💸 The Tape

In a Capitol Hill twist that might make Nancy Reagan roll in her grave, Democratic lawmakers are moving to give the White House drug czar a green light to talk pot—legally.

Reps. Dina Titus (D-NV) and Ilhan Omar (D-MN), co-chairs of the Congressional Cannabis Caucus, unveiled the “Evidence-Based Drug Policy Act” this week, which would repeal a long-standing federal gag order preventing the Office of National Drug Control Policy (ONDCP) from even whispering support for legalizing Schedule I drugs like cannabis. Yes, under current law, the drug czar is legally obligated to oppose marijuana legalization—even if science or common sense says otherwise.

“They can’t even talk about it,” Titus said, calling the ban “ludicrous.” “We’re trying to remove that prohibition,” she added, noting the absurdity of blocking research while asking for more evidence.

If passed, the bill would allow the drug czar—currently Trump appointee Sara Carter, who has cautiously praised medical marijuana—to support reform initiatives based on evidence, not ideology. Omar noted that America’s drug policies have been shaped by “stigma, not science,” and it’s time that changed.

The measure is backed by a broad chorus of cannabis advocates, from NORML to the Minority Cannabis Business Association, who agree it’s high time ONDCP could use actual data to do its job.

But that’s just one leaf in a growing reform bouquet. Titus also reintroduced the STATES 2.0 Act with Rep. Dave Joyce (R-OH), designed to let states do their cannabis thing without federal interference—because, as she put it, “The states are moving ahead. Why is the federal government dragging so far behind?”

Unfortunately, that drag seems to extend to Trump’s administration. Despite campaign trail promises to support rescheduling and industry banking access, movement has stalled. DEA leadership is making headlines for comparing cannabis to school shootings, and the rescheduling process remains in bureaucratic limbo.

Meanwhile, clemency recipients from Trump’s first term are back at the White House, urging more pardons. Republican voters—even more than average Americans—support reforms, but the administration appears stuck in neutral.

If Congress can pull off this new bill, the drug czar might finally be allowed to say what many Americans already know: cannabis policy should follow facts—not fear, feds, or the ghosts of Just Say No.

📈 Dog Walkers.

Organigram Calls For Change

What’s Going On Here: Organigram Global Inc. (NASDAQ/TSX: OGI), Canada’s top cannabis company by market share, issued a statement congratulating Prime Minister Mark Carney on his 2025 federal election win and urged swift action to prioritize cannabis as a strategic sector for economic growth.

CEO Beena Goldenberg called for:

• Replacing the $1/gram excise tax floor with a 10% ad valorem tax;

• Eliminating interprovincial trade barriers via a national excise stamp by Canada Day 2025;

• Launching a national export strategy to capture a share of the $140B global cannabis market.

Since legalization, cannabis has added $43B to Canada’s GDP, far surpassing industries like breweries and wineries. Organigram emphasized its readiness to work with the new government to unlock cannabis’s full economic potential.

Why This Matter: Carney has the chance to fix the system his predecessor implemented that has come to life in the last couple of years. If he does make some changes it could catapult the industry (maybe the stocks) to new highs.

Cardiol Adds A Heavy Hitter To The Board

What’s Going On Here: Cardiol Therapeutics Inc. (NASDAQ/TSX: CRDL) has nominated Dr. Timothy J. Garnett, former Chief Medical Officer at Eli Lilly, to join its Board of Directors at the upcoming Annual General Meeting on May 28, 2025.

Dr. Garnett brings over 30 years of pharmaceutical industry experience, including leading the development and global launch of multiple therapies in women’s health, endocrinology, and neuroscience. His expertise spans clinical development, regulatory strategy, medical affairs, and portfolio management.

Cardiol Chair Dr. Guillermo Torre-Amione emphasized that Garnett’s appointment comes at a pivotal time, coinciding with the Phase III launch of the MAVERIC trial, and will strengthen Cardiol’s path toward regulatory and commercial success in treating heart disease.

Why This Matter: Self explanatory.

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Cannabis and Hemp Unity Vital for Industry Growth | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell welcome back Big Mike from Advanced Nutrients to tackle one of the most pressing issues in the cannabis industry today.

Hemp and the current framework of the Farm Bill framework.

Under the 2018 Farm Bill, hemp became federally legal, but the legislation unintentionally opened the door to unregulated intoxicating cannabinoids like Delta-8, HHC, and THCP. Big Mike breaks down how this loophole is impacting the legitimacy of the broader cannabis industry and creating unfair market dynamics.

Licensed cannabis operators are burdened by compliance costs and heavy taxation, while hemp-derived THC companies bypass these barriers—undercutting pricing models and squeezing margins.

We dive into how this threatens cannabis stocks, dilutes premium brands, erodes consumer trust, and risks stalling marijuana rescheduling efforts at the federal level.

As cannabis banking reform remains uncertain, and the FDA stays silent, Big Mike highlights what must happen to restore industry integrity, push forward cannabis reform, and safeguard the future of the legal market.