Roger Stone: Trump Could Outdo Democrats on Cannabis
Can Donald Trump outflank Democrats on cannabis reform? That’s the question Roger Stone raised this week, arguing that Trump could seize political ground by rescheduling cannabis — a move Democrats failed to deliver during their time in power. What would that mean for policy, markets, and investors? The TDR Trade To Black Podcast, presented by Dutchie, breaks down this new twist in US cannabis politics and its implications for the industry.
Trade To Black opens the midweek podcast with some upbeat sentiments from Shadd Dales and Anthony Varrell after Monday’s surge. Roughly 365 million shares were traded in Tilray and about 45 million in MSOS on Monday, followed by a modest mid-week pullback.
On politics, the team discusses Roger Stone’s claim that Donald Trump could “outdo Democrats” by moving cannabis policy. Stone is within Trump’s orbit, but will his reschedule-fixes-everything framing be possible? Banking and taxation will not be fully resolved by rescheduling alone.
We also chat about some of the big stories happening in global markets. Cannabuzz is becoming the first THC brand to join the Wine & Spirits Wholesalers of America, signaling deepening industry alignment with alcohol distribution. Potency tiers and broader rollout in liquor retail and venues might be expected, positioning the beverage as a social “bridge” product and giving hemp-derived drinks a seat at the alcohol industry’s most powerful table. CEO Annie Rouse calls it a step toward legitimacy, standardization, and regulatory clarity.
Internationally, Germany’s first legalization report card looks positive. Early data from the Konsumcannabisgesetz (KCanG) shows cannabis-related offenses plummeting 60–80%, youth use declining, and no spike in traffic accidents. Still, the illicit market remains strong as cultivation clubs struggle to gain traction. Supply constraints persist; cultivation clubs remain too small to serve demand, implying imports and expanded domestic production are needed.
Verano Holdings securing a $75 million revolving credit facility from Chicago Atlantic, drawing $50 million to retire higher-cost debt and leaving $25 million for strategy. The facility, backed by real estate, provides financial flexibility and positions Verano for future growth. With a large owned-real-estate footprint and presence in states such as Pennsylvania, the move extends runway, though inventory reduction remains a priority.
Hear all our thoughts when you tune in to this episode.