October 2, 2025
Built by a former cannabis regulator, Policy, Decoded is your high-signal daily briefing for operators, investors, and policymakers navigating the collision of law, regulation, and business.
Today’s edition is brought to you by THC Group, where getting shit done isn’t a slogan - it’s our work and purpose. We also highlight The Hybrid podcast, where the new episode features Carl Giannone, co-founder of Trade Roots, on the challenges of operating in Massachusetts and what comes next. Carl is someone else skilled at getting shit done.
The cannabis industry faces a $6 billion debt wall through 2026 that could trigger cascading defaults, Washington’s shutdown politics push rescheduling and banking reform further into limbo, and Gavin Newsom positions himself as the national cannabis leader Democrats wish they had.
💰 $6B cannabis debt wall
🏛️ Shutdown chaos stalls reform
🌉 Newsom’s cannabis play
Start the day informed. Stay ahead. And, of course, Go Sox!