💸 The Tape

Florida’s road to a 2026 adult-use marijuana vote is starting to look less like a smooth campaign trail and more like a courtroom drama. On August 12, Smart and Safe Florida—the group pushing a constitutional amendment to legalize recreational cannabis—asked a federal judge for “complete relief” from a state law they say handcuffs their petition-gathering efforts.

Their beef? A provision in HB 1205, which took effect July 1, makes it a crime for nonresidents and noncitizens to collect petition signatures. U.S. District Judge Mark Walker already hit the pause button on that part of the law last month, finding it “impose[d] a severe burden on political expression” and likely violates the First Amendment.

But Smart and Safe isn’t satisfied with just a partial victory. Their attorney, Glenn Burhans, told Walker in a telephonic hearing that unless state attorneys are also barred from enforcing the law, nonresident circulators will stay on the sidelines out of fear of prosecution. “To get complete relief,” Burhans argued, “Smart and Safe needs to have the state attorneys enjoined so that their circulators…will go back out in the field and do their work.”

The state, unsurprisingly, isn’t thrilled about the request. Mohammad Jazil, counsel for Florida Secretary of State Cord Byrd, warned that filing another preliminary injunction while the first is already under appeal could get messy. In other words: One injunction at a time, please.

Smart and Safe Florida isn’t fighting alone. They’re joined by Florida Decides Healthcare (pushing Medicaid expansion) and Florida Right to Clean Water in challenging the law. All argue that the circulator restrictions are less about election integrity and more about choking off citizen-led ballot measures—“depriving our oxygen,” as one group put it.

For the cannabis campaign, this is déjà vu. Their adult-use measure made the 2024 ballot but fell short of the state’s 60% supermajority requirement. They’re back at it for 2026 with a revised proposal, this time anticipating criticism for not addressing marketing to minors or public consumption in last year’s version.

Whether Judge Walker grants the “complete relief” Smart and Safe wants could decide how quickly out-of-state petitioners can hit Florida streets again. And with the clock ticking toward signature deadlines, the case is as much about political free speech as it is about pot.

One thing’s certain: in Florida’s cannabis wars, courtroom strategy is just as important as campaign strategy.

📈 Dog Walkers

$GRUSF ( ▼ 4.96% ) Grown Rogue’s Margins Slip

What’s Going On Here: Grown Rogue’s Q2 2025 results show a company threading the needle between pricing pressure and expansion ambitions. Pro Forma revenue (including New Jersey affiliate ABCO) rose 4% year-over-year to $8.01M, while Pro Forma Adjusted EBITDA fell 12% to $1.82M, with margins dipping to 22.7%. Excluding last year’s Vireo services revenue, top-line grew 8%, but margins still slipped.

State-level performance reflected the broader cannabis price correction. Oregon pulled in $3.08M revenue with 26.1% margins, despite A-grade flower ASPs falling 25% YoY. Michigan saw a steeper hit—down 34% in revenue to $2.28M and margins at 34.2%, with ASPs off 26%. New Jersey, the new growth engine, contributed $2.65M revenue at a robust 48.6% margin.

CEO Obie Strickler framed pricing declines as a healthy market evolution, emphasizing cost control, quality improvements, and leveraging Oregon/Michigan lessons in New Jersey. Expansion continues with Phase 1 of Illinois cultivation and potential Minnesota entry.

CSO Josh Rosen sees distressed assets as ripe pickings for Grown Rogue’s low-cost, high-quality model—betting that disciplined execution and selective opportunism will fuel growth over the next 18–24 months.

Matt Gaetz Drops Bars

What’s Going On Here: Former GOP congressman Matt Gaetz is back in the cannabis spotlight, using his One America News platform to urge President Trump to reschedule marijuana—and warning that if he does, “the game is over for Democrats at the ballot box.” Gaetz, once Trump’s pick for attorney general before withdrawing, ridiculed marijuana’s Schedule I status, likening it to treating weed as worse than fentanyl.

He painted rescheduling as “populism meets practicality,” envisioning MAGA hats at dispensary counters and pre-rolls named 1776 Freedom Kush. Beyond the humor, Gaetz argued it’s common sense policy: unclog courts, free up police for real crime, and stop pretending dispensary storefronts are cartel fronts.

Trump recently confirmed he’s “looking at” rescheduling, with a decision in weeks, but hasn’t restated his campaign-trail support. Meanwhile, PACs aligned with him—and funded in part by cannabis industry donors—are running ads to push him forward.

Gaetz’s pitch? Reschedule loudly, with a gold Sharpie, and troll the opposition. In his view, it’s good politics, good economics, and the long-overdue end to pretending Snoop Dogg and El Chapo are in the same business.

🗞️ The News

📺 YouTube

Trump Signals Cannabis Rescheduling Decision Could Be Weeks Away | TDR Cannabis in 5

What we will cover:

✅ At a White House briefing earlier this week, President Donald Trump delivered his clearest signal yet that federal cannabis reform could be on the horizon, telling reporters: “We’re looking at reclassification and we’ll make a determination over the next few weeks.”

On The TDR Cannabis in Five, hosted by Shadd Dales and presented by Dutchie, we explain exactly what Trump said, why it matters, and how this could reshape the U.S. cannabis market. If cannabis is reclassified from Schedule I to a less restrictive category like Schedule III, the shift would be immediate and far-reaching—reducing criminal penalties, opening the door for expanded medical research, and removing Section 280E tax restrictions that have weighed heavily on cannabis businesses for years.

Trump’s remarks come after months of stalled action under the Biden administration, despite HHS recommending rescheduling back in 2023. Now, with his DEA nominee Terrance Cole in place, the pathway could reopen—though he hasn’t made a public commitment yet.