The Weekly Roll November 14th 2025

Happy Friday!

Welcome back to The Weekly Roll. I hope everyone had a lovely week! Here is what’s happening this week in cannabis and art:

Hemp Ban : Congress has tightened restrictions on hemp-derived THC products, closing a loophole that allowed companies to create intoxicating products from legal hemp. The new rules limit THC to 0.4 milligrams per container, which industry advocates warn could devastate the $28-30 billion hemp industry and eliminate hundreds of thousands of jobs. Article

What Happens Next : While new legislation aims to close the hemp loophole by limiting THC to 0.4 milligrams per container and banning synthetic cannabinoids, businesses have a one-year transition period to adapt their operations. Companies should review their contracts, loans, leases, and insurance policies now, as force majeure clauses and covenants could be triggered when these products become controlled substances in 2026, and they may face tax implications under Section 280E or potential federal enforcement actions. Article

Interesting Number : $2.3 Billion. The total tax debt from the eleven largest cannabis businesses combined in what's being called a "cannabis tax revolt." Cannabis companies are increasingly filing tax returns refusing to pay the full federal taxes owed under Section 280E, Unlike past tax rebellions in U.S. history that all failed, some companies hope to settle with the IRS for reduced amounts, but experts say there's little precedent for success and most businesses cannot afford even partial repayment. Article

Vanderbilt Jewels : Phillips's "Geneva Jewels Auction" generated $17 million with a standout performance from twelve Vanderbilt family jewels, which sold out completely and brought in $4.25 million—four times their low estimate. The star piece was "The Vanderbilt Sapphire," a Gilded Age Tiffany & Co. brooch featuring a 42-karat Kashmir sapphire that sold for $3.57 million, exceeding its $1-1.5 million estimate. Article

Have a great weekend! 

Aidan