💸 The Tape

The uneasy marriage between cannabis reform and gun rights just hit another twist. A federal appeals court in Atlanta has sided with medical marijuana patients, saying the federal government can’t automatically strip them of their Second Amendment rights simply because they use state-legal cannabis.

The Eleventh Circuit’s decision came in the case of Vera Cooper, Nicole Hansell, and Neill Franklin (a retired police officer), all of whom were denied gun ownership because of their participation in Florida’s medical marijuana program. Under Section 922(g)(3) of federal law, “unlawful drug users” can’t buy or possess firearms. But here’s the rub: while cannabis may remain federally illegal, these plaintiffs weren’t cartels or criminals—just patients following state law. The judges said lumping them in with felons or the mentally ill doesn’t pass constitutional muster.

This isn’t an isolated flare-up. Courts across the country are chipping away at the ban, pointing out that history doesn’t really support disarming an entire class of people simply for using cannabis. In fact, the Eleventh Circuit explicitly noted that nothing in the plaintiffs’ record suggested they were dangerous, only that they were enrolled in a tightly regulated medical program.

Meanwhile, the Justice Department is begging the Supreme Court to step in and resolve the confusion. After all, different appellate courts are issuing different rulings: the Eighth Circuit wants more jury determinations about whether cannabis users are actually a threat, while the Third Circuit insists on individualized judgments rather than blanket bans. Add in district court rulings from Rhode Island, Texas, and elsewhere striking down 922(g)(3), and the legal map looks like patchwork quilt stitched together by lawyers and lobbyists.

The stakes are enormous. With nearly 40 states running medical marijuana programs and millions of registered patients, the outcome could reshape both cannabis and gun policy nationwide. Advocacy groups argue that it’s absurd to let someone sip bourbon while keeping a rifle in the closet, but deny that same right to a cancer patient who prefers cannabis gummies. The NRA’s lobbying arm has even acknowledged the “confusing regulatory landscape.”

Politically, the case is combustible. President Trump, while weighing cannabis rescheduling, has also mused about “genetically engineered marijuana” causing mass shootings—comments that muddy the waters further. Meanwhile, some states like Pennsylvania and Kentucky are trying to carve out protections for medical patients at the state level.

Bottom Line: the courts are forcing a reckoning. Until the Supreme Court makes the final call, medical marijuana patients live in limbo—caught between their doctor’s recommendation and their constitutional right to bear arms. Stay tuned; this one’s going to the high court, and possibly the history books.

📈 Dog Walkers

$DB.TSXV ( 0.0% ) $DBBCF Decibel Delivers Strong Q

Whats Going On Here: Decibel Cannabis (TSXV: DB; OTCQB: DBCCF) lit up Q2 2025 with record-breaking momentum, powered by the successful integration of AgMedica and booming international sales. Net revenue climbed 35% year-over-year to $29.8 million, with AgMedica chipping in $5.4 million—including $4.7 million from international markets, where demand is clearly blazing hot. Back home, Canadian recreational sales grew a steady 7% to $23.7 million, fueled by flashy new products like ultra-potent vapes, infused pre-rolls, and large-format disposables.

Margins also smoked last year’s numbers, with gross margin before fair value adjustments rising to 47% from 42%. Adjusted EBITDA jumped 60% to $6.3 million, while free cash flow hit $2.2 million, a $4.3 million swing from last year. Adjusted net income reached $3.4 million, good for $0.01 per share—small, but definitely trending in the right direction.

With more export contracts in the pipeline and international sales already up 176% quarter-over-quarter, Decibel is clearly dialing in a global strategy. If Q2 was any indication, the back half of 2025 could be all about scaling up and cashing in.

$TLRY ( ▲ 4.72% ) Tilray Gets Groovy

What’s Going On Here: Breckenridge Distillery, the Tilray-owned craft spirits darling of Colorado, just dropped a new creation that sounds like it belongs equally in a cocktail bar and a wellness retreat: Mountain Shot. This isn’t your standard whiskey shooter—it’s whiskey (or malt-based, for the convenience crowd) blended with rich chocolate, cool mint, and a splash of maitake mushrooms. Yes, mushrooms. Known as Hen of the Woods, maitake adds an earthy complexity and a silky mouthfeel that gives the drink a truly one-of-a-kind vibe.

At 69 proof, the whiskey-based Mountain Shot is designed to be sipped (or shot) après ski, après hike, or après pretty much anything. For those who prefer portability, it’s also available in resealable 100ml pouches—perfect for stashing in your ski jacket or backpack. Meanwhile, the malt-based 30-proof pouch version will hit convenience stores for a grab-and-go option.

Breckenridge is pitching Mountain Shot as a nod to adventure seekers, mountain town locals, and anyone who refuses to call “last run.” Think of it as a toast to nature, friendship, and the rugged spirit of the Rockies—with a mushroom twist.

🗞️ The News

📺 YouTube

Will Congress Kill Intoxicating Hemp Products? | TDR Cannabis in 5

What we will cover:

✅ The future of hemp in America is on the line — and it’s sparking one of the most consequential fights we’ve seen in years on Capitol Hill. From the 2025 Farm Bill to spending negotiations, lawmakers are weighing whether to ban intoxicating hemp products nationwide or protect farmers, CBD producers, and a multi-billion-dollar industry.

This is TDR Cannabis in Five, presented by Dutchie. Today, we break down the growing showdown between two of Kentucky’s most powerful senators — Mitch McConnell and Rand Paul. McConnell is pushing to close the so-called “intoxicating hemp loophole,” while Paul has stepped in with his HEMP Act of 2025, raising the THC threshold to one percent and calling for smarter, product-based testing.

In this episode, we cover: • How the 2014 and 2018 Farm Bills set the stage for hemp’s return. • Why cannabinoids like delta-8, delta-10, and THCA flower exploded into the market. • The House’s aggressive crackdown vs. the Senate’s split response. • Paul’s HEMP Act and its potential impact on farmers, CBD, and consumers. • The political fallout in Kentucky as McConnell and Paul openly clash.

This debate is about more than just hemp. It’s about jobs, consumer safety, cannabis regulation, and how Congress balances enforcement with economic growth. With the Trump administration also weighing cannabis rescheduling and the SAFER Banking Act back on the table, hemp policy has become a key piece of the broader reform picture in 2025.