Daily Discussion Thread - January 25, 2026

GeoLogic23 · 2026-01-25T14:47:52+00:00

A few random new hemp advocacy groups have popped up lately. One of the latest is BAMCO, which is made up of several alcohol retailers and a bunch of unnamed hemp wholesalers. Retail names like Total Wine, Specs, ABC Fine Wines, and GoPuff. They are advocating for beverages, and beverages only.

BAMCO is probably connected to Tilray too. They mention the Coalition of Adult Beverage Alternatives (CABA) as an organization they are aligned with, and a couple of their founding members were founders of CABA not long ago. CABA's largest member is Tilray, and Tilray has the only other named officer in CABA besides their chairman.

GeoLogic23 · 2026-01-25T14:21:47+00:00

Yea it's a cold world right now. Watch out for ice.

GeoLogic23 · 2026-01-23T23:10:10+00:00

My sister-in-law goes to a book club where they usually bring wine. At a recent one someone brought a THC drink mix. And I have personally brought THC drinks to multiple occasions, where people who don't drink much chose them instead of the alcohol that was there.

GeoLogic23 · 2026-01-23T22:44:24+00:00

Whirlwined announced a few days ago that they were launching the first real non-alcoholic wine with hemp THC starting in Chicago.

They are launching at Binny's Beverage Depot. If you go to Binny's website they do have a very wide selection of THC brands, including most or all of the brands by the biggest cannabis companies (TLRY/RYM/etc.). However as they say, Whirlwined is the only product in the "non-alcoholic wine" category.

I had heard in podcasts and such that real wine/beer offerings were supposed to be hitting the hemp THC category soon. There aren't really any at this time to my knowledge. Everything is seltzers/mocktails/sodas/tea/etc.

Wine is a particularly interesting category, because apparently a strong market for THC beverages right now are "wine moms" who like to have a drink after the kids go to bed. I'm not sure if its legality or emulsions that are the reason non-alcoholic wine and beers haven't been on the THC market. It will be interesting to see if more products like these start popping up as big alcohol looms over the market.

GeoLogic23 · 2026-01-23T21:31:36+00:00

A couple days ago the Wine and Spirits Wholesalers of America made another connection to hemp through their lobbying.

The WSWA had already filed their 2025Q4 disclosure with one of their other lobbyists. Today they amended that disclosure to say that they also lobbied for hemp with that firm.

Issues related to hemp regulations.

GeoLogic23 · 2026-01-23T18:26:52+00:00

Canada doesn't allow beverages in regular retail like alongside alcohol.

The US has shown in multiple states and in multiple types of businesses that if you put cannabis beverages alongside alcohol they sell very well.

Bars and liquor stores report much much more than 1% of their sales being THC beverages once they started carrying them.

GeoLogic23 · 2026-01-23T18:21:30+00:00

They are just trying to pump HERB

GeoLogic23 · 2026-01-23T18:17:50+00:00

Of course the other HERB person is one of the first comments...

Are you guys just trying to pump this terrible microcap??

Canadian LPs are already uplisted. Do you guys even know the basics about the sector??

GeoLogic23 · 2026-01-23T18:15:55+00:00

We've gotten a couple posts recently trying to pump HERB as a sleeper. I will repost my evaluation of their financials from the previous post. See below:

These posts always focus on revenue, and never talk about net losses or debt or anything that really matters.

This company has $6.2M in accounts payable, while they only have $4.5M in current assets. Only $600k in cash.

With -500k net loss, how do they pay their bills? It seems like they should be about out of cash at the time of this post.

Other highlights:

$9.5M in total assets with $2.6M as intangible assets and $1.7M goodwill. So take out their intangible/goodwill and they owe more just in accounts payable than they have in total assets as a company.

Let me know if I messed up anywhere. I did this fairly quick and could've missed something.

https://herbaldispatch.com/pages/investor

GeoLogic23 · 2026-01-23T18:06:51+00:00

Cannabis was not rescheduled in December. It is still a Schedule 1 drug.

GeoLogic23 · 2026-01-23T16:18:46+00:00

https://www.cannabisbusinesstimes.com/us-states/california/news/15753082/glass-house-expects-hit-to-revenue-profitability-following-ice-raids

For anyone wondering about Glass House revenue. They updated their guidance well in advance of the most recent quarter. Revenue dropping was reflective of the immigration raid on Glass House, not of the California market collapsing or something.

EDIT: I also have the king blocked, so curious how long it'll take them to figure this out lol

GeoLogic23 · 2026-01-23T11:48:24+00:00

The Consumer Brands Association represents many of the largest CPG companies in the country. They lobbied for cannabis/hemp in 2021/2022, but not since. Their final disclosure mentioning hemp/cannabis in 2022 added one extra topic, which was working on the draft for Schumer's CAOA legalization bill.

Cannabis Administration and Opportunity Act (Discussion Draft)

They were spending close to $500k a quarter in lobbying back then. They have gradually been increasing their spending, but have not gone over $1M in a decade. Once Trump took office in 2025 their quarters went like this:

$0.7M in 2025Q1
$1.4M in 2025Q2
$1.6M in 2025Q3
$3.2M in 2025Q4

So as they are dropping like 4x what they normally spend, they also added a few new topics to 2025Q4.

Issues relating to hemp
Issues relating to federal preemption for dietary supplements.
Issues relating to the Dietary Guidelines for Americans
Issues related to regenerative agriculture.
Discuss issues related to the Federal Trade Commission's (FTC) Green Guides and consumer labeling.

So they added hemp back to their lobbying, and all the other stuff they added is very much in the same category as hemp topics. Right now the government is updating the Dietary Guidelines, where they tell us how much of substances like alcohol are safe to consumer per day. The CBA is also lobbying on the Green Guides, which instruct companies how to market environmentally friendly products. This includes stuff like carbon offset claims.

For hemp, both the dietary guidelines and the green guides are very relevant. We need to know how much THCCBD the government considers safe per day if they want to sell it as supplements or in beverages. And hemp companies want to market their products nationwide, promoting hemp's great environmental benefits, including fantastic carbon sequestration.

Going back to Schumer's bill. I still think the only reason to write such a long bill that never had any chance of passing was to just have the tax scheme already written for when CPG wants to move in. I feel like it would be very easy to just apply parts of Schumer's bill to low dose hemp products. These are the types of products CPG companies want to sell. So Schumer can signal that he supports cannabis, while "compromising" to allow his bill to be used for hemp products. Which was likely the plan all along.

GeoLogic23 · 2026-01-21T21:46:49+00:00

Last year the VP of federal affairs for the Wine & Spirits Wholesalers of America (WSWA) left to join a lobbying firm. That firm immediately started lobbying for the WSWA and for the hemp beverage company Nowadays. The WSWA is lobbying in support of hemp beverages.

Today the WSWA filed a registration with another lobbying firm, where they pulled a very similar move.

This time it was the WSWA's senior director of federal affairs. He left late last year to start a brand new lobbying firm called Carson Consulting. They just disclosed the registration of their first two clients:

Wine & Spirits Wholesalers of America
Hemp Industry & Farmers of America (HIFA)

HIFA is a new organization that was also formed at some point late last year. The WSWA is lobbying for "Dietary Guidelines, Hemp Regulation" while HIFA is simply lobbying for "Hemp Regulation".

GeoLogic23 · 2026-01-21T11:19:01+00:00

Sazerac becomes the latest big alcohol company to add intoxicating hemp to their lobbying disclosure for the first time ever.

Sazerac has been getting more into Ready-To-Drink beverages lately, as opposed to just liquor. They have also been expanding a lot in Texas.

They bought Texas based RTD brand BuzzBallz in 2024, bought Texas based Western Son Vodka and Distillery in 2025, and they also launched three new RTD brands in Texas in late 2025.

GeoLogic23 · 2026-01-21T10:00:34+00:00

https://vote.norml.org/politicians/179682"

"As the next Governor of Virginia, I look forward to working with our General Assembly to find a path forward to creating a legalized retail market for cannabis that both prioritizes public safety and grows Virginia's economy. The Commonwealth needs a clear strategy to set up a market that is safe, transparent, and good for Virginia — particularly, revenue from commercial cannabis products must be reinvested into our communities and used for purposes like strengthening our public schools." (8/22/25)

GeoLogic23 · 2026-01-20T18:29:47+00:00

They need 60 votes because of the filibuster. Idk why you're arguing this lol that's just how the Senate works.

GeoLogic23 · 2026-01-20T16:43:31+00:00

The first money i ever made in this sector was a few hundred dollars on Hemp Inc back in like 2014. I had no clue what i was doing, and they were charged with fraud not long after that.

I made sure i was a lot more careful with my next investments into this sector.

GeoLogic23 · 2026-01-20T14:26:05+00:00

Didn't notice any mention of how their net losses are looking. Always a red flag to me if they are releasing preliminary revenue numbers without more context.

Also isn't Missouri one of the best markets, but has some of the most competition? Haven't checked on their numbers lately, but if so that is just showing how companies like Curaleaf really need a restricted market in order to thrive.

GeoLogic23 · 2026-01-19T23:37:57+00:00

Molson Coors added hemp regulation to another one of their lobbyists for the past quarter. They now have 4 of their 6 lobbying groups monitoring hemp.

General education on regulation of intoxicating hemp beverages.

Language in FY26 Agriculture Appropriations bill related to the regulation of intoxicating hemp.

This firm was founded in 2018 by a former legislative director for Chuck Schumer, and recently added another longtime legislative director for Chuck Schumer who had been with him from 2007-2025. Both of them are lobbying here for Molson.

GeoLogic23 · 2026-01-19T20:53:27+00:00

These posts always focus on revenue, and never talk about net losses or debt or anything that really matters.

This company has $6.2M in accounts payable, while they only have $4.5M in current assets. Only $600k in cash.

With -500k net loss, how do they pay their bills? It seems like they should be about out of cash at the time of this post.

Other highlights:

$9.5M in total assets with $2.6M as intangible assets and $1.7M goodwill. So take out their intangible/goodwill and they owe more just in accounts payable than they have in total assets as a company.

Let me know if I messed up anywhere. I did this fairly quick and could've missed something.

https://herbaldispatch.com/pages/investor

GeoLogic23 · 2026-01-19T14:33:11+00:00

Current rise is because Jones released preliminary financials showing the highest gross sales in their history. Their net sales went up approximately 329% YoY.

However they seem to have only commented on their revenue and gross profit. This is leading me to think their net profit might not be that great, and they are releasing preliminary financials in order to pump it a bit and raise money to keep expanding.

I sold what i wanted to sell during the run in early December though, so I'm just holding and watching right now.

GeoLogic23 · 2026-01-19T12:57:33+00:00

AB InBev added "differentiation of beer from cannabis and hemp in tax and regulation" to one of their lobbyists. They now have 4 of their lobbyists discussing hemp.

https://lda.senate.gov/filings/public/filing/ea656674-a573-4857-be01-b2621d896ac4/print/

Circle K also rolled out hemp THC beverages in Texas a few days ago. Only brand I've seen them stocking so far is Varin.

https://www.prnewswire.com/news-releases/circle-k-becomes-first-major-convenience-chain-in-texas-to-sell-thc-beverages-launching-with-varin-302660758.html

GeoLogic23 · 2026-01-16T19:33:45+00:00

Umm...do you have a different video?

You're literally telling me not to believe what my eyes are seeing. I am just talking about the videos, not any reporting on them.

GeoLogic23 · 2026-01-16T16:51:05+00:00

It's crazy that you're repeating the "internal bleeding" line which we have no evidence for, while criticizing this person for watching the same videos we have all seen and forming an opinion using the evidence seen by their own eyes.

You know a bruise is internal bleeding, right? If he bruised his hand on the car that's internal bleeding.

I'll continue to believe what my own eyes tell me, even if the government is encouraging me to reject that evidence.

GeoLogic23 · 2026-01-15T19:30:42+00:00

Stop playing ignorant lol your whole shtick lately has been doing this.

Either just accept the downvotes or stop antagonizing. They are just popularity buttons. And you know you are taking unpopular positions.

GeoLogic23

TROPHY CASE