💸 The Tape

The race to become the next U.S. Attorney General is more than a personnel shuffle—it could determine whether President Donald Trump’s December 18, 2025 Executive Order on cannabis rescheduling becomes a landmark reform or gathers dust on a bureaucratic shelf. With Pam Bondi’s abrupt departure, Acting AG Todd Blanche is currently at the helm, while EPA Administrator Lee Zeldin emerges as the leading contender for the permanent role. Both men bring distinct backgrounds and records on cannabis policy that could shape how aggressively the DOJ finalizes marijuana’s move from Schedule I to Schedule III.

The EO itself was straightforward and ambitious. It directed the Attorney General to “take all necessary steps to complete the rulemaking process related to rescheduling marijuana to Schedule III… in the most expeditious manner.” The order cited HHS’s earlier recommendation, emphasized medical research gaps, and aimed to unlock tax relief under IRC Section 280E while expanding access to CBD for research and patient care. It stopped short of full legalization but represented the most concrete federal action yet to align policy with state-level realities and scientific consensus.

Todd Blanche: Insider Continuity with Industry Credibility

Todd Blanche, 51, is no stranger to high-stakes legal battles. A former federal prosecutor, he became one of Donald Trump’s most trusted defense attorneys, representing him in the New York hush-money case and other matters. Trump appointed him Deputy Attorney General under Bondi, and Blanche stepped into the acting role immediately after her exit. Recent reports indicate Trump specifically wants Blanche to sign the final rescheduling rule rather than waiting for Senate confirmation of a permanent AG.

On cannabis, Blanche’s record is pragmatic rather than ideological. Industry insiders have described him as “a big net positive” for the sector, citing his familiarity with the rescheduling file and apparent willingness to keep the process moving. There is no public history of vocal opposition to reform; instead, his actions as Acting AG suggest continuity with the EO’s directive. Sources close to the administration note he has already signaled support for completing the administrative steps without unnecessary delay. His prosecutorial background gives him credibility on enforcement issues, potentially helping him navigate any pushback from hardliners while advancing research-focused rescheduling.

Lee Zeldin: States’ Rights Moderate with a Cautious Congressional Record

Lee Zeldin, the former New York Congressman and current EPA Administrator, is the name most frequently floated as Trump’s preferred permanent nominee. A veteran and longtime Trump ally, Zeldin has a voting record that defies easy categorization on cannabis. He voted against the MORE Act (federal legalization) in 2020 and 2022 but supported amendments protecting state medical cannabis programs from federal interference. He backed measures allowing VA doctors to recommend medical marijuana and expanding CBD research, yet drew the line at extending protections to recreational programs.

Zeldin’s philosophy leans heavily toward states’ rights. He has argued that cannabis policy should largely be left to individual states, a stance that aligns with Trump’s broader federalism rhetoric but could temper aggressive implementation of the EO. While he is not a prohibitionist, his opposition to full federal legalization suggests he might favor a narrower interpretation of Schedule III—focusing on research, medical access, and tax relief—rather than signaling broader leniency. His EPA role has shown him to be a disciplined executor of Trump’s agenda, but cannabis is not his primary policy domain.

Who Would Better Advance the EO? A Clear Distinction

If the goal is swift, faithful implementation of Trump’s December 18, 2025 Executive Order, Todd Blanche is the stronger choice. Already in the role and personally tasked by Trump to finalize the rule, Blanche offers continuity and momentum. His lack of ideological baggage on cannabis, combined with industry praise for his approach, positions him to move the rulemaking forward expeditiously. Rescheduling to Schedule III would immediately ease 280E tax burdens, expand research, and provide regulatory clarity—outcomes the EO explicitly seeks. Blanche’s prosecutorial experience could also help manage any legal or enforcement concerns that arise during the transition.

Lee Zeldin, while competent and loyal, might introduce more caution. His congressional record shows support for medical protections and states’ rights but resistance to sweeping federal reform. As AG, he could interpret the EO more narrowly, prioritizing research and medical applications over broader commercial implications. This measured approach might slow the process or limit its scope, potentially disappointing industry stakeholders hoping for maximum relief. Zeldin’s strengths lie in execution and political alignment with Trump, but his cannabis history suggests he would be a steadier hand rather than an accelerator.

Prospects and Broader Implications

Prediction markets currently favor Zeldin for the permanent post, with Blanche viewed as a capable interim placeholder. Senate confirmation for either man would likely succeed given Republican control, though Zeldin’s higher profile could invite more scrutiny from cannabis advocates concerned about his past votes. The EO’s fate ultimately rests less on personality than on bureaucratic momentum: the DEA rulemaking process is already advanced, and both men would operate within Trump’s clear directive.

For the cannabis industry, the stakes are high. Successful rescheduling would unlock banking access, tax deductions, and research funding—foundational steps toward federal coherence. A Blanche-led DOJ might deliver that outcome faster; a Zeldin-led one could deliver it more conservatively. Either way, the December 18, 2025 Executive Order has already shifted the Overton window. The question now is which Attorney General will turn rhetoric into regulatory reality.

In Washington, where personnel is policy, the choice between Blanche and Zeldin could quietly determine whether cannabis reform becomes a Trump-era achievement or remains an unfinished promise. The industry—and millions of patients and businesses—will be watching closely.

📈 Dog Walkers

$VREOF ( ▼ 0.74% ) Expands In Empire State

Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) has formed a strategic partnership with Ace Venture of NY, LLC (“Ace”), a New York-based Minority & Women-Owned Business Enterprise led by lifelong New Yorker Steven Acevedo, to establish what is expected to become the state’s first scaled social equity operator from a minority-owned vertically integrated medical cannabis license.

Under the agreement, Ace will assume a 51% ownership interest in Vireo Health of New York, LLC (“Vireo NY”), creating a majority social equity-owned platform backed by Vireo’s extensive operational expertise, compliance infrastructure, and regulatory experience built in New York since 2014.

The partnership pairs local community leadership with one of the state’s most established cannabis platforms, which includes cultivation, manufacturing, and retail infrastructure developed over more than a decade of regulated medical operations. Vireo will continue providing operational support to ensure regulatory compliance, product quality, and operational excellence as the platform expands.

John Mazarakis, CEO of Vireo, and Steven Acevedo will serve on the board of managers of Vireo NY.

Acevedo commented: “New York’s cannabis industry must reflect the communities it serves. I’ve spent my career building relationships across neighborhoods… This partnership is built on trust and shared values, and I’m proud to work alongside John and the Vireo team to build something durable and community-centered for New York.”

He also thanked Governor Hochul, Assembly Majority Leader Crystal D. Peoples-Stokes, and Senator Liz Krueger for their leadership on social equity, as well as Mazarakis for his integrity and long-term mindset.

Mazarakis added: “We’re excited to reach this agreement with Ace, which will bring tremendous leadership to New York’s cannabis community… This partnership reflects our belief that social equity and operational excellence must go hand in hand.”

The transaction aligns with New York’s emphasis on inclusive industry development while leveraging Vireo’s proven track record. By combining community credibility with established infrastructure, the partnership aims to create a responsible, scalable operator that meets both regulatory priorities and long-term growth objectives in the state.

$VFF ( ▼ 0.36% ) Shakes Up C-Suite

Village Farms International, Inc. (NASDAQ: VFF) has launched a formal succession planning process for its long-serving Chief Financial Officer, Stephen (“Steve”) Ruffini.

Ruffini will continue in the CFO role until a permanent replacement is identified. He will remain an employee of the company and is expected to transition into a new leadership position focused on mergers and acquisitions. This move reflects Village Farms’ strategic emphasis on combining organic growth with targeted, accretive acquisitions on a global scale.

President and CEO Michael DeGiglio commented: “We’re proud to celebrate Steve’s tremendous career as CFO of Village Farms, and thrilled to retain his talents to lead our efforts surrounding strategic M&A activities. As a highly-skilled and trusted advisor to our leadership team and Board, he’s the perfect candidate to lead this function during such an important time for the Company, and we’re excited to continue working together for the foreseeable future.”

Ruffini added: “After nearly two decades with Village Farms, I’m honored to be transitioning away from the CFO role with the Company in the strongest financial position of its history. The Company has a bright future, which I look forward to contributing to through my new role and responsibilities. It’s an exciting period of growth for the Company, and this new role is a great fit for my capabilities.”

Ruffini joined Village Farms in 2009 and played a pivotal role in transforming the former income trust into a leading player in the cannabinoid-based consumer packaged goods sector. Key accomplishments under his leadership include the company’s uplisting to NASDAQ, multiple debt and equity financings that funded its entry into cannabis, and several strategic transactions that created shareholder value.

The succession process ensures continuity in financial leadership while positioning Ruffini to drive the company’s next phase of growth through M&A. With the cannabis industry continuing to consolidate and Village Farms focused on scaling its operations in Canada and internationally, the timing allows the company to maintain strong financial oversight while actively pursuing opportunistic acquisitions.

This announcement underscores Village Farms’ commitment to disciplined capital allocation and long-term strategic planning as it navigates a maturing cannabis market.

🗞️ The News

📺 YouTube

Pam Bondi Fired — What It Means for Cannabis | TTB Presented by Flowhub

What we will cover:

✅ Big developments out of Washington—and this one could have real implications for cannabis reform.

Last night, The New York Times reported that Pam Bondi was potentially on her way out as Attorney General under Donald Trump.

Fast forward to today, and now multiple outlets are reporting that she has in fact been fired—with Lee Zeldin being considered as a possible replacement.

So what does that mean for cannabis rescheduling?

That’s exactly where we start on this episode of Trade To Black, presented by Flowhub. Shadd Dales and Anthony Varrell break down how this leadership shake-up could impact timing, decision-making, and overall momentum around federal cannabis reform—especially with the industry already watching closely for movement.

Marc Cohodes will join us as well to give his take on what it means for cannabis rescheduling timeline.

Then we shift to Idaho—and this is where things get even more interesting.