💸 The Tape

A coalition of reform-minded physicians has withdrawn its legal challenge against the Drug Enforcement Administration (DEA) over the agency’s controversial handling of the federal marijuana rescheduling process, saying continued litigation could cause further delays in an already-stalled proceeding.

The group, Doctors for Drug Policy Reform (D4DPR), filed the suit earlier this year in the D.C. Circuit Court of Appeals, accusing DEA of improper communications and biased witness selection in its administrative hearings on whether to move cannabis from Schedule I to Schedule III of the Controlled Substances Act. But last week, the organization asked the court to dismiss the case without prejudice—preserving the option to refile if DEA ultimately walks away from rescheduling.

🚨 What the Lawsuit Revealed

Though the suit is now on pause, the group says it forced important disclosures from DEA, including previously withheld communications with witnesses handpicked by the agency to participate in rescheduling hearings. The documents showed DEA privately corresponded with select prohibitionist witnesses before making formal selections, a move advocates say undermines the fairness of the process.

D4DPR and another group, Veterans Action Council (VAC), had both been denied the opportunity to testify in the hearings, fueling allegations that DEA was attempting to stack the evidentiary record against rescheduling.

🔄 A Process Stuck in Neutral

The DEA’s rescheduling process, initiated under the Biden administration, is now on indefinite hold after an administrative law judge postponed hearings amid a swirl of procedural irregularities. Complicating matters further, the rulemaking notice was signed by former Attorney General Merrick Garland, not then-DEA Administrator Anne Milgram—a break from precedent that’s raised further questions about agency intent.

Now, the process rests with Acting DEA Administrator Derek Maltz, a former anti-cartel operative and staunch cannabis skeptic who has called marijuana a “gateway drug” and suggested legalization only empowers illicit cartels.

That leadership shift—combined with the recent court drama and White House silence—has left the future of cannabis rescheduling looking grim.

⚠ What Happens Next?

D4DPR says it may reinitiate the lawsuit if DEA ultimately rejects or abandons the rescheduling effort. In the meantime, rescheduling supporters are left in limbo, as the Trump administration’s drug policy roadmap for 2025 makes no mention of marijuana reform. Trump’s DEA nominee, Terrance Cole, has publicly linked cannabis use to increased suicide risk in youth. And newly confirmed Attorney General Pam Bondi has offered no clarity on her cannabis views.

Despite some Republicans like former Rep. Matt Gaetz praising Trump’s past comments supporting reform, proactive leadership on cannabis appears absent within the current administration.

📈 Dog Walkers.

Cybin Lands Major Strategic

What’s Going On Here: Cybin Inc. (NYSE American: CYBN | Cboe CA: CYBN) has announced a strategic partnership with Osmind, a leader in mental health tech and real-world data, to support the commercialization of its psychedelic-based treatments for depression and anxiety.

The collaboration aims to prepare Osmind’s network of 800+ U.S. psychiatry clinics for delivering Cybin’s lead therapies—CYB003 (in Phase 3 for major depressive disorder) and CYB004 (in Phase 2 for generalized anxiety disorder). Together, the companies will map key infrastructure areas such as pharmacy access, reimbursement, and patient workflow, laying the groundwork for a future rollout.

With millions of patients unresponsive to current treatments, the partnership positions Cybin to help reshape mental healthcare by delivering next-gen, evidence-based neuropsychiatric solutions at scale.

Why This Matters: This is a major step in the commercializaion process to prep for approval for CYB003.

BAM Divests Long Beach Asset

What’s Going On Here: Body and Mind Inc. (CSE: BAMM | OTC Pink: BMMJ) has announced the sale of its Long Beach, California dispensary to SGC Retail Partners, LLC for $856,250 in cash, with $100,000 already paid as a deposit. The transaction, involving the sale of all interests in NMG Long Beach, LLC, will be detailed further in an upcoming Form 8-K filing.

The sale aligns with BaM’s strategy of focusing on high-ROI opportunities, including upcoming dispensary launches in Illinois and New Jersey. The company continues to prioritize operational efficiency and retail expansion in key growth markets while optimizing its existing footprint.

Why This Matters: BAM have been struggling for some time now so cutting off underperformning assets has been expected.

🗞️ The News

📺 YouTube

Congressman Dave Joyce Files Two Bills, Cannabis Industry Reacts | Trade to Black

What we will cover:

✅ Host Shadd Dales and Anthony Varrell break down some of the latest developments in the cannabis industry, from High Tide’s (NASDAQ: HITI)dispensary expansions to policy reform efforts across North America and Europe.

We start with Jushi Holdings (OTCQX: JUSHF), which just opened its fifth Beyond Hello™ dispensary in Ohio—its first in the city of Mansfield—bringing its national footprint to 41 stores. Meanwhile, High Tide Inc. continues its retail dominance in Canada, launching its 196th Canna Cabana store in Cochrane, Alberta, gaining first-mover advantage in an underserved micro-market.

Plus we discuss where Canadian cannabis companies are making strategic moves into Germany’s booming medical market, which saw a 272% year-over-year increase in cannabis imports. With over 50% of that product coming from Canada, the opportunity to offset painful excise taxes at home is catching investor attention.

In Segment 2, Michael Bronstein from the American Trade Association for Cannabis and Hemp joins us to discuss North Carolina’s HB 1011, a comprehensive medical marijuana bill, and the reintroduction of the STATES 2.0 Act in Washington—a move to align federal marijuana law with state-level legalization and unlock long-awaited reforms like SAFE Banking and marijuana rescheduling. Will it gain traction?