💸 The Tape

Colombian lawmakers are once more dipping their toes into the cannabis waters, and this time they’ve made a small but historic splash. The First Committee of the House of Representatives has approved a bill from Rep. Alejandro Ocampo to legalize marijuana nationwide. That’s round one of an eight-vote, two-year marathon required for a constitutional amendment. Buckle up—this will be a long ride.

President Gustavo Petro is cheering from the sidelines (and occasionally shouting from Twitter). He’s been blunt about Congress’s failure to regulate cannabis, saying continued inaction only props up narco-traffickers and fuels violence. His message is simple: regulate the plant, undercut the mafias, and redirect the money into schools and health care instead of cartels’ pockets.

The proposed reform isn’t just about letting adults light up legally. The bill would enshrine a constitutional right to possess cannabis, allow licensed commercial sales, and even protect personal cultivation. It bars splashy advertising (sorry, no billboards of giant joints in Bogotá), and public consumption would still be prohibited. The Ministry of Health would take six months to draft the rules, while municipalities could layer on cannabis taxes to fund public services.

Supporters frame the move as both human rights reform and economic development strategy. By aligning with global trends, Colombia could reduce crime, generate tax revenue, and modernize a legal system critics say has been riddled with contradictions. Ocampo calls regulation a way to “protect our youth and close the door on narco-trafficking”—a pointed message in a country that’s borne much of the cost of the U.S.-backed drug war.

Of course, Colombians have seen this film before. A similar measure made it nearly to the finish line in 2023 before stalling in the Senate. Lawmakers will need stamina (and political will) to shepherd this version through the gauntlet of eight votes required for constitutional change.

Still, momentum is real. Colombia now counts nearly 900,000 medical cannabis patients, imports and exports are growing, and international investors are watching closely. If successful, this reform could transform the country from one of prohibition’s biggest victims into one of legalization’s global leaders.

For now, though, it’s just step one in a marathon. As Petro himself might put it: legal cannabis is already a fact in much of the world. The question is whether Colombia is ready to trade prohibition’s bloodshed for regulation’s bureaucracy—and maybe a healthier treasury.

📈 Dog Walkers

$RYM Is Born

Whats Going On Here: Agrify (Nasdaq: AGFY) is pulling a full-on rebrand pivot — and not a subtle one. The company just scooped up a slate of cannabis lifestyle brands from Green Thumb Industries — including RYTHM, Dogwalkers, Beboe, incredibles, &Shine, Doctor Solomon’s, Good Green, and Señorita — for $50 million via a convertible note. The kicker? Agrify is changing its name to RYTHM, Inc. and will start trading under the ticker RYM on the Nasdaq Capital Market as of September 2, 2025.

The deal is structured as a license-back: RYTHM Inc. owns the IP, while GTI manufactures and distributes. That means RYTHM gets brand licensing revenue, while simultaneously scaling its own hemp-derived THC products (think RYTHM Beverages, part of the “cannabis-as-a-better-alternative-to-alcohol” trend).

Chairman and interim CEO Ben Kovler pitched it as a “be in the right place at the right time” play — positioning the company for topline growth as consumers chase THC wellness products outside dispensary walls. Kovler leaned into the “Find Your RYTHM, America” tagline, clearly setting up a broader cultural push.

Post-transaction, the cap table looks lean but levered: about 2.0M shares outstanding, plus 7.6M warrants and 6.7M shares tied to convertibles. In short: a bold bet on brand power over brick-and-mortar ops.

$TLRY ( ▼ 5.52% ) Is Back In Good Standing

What’s Going On Here: Tilray Brands (Nasdaq: TLRY; TSX: TLRY) just cleared a key hurdle with Nasdaq compliance. The company received written notice confirming it is back in good standing with Nasdaq’s minimum bid price rule (Rule 5450(a)(1)), which requires shares to close at $1.00 or higher for at least 10 consecutive trading days. Tilray met the mark between August 13–26, 2025, closing the compliance issue and removing the threat of delisting.

This is more than a technicality. For a company like Tilray, which straddles cannabis, beverage, and wellness sectors, maintaining a Nasdaq listing is crucial to institutional investor access, liquidity, and overall credibility in global capital markets. A slip below compliance could have forced a reverse split or delisting — neither of which inspires shareholder confidence.

Chairman and CEO Irwin Simon framed the news as proof of the company’s resilience and strategy, highlighting Tilray’s role as a global consumer packaged goods player. He emphasized innovation across cannabis, beverage, and wellness, noting that the company’s diverse portfolio and international distribution are designed to meet consumer demand wherever it emerges.

This compliance win gives Tilray breathing room as it continues to expand beyond cannabis into beer, spirits, and wellness products. It’s a signal to investors that while volatility persists, Tilray is committed to staying a player on the big board.

🗞️ The News

📺 YouTube

Trump Eyes Cannabis Rescheduling + 32 AGs Demand Reform I TTB Powered by Dutchie

What we will cover:

✅ All eyes remain on Washington and whether an announcement is going to be made soon on the rescheduling of cannabis.

On the latest episode of Trade To Black prresented by Dutchie, host Shadd Dales and co-host Anthony Varrell break down the latest signals from the Trump administration and what the timing of a move could mean for the cannabis industry.

The episode also highlights a major push from 32 state attorneys general, who have formally urged Congress to pass marijuana banking reform. It’s one of the strongest bipartisan calls yet for change in how the cannabis industry accesses financial services — and it raises the question of whether Congress is finally ready to act.

At the state level, important storylines continue to unfold. In Missouri, activists are preparing a ballot initiative that would unify marijuana and hemp regulations, setting up a possible 2026 vote. Meanwhile, in Pennsylvania, Governor Josh Shapiro has made it clear he won’t back down from his adult-use legalization push, despite continued resistance from GOP lawmakers.