💸 The Tape

The U.S. Supreme Court is about to blaze into one of the most consequential intersections of guns, drugs, and constitutional law in recent memory.

On Monday, the justices agreed to hear U.S. v. Hemani, a case that will determine whether a federal ban on gun ownership by marijuana users violates the Second Amendment. The law in question, Section 922(g)(3), makes it illegal for anyone “who is an unlawful user of or addicted to any controlled substance” to purchase or possess firearms.

That includes cannabis consumers — even those following state laws in one of the 38 states where marijuana is legal.

The Trump administration’s Justice Department urged the Court to take up Hemani, arguing the law is constitutional because it “targets a category of persons who pose a clear danger of misusing firearms.” But critics say the government is stretching logic and history alike.

Notably, U.S. Solicitor General D. John Sauer used the word “habitual” 40 times in his brief, describing such users as risky. The problem? The statute never mentions “habitual” anything. It’s a legal sleight of hand that underscores how vague the law really is — and why lower courts can’t agree on how to apply it.

Indeed, seven appellate courts have ruled differently on this issue, creating the kind of constitutional confusion that all but begged for Supreme Court review. Some judges have sided with cannabis users, finding no historical precedent for banning gun ownership among sober, otherwise law-abiding citizens who happen to enjoy the occasional joint. Others have upheld the federal prohibition, citing historical laws that kept guns away from “intoxicated” or “dangerous” individuals — a category that once (uncomfortably) included Catholics, slaves, and Native Americans.

For the Justice Department, Hemani is the perfect test case: the defendant reportedly used cocaine and marijuana and had prior drug sales, making him a less sympathetic face for the cause. But make no mistake — the ruling will ripple far beyond one man’s record.

A decision upholding the ban could reaffirm the federal government’s power to deny Second Amendment rights to anyone using substances illegal under federal law. A decision striking it down could set a precedent that reshapes both gun rights and cannabis reform nationwide.

Meanwhile, several related cases remain pending, including U.S. v. Daniels and U.S. v. Sam, as the nation waits for the Court’s next word on whether the right to bear arms extends to those who partake — legally or not — in a little weed.

In other words, the high court is finally about to decide how “high” is too high to exercise your rights.

📈 Dog Walkers

$ATAI ( ▼ 0.47% ) Closes Placement

What’s Going On Here: atai Life Sciences (NASDAQ: ATAI), a leading clinical-stage biopharma company focused on next-generation mental health therapeutics, has closed its previously announced public offering of 27,283,750 common shares — including the full exercise of the underwriters’ option — at $5.48 per share, for total gross proceeds of approximately $149.5 million.

The round attracted strong participation from both new and existing healthcare-focused institutional investors, including Janus Henderson Investors, Foresite Capital, Deep Track Capital, HBM Partners, Ferring Ventures, Columbia Threadneedle, Ally Bridge Group, Woodline Partners LP, and ADAR1 Capital Management.

Use of proceeds: atai plans to deploy the funds to advance its late-stage pipeline, including:

• Phase 3 trials for BPL-003 (mebufotenin benzoate), a rapid-acting psychedelic nasal spray for treatment-resistant depression (TRD);

• Completion of the Phase 2 trial for VLS-01 (buccal DMT film); and

• Completion of the Phase 2a trial for EMP-01 (oral R-MDMA).

The company stated it now has sufficient liquidity to fund operations into 2029, positioning atai for long-term runway through multiple pivotal data readouts.

Founder and Chairman Christian Angermayer said the raise represents “strong and continued validation” of atai’s mission to “fundamentally redefine the treatment landscape for mental health disorders.”

Jefferies LLC acted as lead bookrunner, with Berenberg Capital Markets as passive bookrunner and Oppenheimer & Co. and Canaccord Genuity as co-managers.

Bottom line: This latest financing underscores institutional confidence in atai’s psychedelic drug development pipeline and provides the capital to carry BPL-003, VLS-01, and EMP-01 through the most value-driving stages of clinical development — a major liquidity milestone as the sector regains Wall Street’s attention.

$PLNH ( ▲ 1.4% ) Expands In Florida

What’s Going On Here: Planet 13 Holdings Inc. (CSE: PLTH | OTCQX: PLNH), one of the most recognizable multi-state cannabis brands in the U.S., has opened its newest Florida dispensary in Pace, located at 4612 School Lane, just off U.S. Highway 90.

Positioned across from a Walmart and Lowe’s, the new location sits in one of the busiest retail corridors in the Florida Panhandle. The store will be open Monday through Saturday from 9 a.m. to 7 p.m., and Sundays from 11 a.m. to 5 p.m., operating year-round.

A grand opening celebration is scheduled for November 22, 2025, featuring exclusive promotions, swag giveaways, and local vendor showcases.

The new Pace dispensary underscores Planet 13’s continued Florida expansion strategy, complementing its growing footprint across key high-traffic regions in the state. As Florida’s cannabis market continues to build toward potential adult-use legalization, Planet 13’s local-first retail strategy positions the company to capture market share in fast-growing communities like Pace.

Order ahead: Visit planet13.com/locations for online ordering and in-store pickup.

🗞️ The News

📺 YouTube

Unifying Cannabis & Hemp on THC | TTB Powered by Dutchie

What we will cover:

✅ Why are hemp and cannabis still beefing over THC—and is it killing reform? We’re calling out the tension between two industries that should be working together but keep clashing over control.

On today’s TDR Trade to Black podcast presented by Dutchie, hosts Shadd Dales and Anthony Varrell break down what a unified THC framework could actually look like—and why it’s long overdue. Hemp and cannabis have been at odds for years, from synthetic cannabinoids to regulatory turf wars. But with rescheduling on the table, both sides need to stop fighting and start collaborating.

Michael Bronstein, President of the American Trade Association for Cannabis and Hemp, joins us once again for our weekly Insiders Edge segment. He shares his thoughts on how both industries can come together to build a national THC standard that works—for regulators, businesses, and consumers. It’s time to stop the infighting and start solving the problem.