💸 The Tape

President Donald Trump is expected to push for a major shift in federal marijuana policy, moving to dramatically loosen restrictions by reclassifying cannabis under the Controlled Substances Act, according to multiple people familiar with internal discussions. While the move would not legalize marijuana, it could significantly reduce regulatory barriers for research, medical use, and legal cannabis businesses.

Marijuana is currently classified as a Schedule I substance, alongside heroin and LSD, a category reserved for drugs deemed to have no accepted medical use and high abuse potential. Trump is now expected to direct federal agencies to pursue reclassification to Schedule III, a tier that includes drugs like Tylenol with codeine and certain steroids—substances recognized for medical use but still regulated.

Trump reportedly discussed the idea in a phone call with House Speaker Mike Johnson (R-LA), who expressed skepticism and cited studies opposing reclassification. According to sources, Trump then invited marijuana industry executives present in the Oval Office—alongside HHS Secretary Robert F. Kennedy Jr. and CMS Administrator Mehmet Oz—to rebut those concerns. The exchange reportedly ended with Trump leaning toward moving forward, though officials stress no final decision has been made.

The move would revive efforts first initiated under the Biden administration, which recommended Schedule III placement in 2023 but failed to complete the process before leaving office.

With 24 states allowing adult-use cannabis and the industry now worth billions, reclassification could mark the most consequential federal cannabis shift in decades—pending Trump’s final word.

📈 Dog Walkers

$ACB ( ▲ 0.44% ) Expands In EU

Aurora Cannabis Inc. (NASDAQ: ACB, TSX: ACB) is expanding its footprint in Europe’s fast-growing medical cannabis market, announcing the launch of Black Jelly, a high-potency proprietary cultivar, in Poland. The new strain joins Farm Gas and Sourdough under Aurora’s Cannabis flos Aurora medical brand portfolio.

Grown and manufactured in Aurora’s Canadian GACP and EU-GMP certified facilities, Black Jelly will be available to Polish prescribers as of December 11, 2025. The cultivar delivers a robust THC content of 27% with CBD below 1%, catering to growing demand among clinicians for reliable, high-THC medical options.

Developed through Aurora’s advanced genetics breeding program, Black Jelly is a sativa-leaning strain derived from Alien Cake 3030 × T037. It features dense, large flowers, green and orange coloration, and a terpene profile marked by sweet black liquorice and fruity undertones. Premium hang-drying and curing techniques are used to preserve potency and consistency.

Senior Vice President Andreas Dotterweich said Aurora’s combination of genetic expertise, regulatory know-how, and global cultivation scale positions the company to meet prescriber and patient expectations in Poland and beyond.

With more than a decade of experience in international medical cannabis markets, Aurora continues to reinforce its role as a trusted supplier supporting patient access and ecosystem growth across Europe—one proprietary cultivar at a time.

$TLRY ( ▲ 2.06% ) Goes Deep In Vape

Tilray Brands, Inc. (Nasdaq: TLRY, TSX: TLRY) is dialing up the heat in Canada’s vape category with the launch of Amped Live Resin Liquid Diamond 1g 510 cartridges, marking Redecan’s first live resin–liquid diamond lineup. The debut features two strains—Space Age CK and Blueberry DNTS—designed to deliver true-to-strain flavor, aroma, and potency.

The Amped formulation blends 80% Legit Live Resin™ with 20% Liquid Diamonds, aiming to preserve the full-spectrum cannabinoids and strain-specific terpenes consumers expect from premium live resin, while adding extra intensity. Everything—from cultivation to extraction, filling, and packaging—is done in-house, resulting in 100% pure cannabis extract with no fillers, flavors, or cutting agents.

On the hardware side, Redecan engineered Amped around a TrueDraw Ceramic core made from medical-grade zirconia, paired with a wide-body design that improves airflow and reduces clogging. The result: smoother draws and hardware built specifically for high-end extractions.

The timing is deliberate. Live resin vapes have posted 6.3% category growth over the past six months, while liquid diamonds remain among Canada’s top-selling vape formats—especially during the winter peak season.

Currently available in Ontario and Alberta, Amped is slated for national distribution in early 2026, giving Redecan another high-octane entry in Canada’s increasingly competitive vape market.

🗞️ The News

📺 YouTube

LEEF Brands CEO on Killing Debt Before 2026 | Trade to Black

What we will cover:

✅ Is cleaning up debt now the real edge for cannabis companies heading into 2026?

In this episode of TDR Trade to Black, hosts Shadd Dales and Anthony Varrell sit down with Micah Anderson, CEO of LEEF Brands (CSE: LEEF, OTCQB: LEEEF), to talk about one of the biggest moves a cannabis company can make right now: aggressively cleaning up the balance sheet.

Micah walks through why LEEF decided to eliminate over US$10.5 million in debentures early, how much interest expense that actually saves, and why he personally converted his own debentures on the same terms as everyone else. For investors, it’s a rare look at how a CEO thinks about dilution, leverage, and long-term positioning in a tough market.

Shadd and Anthony also get into: • Why balance sheet risk is blocking a lot of M&A • How LEEF is thinking about CapEx, expansion, and outdoor cultivation in California and New York • What makes markets like Nevada, Missouri, New York and Florida interesting (or not) for LEEF’s model • The real differences between operating in California vs. New York from a regulatory and tax perspective • Why having a “clean engine” matters if consolidation accelerates in 2026