💸 The Tape

It was a tale of two raids—one in the sunbaked Coachella Valley, the other in the warehouse canyons of Dallas—and both are stirring up the same question: Is the federal government getting ready to pull the trigger on meaningful cannabis reform?

Coachella Gets a Visit from the Feds (and Their Armored Vehicles)

First up, California. What locals feared was an immigration sweep turned out to be a DEA-led crackdown on sprawling illegal marijuana grow ops—we’re talking 787 acres of leafy lawlessness in Indio, Thermal, Mecca, and Coachella. Authorities rolled in like it was a scene out of Sicario, complete with tactical gear, armored trucks, and a whole lot of federal flair.

The operation—years in the making—ended with 70 to 75 undocumented workers in handcuffs and a community in complete panic. Congressman Raul Ruiz called the display traumatizing, especially for immigrant families who weren’t quite sure whether to hide in the closet or call a lawyer. “You see a convoy of military vehicles in the neighborhood? That’s not exactly calming,” Ruiz noted dryly.

The DEA hasn’t released many details yet, but the scale of the operation makes one thing clear: Unlicensed cannabis grows are now firmly back on the federal radar.

Meanwhile in Texas: Hemp Gets Caught in the Crosshairs

Over in Dallas, the cavalry was dispatched for a very different kind of cannabis controversy. Law enforcement raided three licensed hemp distributors—Monster, Frontline Wholesale, and Cannafy Distribution—who (on paper, at least) were doing everything by the book. Lab-tested, COA-backed, QR-coded: the whole legal shebang.

But that didn’t stop the raids, which lawyers for the businesses say were based on bad science and worse politics. The Texas Forensic Science Commission has even warned law enforcement against using outdated testing methods that can magically convert non-psychoactive THCa into illegal delta-9 THC. It’s like alchemy, but less reliable.

“These businesses followed the law, relied on DEA-certified labs, and still got the SWAT treatment,” said one attorney. “This wasn’t law enforcement. It was theater.” Or at least they are going by the law for now.

Smoke Signals of Reform?

So what do a militarized raid on illegal weed and a legally questionable bust on hemp shops have in common? Confusion. Contradiction. And a desperate need for policy coherence.

Both cases point to a growing federal appetite for enforcement—but also a recognition that the current patchwork approach to cannabis is, well, a hot mess. You’ve got illegal grow houses with human rights concerns on one end, and hemp companies getting blindsided by overzealous state cops on the other.

In the end, these raids might be less about cracking skulls and more about cracking open the door to long-overdue legislation. Because when you’ve got cannabis laws that can simultaneously jail undocumented farmworkers and bankrupt fully licensed hemp wholesalers, the only logical next step is to rewrite the rulebook.

Call it foreshadowing. Call it federal smoke signals. But change might just be in the air.

📈 Dog Walkers.

$CBWTF ( ▼ 1.64% ) Strengthens Balance Sheet

What’s Going On Here: Auxly Cannabis Group Inc. (TSX: XLY) announced two major financial transactions aimed at strengthening its balance sheet and supporting long-term growth. The company entered into a non-binding agreement with BMO to restructure its $50.7 million credit facility, replacing Auxly Leamington as the borrower and expanding access to capital. Additionally, Auxly reached an exchange agreement with Imperial Brands to settle over $21 million in debt through the conversion of the remaining convertible debenture into common shares and pre-funded warrants. Imperial Brands will receive 1.2 million shares and up to 90.9 million warrants, with its total ownership capped at 19.9%. These moves will eliminate the company’s largest debt obligation, reduce interest costs, and simplify its capital structure. Management expects the refinancing to remove the going concern note from its financials, reflecting improved financial health. Both transactions are expected to close by June 30, 2025, pending Toronto Stock Exchange approval.

$VRNOF ( ▲ 2.08% ) Launches Major Brands In Backyard

What’s Going On Here: Verano Holdings (Cboe CA: VRNO) has announced an exclusive partnership with Arizona-based Grow Sciences to bring its high-end craft cannabis flower and extract products to Illinois. Launching June 21st, the collaboration will roll out across Verano’s 10 Zen Leaf dispensaries before expanding to third-party retailers statewide.

Grow Sciences, renowned for elite genetics and solventless extraction methods, will debut seven premium flower strains (e.g., Prickly Pear, Florida Jack), solventless live hash rosin carts, pre-rolls, full-spectrum extracts, and chef-crafted live rosin fruit chews. This marks Grow Sciences’ first expansion outside Arizona.

Verano CEO George Archos highlighted the partnership as a strategic boost to their 2025 product pipeline. Grow Sciences co-founders emphasized the shared commitment to quality and craftsmanship as the foundation of the venture.

The partnership enhances Verano’s portfolio in its home state and reinforces the growing popularity of solventless, craft cannabis products in mainstream markets. Online ordering and additional product info are available at ZenLeafDispensaries.com.

$ACB ( ▼ 4.17% ) Alleges Fake News

Aurora Cannabis (NASDAQ: ACB) issued a strong denial of two false reports published on Investing.com claiming the company had entered into business deals with MedLeaf Therapeutics and MediPharm GmbH.

The articles, posted on June 18, 2025, wrongly stated that Aurora had agreed to acquire New Zealand-based MedLeaf and had formed a distribution partnership with MediPharm GmbH for the EU. Aurora stated unequivocally that no such agreements or discussions have occurred and emphasized that it has not filed or disclosed any information supporting these claims.

The articles were allegedly created "with the support of AI" and reviewed by an editor, according to Investing.com. Aurora is investigating the origin of the misinformation and warned investors not to treat Investing.com as a reliable source for corporate news.

The company confirmed it holds no material non-public information and reiterated that any legitimate announcements will be made directly through official channels.

🗞️ The News

📺 YouTube

Live from Berlin: Canada’s Top Cannabis Retailer Eyes Germany Next | Trade to Black

What we will cover:

✅ Host Shadd Dales sits down with Raj Grover, CEO of High Tide Inc. (NASDAQ: HITI), the largest cannabis retailer in Canada. While much of the industry struggles, High Tide continues to expand — crossing 200 stores, maintaining positive free cash flow, and building one of the most efficient cannabis retail operations in North America.

Shadd and Raj break down the company’s latest earnings, including same-store sales growth of 6.2%, gross margins holding steady at 26%, and a growing Cabana Club loyalty base of over 6 million members globally. They also discuss High Tide’s retail expansion strategy toward 300 stores, and what’s driving performance when so many competitors are pulling back.

The conversation touches on the regulatory outlook in Canada, how High Tide is actively lobbying the Ontario government, and why those changes could unlock further market share. Raj also shares insights into the company’s entry into the German medical cannabis market, where they’re in late-stage negotiations with a leading importer.