💸 High Impact

Trulieve Is Taking The RPOF To Court

Florida's cannabis saga just got a lot more litigious. Trulieve Inc., the state's largest medical marijuana company, has slapped the Republican Party of Florida with a defamation lawsuit, accusing them of running an "intentionally deceptive campaign" to mislead voters about Amendment 3—a proposed constitutional amendment to legalize recreational marijuana. With mail-in ballots already floating around for the November 5 election, the timing couldn't be juicier.

At the heart of the lawsuit is a TV ad featuring a gardener who dreams of cultivating his own cannabis plants, only to be confronted by a smug "Big Weed" character saying, "Actually, we wrote the amendment, so we're the only ones that can grow it." Trulieve argues that this ad, along with GOP-funded mailers, falsely portrays the company as masterminding a corporate coup to monopolize the cannabis market and squash the little guy.

Opponents of the measure, including Governor Ron DeSantis, claim that Amendment 3 is a boon for existing medical marijuana operators, allowing them to dominate the recreational market while keeping home growers out of the game. They argue it's a power grab that enshrines a monopoly "forever." Trulieve counters that the amendment doesn't ban home cultivation—it simply doesn't address it, leaving current laws unchanged. Plus, they point out that the amendment allows the legislature to increase the number of licensed operators, potentially inviting more competition, not less.

Evan Power, the Republican Party's chairman, fired back with a zinger: "It's so funny that a company that puts almost $100 million into a political campaign is so sensitive about honest TV ads... If this huge, powerful corporation can't handle it, then they should go sit at the little kid's table." Ouch.

For investors, this courtroom drama is more than just political theater; it's a high-stakes indicator of Florida's cannabis market trajectory. Trulieve has invested nearly $93 million into pushing Amendment 3, signaling their anticipation of a lucrative recreational market. However, the lawsuit and the heated rhetoric suggest that legalization faces a bumpy road, riddled with legal potholes and political speed bumps.

In the midst of this legal haze, voters are left to decipher a cloud of conflicting messages thicker than a premium vape hit. Will Florida embrace recreational cannabis and open the doors for market expansion, or will the opposition's tactics keep the industry in its current state? One thing's clear: the Sunshine State's cannabis industry is anything but mellow right now, and both investors and consumers should keep their eyes peeled for the next twist in this rollercoaster ride.

📈 Dog Walkers

LEEF Brands Completes Flagship Facility

LEEF Brands is sowing the seeds of future profits, completing phase one at their 1,900-acre Salisbury Canyon Ranch in Santa Barbara County. With a 187-acre permit for cannabis cultivation, they've invested over $7 million in real estate and infrastructure—think wells, irrigation, and enough fencing to corral a small army. Expect the first crop to bloom in 2025. CEO Micah Anderson calls it a "major achievement," and they're not stopping there. They've snagged a hemp cultivation permit to diversify their green portfolio. Add a fresh $1 million note payable and some strategic share issuances, and it seems LEEF is cultivating more than just plants—they're harvesting financial growth.

NORML Are Joining The Party

NORML is stepping up to the plate, filing their notice to join the DEA's December hearing on reclassifying marijuana. With the DEA considering moving cannabis from the dreaded Schedule I to the more lenient Schedule III, NORML wants a front-row seat—and who can blame them? They've been in this game since day one. While the Biden administration and HHS are warming up to the idea that cannabis isn't the big bad wolf it's been made out to be, NORML is pushing for full descheduling. After all, why settle for bronze when you can go for gold? Investors, keep your eyes peeled—this could be a game-changer in the cannabis market.

Spain Looks To Go Medical

Spain's regulators are finally rolling out the red tape for medical cannabis, but patients aren't lighting up in celebration just yet. The draft royal decree published on September 30 is so restrictive, it might as well come with a straitjacket. Only specialist doctors can prescribe cannabis, and only for a handful of conditions like MS and refractory epilepsy. Forget about popping into your local pharmacy; you'll need a pilgrimage to a hospital dispensary. Patients like Carola Pérez of the OECM say this will just push people back to the black market. With producers unlikely to invest in domestic clinical trials, and GPs sidelined, Spain's medical cannabis scene looks more like a missed investment than a budding opportunity. Making healthcare political? Now that's a buzzkill for both patients and investors alike.

IM Cannabis Reports German Revenue

IM Cannabis Corp. is seeing green in Germany—literally and financially. Their German subsidiary, Adjupharm GmbH, reported a 50% revenue boost in Q3 2024 over Q2's CAD$3.5 million, blowing past expectations. Since Germany partially legalized cannabis in April 2024, demand has been higher than a kite, especially in pharmacies. CEO Oren Shuster credits a robust supply chain for meeting this sky-high demand.

👾 Number Of The Day

$215,700,000 Dollar amount of vapes sold in Alberta over the last year.

🗞️ The News

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NORML Files Notice of Intent To Participate in DEA’s Marijuana Rescheduling Hearing

Top GOP Pennsylvania Senator Voices Support For Marijuana Decriminalization, Activist Who Spoke With Her Says

Former NBA Player Says He Smoked Marijuana Before Interviewing Kamala Harris And Jokes He Might ‘Sneak Something In’ To White House If She Wins

📺 YouTube

High Tide CEO Discusses Latest Cannabis Earnings | Trade to Black

What we covered:

✅ On our latest Trade To Black podcast, Raj Grover CEO of High Tide (NASDAQ: HITI) joins us to talk about the cannabis companies latest earnings and how the company continues to report record revenue for the quarter.

We will also touch on a recent article that was published by Canadian media publication Globe and Mail who placed High Tide at No. 87 out of 417 companies listed on the 2024 Report on Business ranking of Canada's Top Growing Companies.

Plus Seth Yakatan joins us to talk about the California market and Governor Gavin Newsom’s recent news where the state of California was sued by hemp companies, including Cheech and Chong over the controversial hemp THC ban.