💸 The Tape

President Donald Trump says his administration is “looking at” the Biden-era proposal to move marijuana from Schedule I to Schedule III—and will “make a determination over the next few weeks.” Translation: the cannabis industry should keep the champagne on ice.

Speaking at a White House press conference Monday, Trump called marijuana policy “a very complicated subject,” sprinkling in both praise and caution. Medical cannabis? “I’ve heard great things.” Everything else? “Pretty bad things.” That tempered tone is a departure from his more full-throated campaign support for rescheduling, banking reform, and even Florida’s legalization ballot initiative.

Behind the scenes, the West Wing is reportedly split. Some advisors want Trump to notch a win on a popular campaign pledge. Others warn that loosening restrictions could invite political—and “moral”—blowback. White House Chief of Staff Susie Wiles has gathered agency feedback, which now sits in a report on her desk, courtesy of the Domestic Policy Council.

There’s also money in the mix. A cannabis industry PAC—backed by companies like Trulieve—gave $1 million to Trump’s MAGA Inc. super PAC earlier this year. Trulieve CEO Kim Rivers was present at a recent donor dinner where Trump again floated the rescheduling idea. That same PAC is running ads to nudge Trump toward action, while MAGA Inc. itself has circulated old campaign-style spots touting “commonsense reform.”

Industry allies claim they’ve heard Trump commit to the move privately—Scotts Miracle-Gro’s CEO says Trump has promised it “multiple times” since taking office. Even Trump’s former acting DEA chief predicts the administration will “dig in” to the federal-state cannabis conflict soon.

But new DEA Administrator Terrence Cole hasn’t exactly fanned the flames—rescheduling didn’t make his official “strategic priorities” list, despite calling it a “first priority” during confirmation. And former Press Secretary Sean Spicer is betting Trump won’t legalize cannabis outright (though legalization and rescheduling are separate debates).

Polling suggests a majority of Republicans support some cannabis reforms, giving Trump political cover if he wants it. Whether that’s enough to push rescheduling over the finish line—or whether this becomes another drawn-out Beltway “review process”—is anyone’s guess.

For now, Trump’s message to the cannabis world boils down to: I’m thinking about it. Don’t get too comfortable.

📈 Dog Walkers

$GRWG ( ▲ 18.25% ) Reports

What’s Going On Here: GrowGeneration (NASDAQ: GRWG) turned in a Q2 2025 that shows its transformation plan is taking root, even if it’s not yet fully in bloom. Net sales hit $41M, up 14.7% sequentially, with proprietary brand sales climbing to 32% of cultivation and gardening revenue—up sharply from 21.5% last year—thanks to owned labels like Char Coir, Drip Hydro, and the newly acquired Viagrow. Gross margin improved to 28.3%, operating expenses dropped nearly 23%, and net loss narrowed to $4.8M.

CEO Darren Lampert credited cost controls, margin gains, and a growing B2B focus, noting strong uptake of its online portal, EU and Costa Rica distribution deals, and new mass-market retail penetration. Store closures and industry pricing pressures still weigh on results, but the balance sheet boasts $48.7M in cash and zero debt.

While the macro picture remains cloudy, Q3 sales are expected to top $41M, signaling continued sequential growth as GrowGen digs deeper into higher-margin, proprietary products and streamlined operations.

$ACB ( ▲ 1.15% ) Reports AGM

What’s Going On Here: Aurora Cannabis’ August 8, 2025, Annual General and Special Meeting was a mix of routine corporate housekeeping and notable boardroom changes. Shareholders representing 31.53% of outstanding shares weighed in on director elections, approving all nominees except Theresa Firestone, who subsequently resigned effective August 31. Firestone, a board member since 2021 and Chair of the Human Resources and Compensation Committee (HRCC), earned praise from CEO Miguel Martin for her four years of strategic insight and professionalism.

Michael Singer, newly ratified as Lead Independent Director, will also take over as HRCC Chair, while the Nominating and Corporate Governance Committee begins the search for Firestone’s replacement.

Other meeting results: Ernst & Young LLP was reappointed as auditor, shareholders approved amendments to Aurora’s RSU, PSU, and Share Option plans, but the advisory “say-on-pay” vote failed to secure majority support—a potential signal of investor pushback on executive compensation.

Overall, the meeting reinforced Aurora’s commitment to governance adjustments while keeping its strategic focus on growth in the global medical cannabis market.

🗞️ The News

📺 YouTube

Canopy Growth, TerrAscend & Village Farms Earnings Breakdown | TTB Powered by Dutchie

What we will cover:

✅ Coming up on Trade To Black, it’s a cannabis earnings special featuring Canopy Growth (TSX: WEED | NASDAQ: CGC), TerrAscend (TSX: TSND | OTCQX: TSNDF), and Village Farms (NASDAQ: VFF).

Shadd Dales and Anthony Varrell will be joined by Luc Mongeau, CEO of Canopy Growth, and Jason Wild (Executive Chairman) with Ziad Ghanem (CEO) from TerrAscend.

Canopy Growth recently reported sequential revenue growth, stronger gross margins, and reduced SG&A expenses as part of its transformation plan, while keeping focus on core operations and global market expansion.

TerrAscend posted $65M in revenue, a 24.6% AEBITDA margin, and positive operating cash flow for the 12th straight quarter. The company reported growth in New Jersey, Maryland, and Pennsylvania, strategic acquisitions in NJ and OH, and an exit from Michigan to reallocate resources toward higher-margin markets.

Then Shadd & Anthony will break down Village Farms' latest quarterly earnings that was impressive across the board, with strong revenue growth, improved margins, and operational execution that stood out in this earnings season.

This earnings season is proving that cannabis companies are holding their ground amid renewed discussion surrounding cannabis rescheduling under the Trump administration.