💸 The Tape

Texas is once again knee-deep in its favorite pastime: fighting about hemp. This time, the clash pits Agriculture Commissioner Sid Miller against State Sen. Charles Perry, with Governor Abbott’s executive order hovering in the background like a referee who secretly wants both teams to lose.

The spark? Perry wrote to the Texas Department of Agriculture (TDA) and the Department of State Health Services (DSHS) demanding “narrowly tailored” changes to hemp regulations. His big ask: measure total THC—including THCA, not just delta-9 THC—when deciding what counts as legal hemp.

Miller fired back, saying Perry’s claims were “incorrect” and that Texas has always followed USDA’s tough standards. “There are no loopholes under my watch,” Miller insisted, clearly eager to set the record straight. But his clarification also carried an eyebrow-raising caveat: yes, Texas hemp already must be tested using post-decarboxylation methods—which means THCA is indeed folded into the total THC equation.

Cue the sound of industry stakeholders nervously clutching their product lines.

Why It Matters

At the federal level, hemp is defined as cannabis with no more than 0.3% delta-9 THC. That definition is the backbone of the booming hemp-derived market—think THCA flower, delta-8 gummies, and other products that have filled smoke shop shelves. Shift the standard to total THC, however, and suddenly a huge chunk of these offerings could be deemed illegal overnight.

As Jonathan Miller of the U.S. Hemp Roundtable noted, the real question is whether this stricter measurement will extend beyond crops in the field to finished consumer products. If yes, it’s not just farmers who need to worry—it could wipe out entire categories of hemp-derived products.

Advocates like Heather Fazio from the Texas Cannabis Policy Center argue that Sid Miller’s letter at least clarified Perry’s misconceptions, especially about hemp grown in Texas. Still, all eyes are now on DSHS, which must finalize its own rulemaking in line with Abbott’s executive order.

The Bigger Picture

This standoff is more than bureaucratic quibbling. It’s about whether Texas chooses to support a regulated hemp market—or suffocate it in the name of public safety optics. Miller is trying to thread the needle, promising both “freedom to succeed” for farmers and “the toughest lab testing standards” for compliance.

But as any Texan knows, the devil is always in the details—and if those details end up banning THCA flower and other high-demand products, the state’s hemp industry may be in for its roughest ride yet.

📈 Dog Walkers

$MRMD ( ▼ 1.72% ) Stands Up For Vets

What’s Going On Here: InHouse™, the cannabis brand known for its high-quality flower, vapes, and gummies, is doing more than just stocking shelves this fall—it’s stepping up for veterans. Parent company MariMed Inc. (CSE: MRMD / OTCQX: MRMD) has launched the second annual Help on the Homefront campaign, designed to tackle one of the toughest battles many veterans face: housing costs.

Running from October 1 through November 30, 2025, the campaign will award $5,000 each to four veterans across MariMed’s retail markets in Maryland, Massachusetts, Delaware, and Illinois. The funds can go toward rent, mortgage payments, or essential home improvements—real help for real needs.

Veterans age 21+ can apply in-store at any Thrive dispensary or online at www.inhousecannabis.com/veterans. Even better? Friends and family can nominate on a veteran’s behalf. Winners will be randomly selected before year’s end—because luck should sometimes work in your favor.

“Help on the Homefront is about community, not just cannabis,” said Tim Shaw, MariMed’s Chief Operating Officer and a U.S. Army veteran. “We’re proud to provide meaningful financial support that can ease the burdens too many veterans carry after service.”

The program, first launched in 2024, has already helped raise awareness about the nationwide issue of veteran housing and homelessness. By returning for a second year, InHouse™ and MariMed are proving this isn’t just a one-off gesture—it’s part of a longer-term commitment to community impact and veteran support.

For veterans and their families, it’s more than just a sweepstakes. It’s a reminder that the cannabis industry can do more than fuel wellness—it can build stability, one home at a time.

$VRNOF ( ▼ 7.52% ) Inks New Revolver

What’s Going On Here: Verano Holdings Corp. (Cboe CA: VRNO / OTCQX: VRNOF) just locked in what may be the largest revolving credit facility ever secured by a U.S. cannabis operator—a hefty $75 million deal arranged by Chicago Atlantic Admin, LLC with participation from a regional bank.

Upon closing, Verano immediately drew $50 million, using the funds to pay down higher-interest debt from its existing senior secured credit facility—without triggering any pesky prepayment penalties. That move alone lowers borrowing costs and frees up the balance sheet, while the remaining $25 million stays on standby for strategic initiatives.

The new Revolver comes with perks that would make any CFO smile:

• Lower-cost debt pegged at SOFR + 6% (with a 4% SOFR floor).

• Flexibility to pay down or redraw capital as needed.

• Real estate release options, provided leverage stays below 60% of pledged value.

• A maturity date of September 29, 2028, with repayment allowed in $2.5 million increments.

“This closing is another important step forward in executing our capital and finance strategy,” said George Archos, Verano’s Founder and CEO. “We’re fortifying the balance sheet and positioning ourselves to capture future opportunities.”

Chicago Atlantic Managing Partner Peter Sack called it a milestone: “Revolving credit facilities are common outside cannabis, but Verano’s facility is the largest we’ve seen in this industry, giving them dynamic tools to manage leverage.”

For Verano, this facility isn’t just cheaper debt—it’s a strategic lever to stay nimble, capitalize on market opportunities, and keep shareholders confident.

🗞️ The News

📺 YouTube

Roger Stone: Trump Could Outdo Democrats on Cannabis | TTB Powered by Dutchie

What we will cover:

✅ Can Donald Trump outflank Democrats on cannabis reform? That’s the question Roger Stone raised this week, arguing that Trump could seize political ground by rescheduling marijuana — a move Democrats failed to deliver during their time in power. What would that mean for policy, markets, and investors?

The TDR Trade To Black Podcast, presented by Dutchie with host Shadd Dales and Anthony Varrell, breaks down this new twist in U.S. cannabis politics and its implications for the industry. We also get into some of the big stories happening in global markets: • Cannabuzz joins WSWA: For the first time, a THC beverage brand has entered the Wine & Spirits Wholesalers of America, giving hemp-derived drinks a seat at the alcohol industry’s most powerful table. CEO Annie Rouse calls it a step toward legitimacy, standardization, and regulatory clarity. • Germany’s legalization report card: Early data from the Konsumcannabisgesetz (KCanG) shows cannabis-related offenses plummeting 60–80%, youth use declining, and no spike in traffic accidents. Still, the illicit market remains strong as cultivation clubs struggle to gain traction. • Verano Holdings’ financing move: The MSO announced a $75 million revolving credit facility, immediately drawing $50 million to refinance higher-cost debt. The facility, backed by real estate, provides financial flexibility and positions Verano for future growth.