The Man in the Arena

Weldon Angelos continues to lead.

Jul 24, 2025

Daily Recap

Mission [Green] Founder and cannabis reform advocate Weldon Angelos is “feeling pretty good that things are lining up” based on his recent interactions with the White House and Department of Justice.

Angelos, who was pardoned by President Trump in 2020 and has been instrumental in the yearslong effort to enact federal reform, is “definitely confident [Trump] is gonna follow through” on his campaign pledges, starting with Schedule III.

Weldon sat down with TDR last night to discuss the view from his perch.

The Common Wealth of PA

There’s another push to decriminalize marijuana in Pennsylvania and a Pittsburgh Rep. says we’re closer than ever to the measure passing.

Democratic Rep. Emily Kinkead of Allegheny and Republican Rep. Abby Major of Armstrong/Westmoreland have introduced a bipartisan bill that would legalize cannabis for adult use in PA.

“The fact that we have bipartisan legislation both in the House and the Senate, I think that is a really good indication that we will get it done.” Rep. Emily Kinkead

Adios ALJ

The DEA judge who oversaw the ongoing cannabis rescheduling process is retiring, saying “all matters filed in this case will be forwarded to” President Donald Trump’s newly Senate-confirmed agency administrator “for whatever action, if any, he deems appropriate,” as there is for now no judge to hear the issue.

“My retirement will leave the DEA with no Administrative Law Judge to hear this matter or any of the Agency’s other pending administrative enforcement cases.”

California Screaming

There are thousands of illegal marijuana farms around the country but when the federal government decided to stage one of its largest raids since President Trump took office in January, it picked the biggest legal grower in California.

Two weeks later, the reason for the raid at two Glass House farm sites northwest of Los Angeles remains unclear and has prompted speculation. The Republican Trump administration has been feuding with heavily Democratic California, so it’s possible Glass House was pulled into a broader political conflict.

“There are plenty of other places they can go to find illegal workers. A lot of people believe there is a hint of politics in this.” Political consultant Adam Spiker

Stocks & Stuff

Stocks rose to fresh all-time highs as earnings from Alphabet bolstered confidence in AI demand. While signs of froth surround us, the momentum can and will continue—until it doesn’t.

U.S cannabis ETF MSOS finished the session +3% which is, of course, all relative.

Below, we’ll top-line the space, dig deeper into what Weldon is seeing, hearing and doing to get us to the promised land (of reform), flag the caveats, check on the state of same store sales, and offer up some random thoughts to keep it real.

All that and more, just scroll down.

note: there will be no Canna Confidential tomorrow. Enjoy your summer weekend.

SPY 0.00%↑ QQQ 0.00%↑ IWM 0.00%↑ MSOS 0.00%↑ ETF Notional:

DEA Judge Overseeing Marijuana Rescheduling Retires, Leaving Fate Of Reform To Trump’s New Agency Head

Federal agents target California's biggest legal marijuana farm

Deadly Glass House ICE raids reveal marijuana industry resentment, fears

Appeals Court Vacates Conviction Over Marijuana User’s Gun Ownership, Noting Lower Court Didn’t Find His Use Caused A Threat

Marijuana advocates celebrate win from Missouri’s highest court

Chicago cop who tested positive for marijuana can keep job, police board rules

Mummies on cannabis gummies: meet the mothers getting high at home

Czech Republic To Decriminalise Canna in 2026; MMJ Exports Already Booming

Marijuana Prohibition Is And Always Has Been A Sham

Industry Headlines Organic Strategy with Margaret Brodie & Mikky Rahmberg

Cannara Secures Five Key Listings in Québec’s New Vape Cartridge Category Including to be Released Live Rosin Vapes 👇

Pregame (written in real-time at 7:00AM ET) 👇

Welcome back to the summer stretch.

Following a particularly slow session in Cannaland, Mission [Green] Founder Weldon Angelos joined TDR to talk of the efforts that have been in motion behind the scenes.

As many of you know, I’ve worked on behalf of Weldon and his cause for almost five years, highlighting his journey and joining him in D.C. time and time again.

I’ve alluded to his hard work behind the scenes, including but not limited to the recent letter to President Trump and the amplification that followed.

I’ve been coy on some of the other stuff mainly because 1. it’s not my place to discuss and 2. given the high stakes, the last thing I want to do is to speak out of turn.

Suffice to say I was pleased to see Weldon join TDR to share what he was comfortable sharing. I’ve spent years trying to align the industry behind him as the tip of the spear on federal reform because he’s the man in the arena doing much of the heavy lifting.

Some excerpts from last night’s interview:

“I’m feeling pretty good, things are lining up.”
“DEA confirmation was important, I know they were waiting for that to happen.”
”There’s a lot of movement.”
“The White House is meeting with a lot of different people on this; they’re definitely taking it seriously and I’m confident we’re gonna see something happen.”
“People believe Trump will do what he said he was gonna do.”
“There’s a lot of momentum right now; it’s a popular issue and he knows it.”
“I’m definitely confident he’s gonna follow through.”
“There’s a lot of things happening behind the scenes that I can’t talk about.”
“Everything we’ve been hearing has been positive.”
“I think rescheduling is what we’re gonna get.”
“The White House believes that if we can get it rescheduled, the chances of STATES or another bill passing increase…everyone sees rescheduling as the first step.”
“He made a campaign promise and he’s someone who likes to keep his word.”
“He supported this in his last administration. It’s common sense.”
“Now the President understands this really needs to happen.”
“A lot of people know that President Trump is likely going to do this.”
“A lot of MAGA supports this because they support states’ rights.”
“We’re trying to make it easy for the President.”
“In the process of trying to set up an Oval Office visit with some of these athletes to be able to sit down and talk with President Trump directly..” 👀
“This will be an opportunity to speak with him face-to-face.” 👀
“A lot of good things are happening.”
“Very fluid…trying to get the next meeting done as quickly as possible.”
“There is other stuff, including events that we’re planning in the fall with the White House and with the DOJ for second chances and other matters.”
“We’re hoping something happens even before then.” 👀
“I had a conversation with the DOJ back in June. They’re definitely aware of this.”
“We believe it’s gonna happen.”
“Let’s get it done, celebrate, and start working on the next step.”

So, there it is, straight from the mouth of the horse that we’ve bet on.

The letter—and support from athletes and entertainers who support cannabis reform under this administration—has been a long time coming, and it is slated to be the first in a sequence of events that includes a White House visit.

As Weldon said, a lot can happen, as it has in the past—Cory Booker laying himself down, Moscow Mitch doing Moscow Mitch things, SVB/banking crisis derailing the slealth SAFE banking effort—so this entire discussion has a grandfathered asterisk.

Still, as you’ve now heard, there is definite there there in terms of legitimate reform, even if nobody will believe it until it happens. And if/ when it happens, then what?

A spike higher, which will provide exit liquidity to some and a buy signal to others (who believe there’s more to come). The reality is both will be beneficial, as not all canna companies are created equal.

As a friend recently said, “know what you own.”

Random Thoughts

my wife and kids are out east and at a point, I'll migrate there in an effort to bank additional memories before the twins head back to college for their senior years.
I moved in when they were five and my wife was preggers w our youngest daughter, who will start high school in the fall.
A lot has happened in the last 15 years—and a lot hasn't happened—but time don't care as it keeps slipping slipping slipping into the future.
If I could go back and pick that crypto door 15 years ago but it came at the cost of a sick kid, I would pick the canna door (and healthy kids) 100/100.
Some of that is a post-rationalizing coping mechanism because it’s obviously possible to have a healthy asset class and a healthy family, but it's a perspective I maintain to remind myself how blessed I am despite the color of the screens.
I still think 2H25 will be kind to the kind bud but you already know that.
It takes a village and no matter what happens or when, we've learned a lot about ourselves and each other in the process.
I know I have, on both fronts.

ATB on U.S. cannabis

Sales Per Store Continues Decline in Q2/25: We estimate Annualized Sales per Store declined 5.6% y/y on avg. in Q225 (-1.2% q/q) across the 13 states in the table, with the largest declines in NJ (-33.1%), NY (-21.8%), IL (-20.3%), FL (-19.4%), and NV (-18.5%); meanwhile, the largest increase was OH (+82.2% y/y) driven by the start of adult-use sales in Q324, followed by MD (4.2%) and CO (1.7%).
The trends highlight competitive pressures leading to declining prices, compounded by the dilutive effect of new retail doors in certain states, partly offset by an increase in units sold. We expect declining SSS to continue in 2025e, posing challenges for MSOs to sustain retail sales and current four-wall EBITDA dollars and margins.
The dilutive impact of new store openings has been consistent the past few quarters in states like NJ, NY, and IL. The number of retail stores open in NJ increased to 253 exiting Q225 (+68.7% y/y), which despite total cannabis sales growth of 8.5% y/y, translated to a 33.1% y/y annualized sales per store decline.
Similarly in NY, the adult-use retail store count increased 171.5% y/y to ~391 exiting Q225. Although the higher access supported the adult-use sales growth of 127.4% y/y, the dilutive effect of new stores translated to an average sales per store decline of 33.1% y/y. In IL, there were 261 stores open exiting the quarter (up 21.4% y/y) which translated to an annualized sales per store decline of 20.3% y/y.
Total store count in MD has remained essentially unchanged with 103 stores exiting Q225 versus 102 when adult-use sales launched on July 1, 2023. Total cannabis sales grew 6.0% y/y in Q225, reflecting unit sales growth of 15.7% y/y partly offset by an average item price decline of 8.4% y/y, translating to annualized sales per store growth of 4.2% y/y, supporting Maryland as the #1 sales per store position among the highlighted states.
Pennsylvania has the second-highest sales per store, but has experienced the second sequential quarter of modest y/y SSS declines (-.3% y/y in Q225, -.5% y/y in Q125), following four sequential quarters if growth. The state is nearing the current retail cap of 198, with 193 stores operating exiting Q225 (vs 187 Q125 and 181 Q224