💸 The Tape

Minnesota Attorney General Keith Ellison (D) is clarifying his intent after signing a joint letter with 38 other attorneys general urging Congress to close the federal “intoxicating hemp” loophole — a move that initially sparked backlash across Minnesota’s hemp and beverage sectors.

Ellison emphasized that his goal is not a federal ban, but rather to protect Minnesota’s regulated hemp marketplace from an influx of unregulated, out-of-state intoxicating products. In a blog post, he reaffirmed support for Minnesota’s hemp edible framework, which he called “smart and safety-conscious,” and said his signature was meant to pressure Congress to distinguish regulated hemp markets from the 2018 Farm Bill’s unintended consequences.

Ellison’s office told reporters it supports a federal carve-out for states with robust regulatory systems, or alternatively, an enforcement-discretion memo akin to the Cole Memo that shielded compliant cannabis operators under state law.

Still, the optics were sharp: critics, including State Rep. Nolan West (R), warned the letter “puts support behind those in Congress who want a total ban,” threatening a multibillion-dollar industry that has rapidly scaled across Minnesota and other Farm Bill states.

The controversy comes as national debate intensifies. Sen. Mitch McConnell (R-KY) and Rep. Andy Harris (R-MD) continue to push for a total ban on intoxicating hemp, while Sen. Rand Paul (R-KY) vows to block federal funding bills if the ban language remains.

Meanwhile, major Minnesota retailers — including Target, now piloting hemp-derived THC beverages in select stores — illustrate how deeply mainstream the category has become.

Bottom line: Ellison’s clarification underscores a widening schism between federal prohibitionists and state regulators trying to preserve lawful hemp commerce. As Congress rewrites the 2024 Farm Bill, Minnesota’s experience may become a test case for whether Washington can balance safety, commerce, and states’ rights without crushing an emerging consumer market.

📈 Dog Walkers

$MRMD ( ▼ 11.17% ) Launches Hemp Products

What’s Going On Here: MariMed Inc. (CSE: MRMD | OTCQX: MRMD) is going national—without crossing federal red lines. The company announced a series of manufacturing and distribution partnerships to launch hemp-derived versions of its flagship Vibations™ drink mix and Betty’s Eddies™ edibles, marking its formal entry into the booming hemp-THC consumer packaged goods space.

The initiative falls under MariMed’s “Expand the Brand” strategy, designed to migrate its top-selling, regulated cannabis SKUs into compliant, interstate hemp channels. A hemp-derived Vibations™ hydrating mix is expected to debut in Rhode Island by early Q1 2026, with further rollouts planned nationwide. According to BDSA, the hemp beverage market generated $3.3 billion in 2024 and is forecast to nearly double by 2029—a figure now too large for legacy MSOs to ignore.

To ensure operational execution, MariMed assembled an end-to-end infrastructure:

• DeHydr8 will provide rapid-onset and shelf-stability tech;

• Countermeasures, the brand-growth agency behind Poppi Soda and 818 Tequila, will handle national account coverage and market expansion;

• Craft Collective Homegrown will distribute in Rhode Island, establishing a template for regional partnerships.

CEO Jon Levine framed the move as both capital-disciplined and brand-accretive, saying the company intends to “own top-selling national cannabis brands within five years.” To manage the new channel, MariMed has launched a dedicated division, MMA Hemp Inc., to oversee product compliance and distribution.

Takeaway: MariMed’s pivot into hemp-THC beverages and edibles isn’t just opportunistic—it’s strategic insulation. With Farm Bill uncertainty looming, the company is building brand equity and consumer familiarity outside state-licensed silos, positioning itself to scale nationally the moment regulatory lines blur.

$MNMD ( ▼ 1.83% ) Raises Some Bucks

What’s Going On Here: Mind Medicine (NASDAQ: MNMD) closed a $259 million underwritten public offering, marking one of the largest financings in the psychedelic therapeutics space this year. The deal included 21.1 million common shares at $12.25 each, with underwriters exercising their full over-allotment option.

Proceeds will support clinical development across MindMed’s late-stage pipeline, including LSD-derived candidate MM120 for generalized anxiety disorder and MM402, its MDMA-analog program targeting autism spectrum disorder. Management also left the door open for potential strategic acquisitions or compound in-licensing, though no transactions are currently in play.

The offering was led by Jefferies, Leerink Partners, and Evercore ISI, with Oppenheimer & Co. and LifeSci Capital acting as lead managers—another sign of deepening institutional participation in the psychedelic sector.

MindMed’s timing is noteworthy: the company recently advanced key clinical milestones and now boasts a war chest capable of carrying it well into pivotal trials. While the stock saw typical dilution-related volatility on announcement, the raise positions MindMed with the liquidity needed to outlast peers still struggling to secure funding amid a cautious biotech capital market.

Bottom line: MindMed’s $259 million raise underscores renewed confidence that the psychedelics-for-mental-health thesis is maturing from speculative science to regulated medicine. Investors may finally be waking up to the idea that tripping the mind could still make money.

🗞️ The News

📺 YouTube

Inside the Senate: What’s Next for PA Cannabis?

What we will cover:

✅ Is Pennsylvania’s cannabis market about to get a serious reality check?

Today at 4 PM ET, we’re back with a new episode of Trade To Black, presented by Dutchie, and this one hits hard.

Joining us for our Insider’s Edge segment is Michael Bronstein, President of the American Trade Association for Cannabis. We’re breaking down a grand jury report that just dropped—and it’s not good news for smoke shops across PA.

According to the investigation, over 93% of hemp products sold at smoke shops and gas stations were actually illegal marijuana. THC levels were way above the legal limit, with some products testing over 5%—and they were being sold as “Farm Bill compliant.” Gummies, vapes, lollipops, even flower—all mislabeled, unregulated, and widely available.

Local prosecutors are calling it a public health emergency, and the report recommends sweeping reforms:

• Age minimums • Mandatory ID scanning • Product testing • Retailer licensing • Clear definitions for THC derivatives like Delta-8 and Delta-10

Michael also just returned from Harrisburg, where he met with state leaders—including Mike Tyson—to talk adult-use cannabis. We’ll unpack what’s changed in the last 60 days, what lawmakers are saying behind closed doors, and what the industry should expect next.