocery Store

In this week’s Trade To Black episode, Shadd Dales and Anthony Varrell sit down with John Kueber, CEO of Nevis Brands, to talk all things hemp drinks—because apparently, everyone’s thirsty and tired of hangovers. With Washington announcing a one-year regulatory countdown, the hemp industry isn’t panicking—it’s preparing. At a recent conference in Atlanta (Beyoncé fans and beverage nerds, unite), insiders weren’t clutching their pearls but rather embracing the opportunity for standards, sanity, and shelf space.

John breaks down why Big Alcohol is suddenly peeking over the hedge, seeing THC seltzers take up 10–20% of liquor store revenue. That’s not a trend—it’s a takeover. Nevis, makers of the fruit-forward Happy Apple, just inked a distribution deal with ZT Distribution, unlocking grocery chains across Minnesota, Wisconsin, and Illinois. And get this: some grocers might place THC drinks next to fresh fruit. Wellness aisle, meet wild times.

With booze sales tanking and cannabis curiosity rising, hemp drinks might just be the future of social sipping. As John puts it, “rules are good”—especially when they help brands chill and grow at the same time.

Full Episode

🗞️ The News

📺 YouTube

Trump & Cannabis Rescheduling – Weldon Angelos Speaks Out

What we will cover:

✅ On our latest Trade To Black podcast, host Shadd Dales and co-host Anthony Varrell welcome back Weldon Angelos, one of the most influential voices in U.S. cannabis reform—and a man with rare access to President Donald Trump and his inner circle.

Weldon isn’t just another advocate. He’s a symbol of cannabis criminal justice reform. After serving 13 years of a 55-year federal prison sentence for selling cannabis, Weldon was granted clemency under the Obama administration and has since made it his mission to free others serving excessive sentences for non-violent cannabis offenses.

His organization, Mission Green, is working directly with the Trump administration to push for clemency, rescheduling, and broader reform.

Weldon takes us inside his recent White House meeting and shares what he believes the Trump administration will do on cannabis reform—including whether more White House meetings are coming soon.

Will Trump’s team truly own this issue? What’s the real potential for rescheduling in a second Trump term? Weldon also talks about his work with Mike Tyson, and why their push for reform is gaining momentum among major MAGA influencers.

If you care about U.S. cannabis reform—this is the conversation to watch.