💸 The Tape

While the U.S. House pushes ahead with a controversial plan to ban all consumable hemp products containing any measurable amount of THC, Sen. Rand Paul (R-KY) is throwing cold, CBD-infused water on the idea—calling it a total annihilation of the hemp industry.

“They have an appropriations bill that I think would completely destroy the American hemp industry,” Paul said flatly when asked by Marijuana Moment about Rep. Andy Harris’s (R-MD) proposal tucked into a 2026 spending bill. “I don’t know how you’d be able to sell CBD oil with that.”

That’s not just hyperbole. The bill’s language would prohibit hemp-derived products with any “quantifiable” amount of THC, even if non-intoxicating and legally compliant under the current federal threshold of 0.3% delta-9 THC by dry weight. Most CBD products today—yes, even the sleepytime gummies your aunt swears by—would be effectively outlawed.

Harris has tried to downplay concerns, arguing the legislation doesn’t technically ban all CBD. But despite a clarifying report that suggests the ban wouldn’t apply to “nonintoxicating hemp-derived cannabinoid products,” the bill’s text tells a different story—and the devil, as always, is in the dry-weight details.

Paul, meanwhile, has introduced his own counter-legislation—the HEMP Act—which would actually triple the legal THC limit in hemp and provide much-needed regulatory clarity. In other words, where Harris sees a loophole to be shut, Paul sees an overreaction that risks torching a $28 billion industry.

And he’s not alone.

Even the Wine & Spirits Wholesalers of America—a group with no love for unregulated intoxicants—warns the House language would “create chaos,” pushing the hemp marketplace into a prohibition-style black market while punishing compliant operators.

This proposed ban is déjà vu for the hemp industry. Similar language was floated in the last Congress and in the 2024 Farm Bill but fizzled. Harris, undeterred, is trying again, despite growing resistance from bipartisan lawmakers, industry groups, and even fellow Republicans like Paul.

So what’s next? The bill heads to the House floor, but whether the Senate signs off is looking increasingly uncertain. Especially when a libertarian like Paul, whose state was one of the first to embrace industrial hemp, is sounding alarm bells.

If anything, this debate is shaping up to be a defining moment in how Congress chooses to regulate cannabinoids: with nuance—or with a sledgehammer.

📈 Dog Walkers.

$TSNDF ( ▲ 4.58% ) To Exit Michigan

What’s Going On Here: TerrAscend Corp. (TSX: TSND, OTCQX: TSNDF) has announced its decision to exit the Michigan cannabis market following a strategic business review. The company plans to divest its Michigan assets—including four cultivation/processing sites, twenty dispensaries, and associated real estate—with net proceeds used to reduce corporate debt. The transition will be reflected in its Q2 2025 financials as discontinued operations, with the exit largely completed by H2 2025.

The move comes amid challenging conditions in Michigan’s cannabis sector, which Executive Chairman Jason Wild described as “extremely difficult.” TerrAscend will now sharpen its focus on core U.S. markets in the Northeast—New Jersey, Maryland, Pennsylvania, and Ohio—as well as California and Toronto. Post-exit, the company will operate nineteen dispensaries and four production facilities across five states and Canada.

Management expects the strategic realignment to strengthen key financial metrics, including gross margins, adjusted EBITDA, and cash flow, while also improving operational efficiency. As part of the exit plan, approximately 21% of TerrAscend’s 1,200 employees will be laid off, primarily by the end of Q3 2025.

$TCNNF ( ▲ 1.04% ) Files Shelf

What’s Going On Here: Trulieve Cannabis Corp. (CSE: TRUL, OTCQX: TCNNF) has filed a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) as of June 30, 2025. While the company has no immediate plans to issue securities, the filing provides flexibility for future financing opportunities.

Once the registration becomes effective, it will allow Trulieve to offer and sell securities as needed, with specific details disclosed via a prospectus supplement at the time of any offering. The filing does not constitute an offer to sell or solicit an offer to buy any securities until the registration is approved by the SEC.

This is a renewal of their outstanding shelf and there is no reason to think they are going to actively raise at this time. No YIKES necessary.

🗞️ The News

📺 YouTube

The Cannabis Sector Is At A Major Crossroads | Trade to Black

What we will cover:

✅ Host Shadd Dales and co-host Anthony Varrell are joined by two heavyweights in cannabis finance and policy to break down the most pressing issues shaping the industry today.

First up, Wall Street legend Marc Cohodes returns to the show to discuss the smart — and often overlooked — arguments being used by marijuana opposition. We unpack the latest developments in the Farm Bill, assess the viability of SAFE Banking under a second Trump administration, and debate whether cannabis rescheduling could actually gain momentum with Republicans leading the charge. Marc also shares his no-BS take on the outlook for cannabis equities and what needs to change to bring real investor confidence back to the sector.

Next, we welcome Michael Bronstein, President of ATACH (American Trade Association for Cannabis and Hemp), to explore big moves happening at the state level. From Texas hemp policy fights to how states are adjusting to federal uncertainty, Bronstein breaks it all down. We also look ahead to what the S3 cannabis rescheduling outlook could mean for year-end 2025.