💸 The Tape

As the Senate prepares to consider the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, anti-marijuana lobbying group Smart Approaches to Marijuana (SAM) Action is sounding the alarm. Their concern? That cannabis banking reform might quietly hitch a ride on the cryptocurrency bill. Reality check Dr Sabayon is the boy who cried wolf in this instance.

In an email blast to supporters Wednesday, SAM warned that the cannabis industry and its lobbyists may try to attach the SAFE Banking Act—a long-stalled bill to provide legal marijuana businesses with access to financial institutions—as an amendment to the GENIUS Act. Though no such amendment has been filed, SAM urged immediate action to pressure senators against the move.

SAM’s letter goes further, raising fears of money laundering, Wall Street profiteering, and setting precedent for banking access to "other criminal activity." The group, which has long opposed federal marijuana reform, argues that banking protections will accelerate the rise of a new "Big Tobacco" dedicated to encouraging heavy marijuana use and downplaying health risks.

SAFE Banking’s Legislative Limbo

Despite repeated attempts over the past several sessions of Congress, the Secure and Fair Enforcement (SAFE) Banking Act—and its latest version, the SAFER Banking Act—has failed to reach the Senate floor for a vote. While the Senate Banking Committee approved a bipartisan version last year, the legislation stalled without floor action.

Although President Donald Trump endorsed cannabis banking reform during his campaign, his administration has taken no public steps to advance the issue. The White House has since said there is “no action planned” on cannabis policy, though CNN reported Trump sought to include the SAFE Banking Act in a funding package late last year.

GOP-Controlled Congress: A Steeper Climb

With Republicans now controlling both chambers and key leadership posts, the odds of SAFE Banking passage have further dimmed—despite some bipartisan support. Rep. Dave Joyce (R-OH), a SAFE Banking supporter, remains optimistic about a path forward this session, calling the current financial barriers a “second-tier prohibition.”

Meanwhile, SAM appears intent on keeping the pressure on, urging constituents to contact lawmakers and block any banking amendment, especially as cannabis remains federally illegal.

Whether the GENIUS Act becomes the next battleground for cannabis reform remains to be seen. But if the SAFE Act does resurface, opponents like SAM are already mobilized—and watching.

📈 Dog Walkers.

Red Light Holland Is Coming To America?

What’s Going On Here: Red Light Holland Corp. (CSE: TRIP) (OTCQB: TRUFF), a leader in legal psilocybin truffle production, has reached a major milestone in its U.S. expansion efforts. Its R&D partner, Irvine Labs Inc., an FDA-compliant and DEA-registered facility in California, has received a Controlled Substances Import Permit for psilocybin raw materials—greenlighting the first shipment of 3 kg of psilocybin truffles from Red Light’s Netherlands farm to the U.S.

This follows the DEA’s 2025 psilocybin quotas and aligns with Red Light Holland’s goal of creating standardized, shelf-stable microdosing products from naturally derived psilocybin. Irvine Labs, licensed to handle a wide array of Schedule I substances, will focus on dehydration, preservation, and packaging innovations that maintain compound integrity and extend product shelf life.

The partnership aims to develop a commercialized microdosing capsule, potentially for use in clinical trials and government-funded programs. CEO Todd Shapiro noted growing U.S. institutional support for psilocybin research and emphasized Red Light’s mission of moving psilocybin “from underground to mainstream.”

With the final regulatory piece now in place, Red Light and Irvine Labs are poised to advance psilocybin science in the U.S.—with eyes on broader legal, clinical, and commercial applications.

VEXT Outperforms

What’s Going On Here:Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF), a vertically integrated cannabis operator in Arizona and Ohio, reported robust financial results for Q1 2025, driven by strong retail performance and operational discipline.

Key Q1 2025 Financial Highlights:

• Revenue: $11.56 million (↑38% YoY)

• Adjusted EBITDA: $3.36 million (↑71% YoY), with a 29% margin

• Operating Cash Flow: $3.08 million, matching all of FY 2024

• Net Income: Not provided, but EBITDA recovery is evident vs. 2024 losses

CEO Commentary:

CEO Eric Offenberger noted, “We’re hitting our stride. Our capital-light retail-first model in Ohio is working, with new stores turning profitable fast. Arizona remains challenged by oversupply, but we’re driving traffic, boosting basket sizes, and building loyalty.”

He emphasized that Vext is not chasing brand hype but instead focused on retail execution, cash flow, and reducing debt to build long-term shareholder value.

Recent Milestones:

• Ohio Expansion: Acquired two new dispensaries from Big Perm’s Dispensary Ohio.

• Retail Upgrade: Relocated and expanded Jackson, OH store with drive-thru access.

• Strategic Asset Sale: Sold Kentucky processing license for $880K to streamline focus.

Bottom Line:

Vext is demonstrating capital efficiency, positive cash generation, and sound retail execution—particularly in Ohio—putting it in a strong position to build sustainable equity value through 2025 and beyond.

🗞️ The News

📺 YouTube

Senator Tillis Pushes Back on Trump’s Pharma Agenda | Trade to Black

What we will cover:

✅ Host Shadd Dales digs into a surprising shake-up inside the GOP that could ripple across the reform landscape—especially when it comes to Big Pharma, medical marijuana, and psychedelics.

Republican Senator Thom Tillis is now pushing back against President Trump’s plan to slash drug prices—a move Trump hopes will win over working-class voters frustrated with rising healthcare costs. But Tillis says the approach could do more harm than good, especially for companies working on next-gen treatments like cannabis-based medicine and psychedelic therapy.

It’s a rare public break in the party—and it’s happening at a time when drug reform is finally gaining traction. With the conversation around rescheduling marijuana heating up and psychedelics entering clinical trials, any shift in pharma policy could either fuel that momentum or slow it down.

For investors, it’s something to watch closely. Could Trump’s crackdown on pharma giants open the door for alternative medicine—or will it tighten regulations across the board?