💸 The Tape

In Missouri, a brewing battle is pitting hemp honchos against the state’s licensed marijuana moguls, and the prize is nothing short of regulatory dominance over cannabis commerce.

At the heart of the conflict is a proposed 2026 ballot initiative backed by a coalition of hemp stakeholders under the freshly minted political committee Missourians for a Single Market. Their pitch? Strip the marijuana rules enshrined in the state Constitution and give legislators the authority to regulate both hemp and marijuana under one, unified statutory framework.

On its face, it’s a call for regulatory parity—a vision of a single market for one very misunderstood plant. “Hemp, marijuana—it's the same plant wearing different legal outfits,” argued Eapen Thampy, lobbyist for American Shaman, during a recent virtual pow-wow. “Why regulate them like they're distant cousins when they’re more like twins?”

Backing the plan is cannabis industry legend Steve DeAngelo, who sees this as a chance to bring together marijuana, hemp, and the “legacy” underground operators under one regulatory roof. In his view, it’s not a repeal—it’s a reunification.

But not everyone’s lighting up in celebration.

MoCannTrade, Missouri’s leading marijuana trade group, is seeing red. Executive director Andrew Mullins torched the idea as a sneaky repeal of the very legalization laws voters approved—twice. “You’re asking voters to kill off a $241 million revenue stream and hope politicians build something better later? That’s a hard pass,” Mullins said. He also took a swing at the proposal’s backers, accusing them of pushing “unregulated overseas cannabis” into Missouri’s smoke shops.

Meanwhile, Missouri’s hemp industry isn’t exactly coasting. Attorney General Andrew Bailey has gone full cowboy, issuing cease-and-desist letters to retailers hawking intoxicating hemp products like THCA outside the licensed marijuana system.

The legislative response has been a mixed bag. A modest bill that would’ve allowed low-dose hemp beverages in liquor and grocery stores fizzled out earlier this year, while other lawmakers debate where—and how—to draw the THC line.

So as both sides gear up for a high-stakes ballot showdown in 2026, Missouri voters may soon be asked to choose: double down on a fragmented cannabis model, or roll the dice on a one-plant-to-rule-them-all approach.

Either way, it’s clear—things are getting reefer real in the Show-Me State.

📈 Dog Walkers.

$NEVIF Joins The Podcast

John Kueber, CEO of Nevis Brands, discussed the fast-growing hemp beverage market, citing rising retail adoption and consumer demand for cannabis-infused drinks. He believes hemp will outperform traditional cannabis beverages due to easier distribution and regulatory advantages, though both markets offer value. Nevis’ flagship brand, Major, operates in 11 states and thrives by staying nimble, leveraging partnerships, and focusing on taste and functionality. Kueber highlighted New Jersey and Missouri as top-performing markets and emphasized the need for clearer regulations to address irresponsible operators while preserving growth potential. He also noted growing collaboration across the hemp beverage sector and expects the industry to expand from $500 million to $2 billion in four years, fueled by consumer trends and mainstream retailer support.

Full episode here.

$CURLF ( ▼ 3.07% ) Shakes Up Management Team

What’s Going On Here: Curaleaf Holdings, Inc. (TSX: CURA, OTCQX: CURLF), a top global cannabis company, has named Rahul Pinto as its first-ever President, signaling a strategic pivot toward retail and brand expansion. Pinto joins with over two decades of executive leadership across consumer packaged goods (CPG) and retail giants such as Albertsons, PepsiCo, and Bacardi, where he drove transformative growth and digital modernization efforts.

Working alongside Chairman and CEO Boris Jordan, Pinto will help shape Curaleaf’s next chapter with a data-driven, global brand mindset rooted in CPG discipline. His appointment is part of a broader executive revamp aimed at sharpening the company’s commercial edge.

To round out its leadership team, Curaleaf also brought in:

• Helen Chen, SVP of Digital (ex-McKinsey, PepsiCo, Pernod Ricard)

• Scott Crawford, SVP of Retail Merchandising & Marketing (ex-Whole Foods, FreshDirect)

• Justin Miller, SVP of Brand Marketing (ex-Diageo, Proximo, William Grant & Sons)

All report to Jordan and Pinto and are based in Stamford, CT, marking a significant push toward blending cannabis industry know-how with best-in-class CPG and retail expertise.

1933 Industries Reports Q3

What’s Going On Here: 1933 Industries Inc., a Nevada-based cannabis cultivator and producer, reported strong third quarter fiscal 2025 results, marking a sharp turnaround as it posted net income of $472,396, up from a Q2 loss of $313,370. This marks the company’s most profitable quarter in recent years, with gross margin expanding to 53%, up from 35% in the prior quarter.

Key Highlights – Q3 FY25

• Revenue: $4.7M, a 7% sequential increase and stable YoY

• Gross Profit: $2.5M (up from $1.5M in Q2)

• Net Income: $472K (vs. a $313K loss in Q2)

• Gross Margin: 53% (up from 35% in Q2 and 49% YoY)

• Expenses: Reduced to $2.0M (down from $2.2M YoY)

• Top 5 Selling Brand in Nevada via its AMA line

For the nine-month fiscal period, total revenue reached $13.1M, down slightly from $14.5M in FY24, due to broader market pressures in Q1. However, gross profit held steady at $5.3M YoY, while expenses dropped to $5.7M from $6.3M. The net loss for FY25 YTD narrowed significantly to $419K, compared to $965K in FY24.

Commentary

CEO Brian Farrell noted the company’s resilience amid tough macro conditions like pricing compression and declining tourism. President Ester Vigil emphasized a “tight, efficient operation” strategy over aggressive expansion, focusing on delivering consistent quality and value to retail partners.

Following the period close, 1933 acquired the remaining 9% of its AMA subsidiary, giving it full ownership and positioning it for streamlined operations and long-term growth.

🗞️ The News

📺 YouTube

Why Cannabis is Betting on Hemp I Plus: Mike Tyson on Marijuana Rescheduling | Trade to Black

What we will cover:

✅ Host Shadd Dales and co-host Anthony Varrell dive into a conversation that’s heating up across the country: the growing regulatory divide between hemp-derived THC and state-licensed cannabis. The blurred legal lines are creating friction — not just for consumers, but also for lawmakers, regulators, and cannabis companies trying to compete on uneven ground. One year ago, only eight states had laws in place around intoxicating hemp-derived products. Today, over 40 do — yet there’s still no clear federal direction.

John Kueber, CEO of Nevis Brands, joins the show to discuss how his company is navigating both sides of the THC beverage market. Known for its signature product, Happy Apple, which contains a full 10mg of Delta-9 THC from cannabis, Nevis is also entering the hemp-derived beverage space, tapping into direct-to-consumer sales in states where licensed cannabis is still restricted.

Plus, returning is Michael Bronstein, President of the American Trade Association for Cannabis and Hemp who shares his insight on the growing influence of Weldon Angelos in Washington - and why Mike Tyson's recent visit to a DEA Lab may be more than just symbolic. With high profile advocates entering the rescheduling conversation, momentum could be building behind the scenes.