💸 The Tape

As Justin Trudeau packs his bags and waves goodbye to the Canadian PM gig, the people have spoken—and their verdict smells suspiciously skunky. According to the Angus Reid Institute, a whopping 52% of Canadians crown cannabis legalization as Trudeau’s pièce de résistance. Forget pandemics (47%), gender equality (38%), or that pesky carbon tax (19%)—Trudeau’s true legacy is a nation of legal tokers, puffing proudly under the maple leaf. With only 24% calling it a flop, it’s clear: the man who once promised hope and change delivered joints and joy instead.

Back in 2018, Trudeau didn’t just talk the talk—he sparked the walk, legalizing adult-use marijuana nationwide after campaigning on it like a hipster messiah. Sure, the rollout had its hiccups (supply shortages, anyone?), but Canada’s now a case study in how to blaze a trail without burning down the house. A December government report revealed that 97% of consumers buy from legal sources—take that, black market! Meanwhile, youth use hasn’t spiked, high-schoolers say weed’s harder to snag, and beer sales are down. Turns out Canadians swapped their Molson for marijuana, proving even hosers can evolve.

So, what’s the U.S. to glean from this northern high? First, regulation beats prohibition. Canada’s system offers a safer alternative to black-market bud, cutting crime without turning kids into stoners—sorry, Reefer Madness fans. Second, don’t sweat the medical marijuana dip; patients might ditch prescriptions when dispensaries pop up, but access stays solid. Third, prep for the beer lobby to cry into their pints—substitution’s real, and Big Brew might need a new game plan.

Trudeau’s green triumph wasn’t perfect—pipeline woes (17%) and inflation flops (14%) still haunt him—but he proved a bold move can stick the landing. For Uncle Sam, staring down a patchwork of state laws and federal frowns, Canada’s playbook says: go big, go federal, and don’t skimp on the rollout. With similar use rates and support across the border, America’s got no excuse to stay in the prohibition dark ages. Trudeau’s parting gift? A legacy that’s lit—and a masterclass in how to legalize without losing your chill. Time to pass the torch, eh?

📈 Dog Walkers.

Trulieve Shuffles Deck

What’s Going On Here: Trulieve Cannabis Corp., America’s pot powerhouse, just shuffled its money maestros: Wes Getman’s out as CFO to “pursue other opportunities” , while Ryan Blust, the finance VP since 2018, steps up as interim cash king, effective March 6, 2025. CEO Kim Rivers gave Wes a gold star for Sarbanes-Oxley heroics, but Blust’s 20-year finance résumé—from boats to aerospace—says he’s ready to roll (joints or profits, take your pick). An exec headhunter’s now on the case for a permanent green-thumbed genius.

Why Should You Care: Mr Blust, has filled the role now several times as the CFO spot has been somewhat of a musical chairs position for Trulieve. Maybe its time to make Ryan the top dog and the next CFO (with staying power) is sitting right in front of them.

Georgia Makes Some Interesting Moves

Whats Going On: Georgia’s Senate just threw a curveball at the hemp and cannabis scene, proving even Southern conservatives can vibe with Mary Jane—sort of. In a pre-Crossover Day frenzy, they passed three bills: SB 254, championed by Sen. Bill “Buzzkill” Cowsert, axes THC-infused drinks entirely (sorry, hemp seltzer fans), calling a 10 mg sip a “loaded gun”—four wines’ worth, he claims. Meanwhile, SB 220 cranks medical cannabis THC from 5% to 50%, adds lupus, and okays vaping, because why not? SB 33 slaps labels on delta-8 goodies for clarity. Off to the House they go—Georgia’s getting lit, legally!

Why You Should Care: This is quite the unusual but semi welcomed string of events in the Peach State. The medical program is taking a few steps forward while certain facets of the hemp industry gets a lid put on it. Like most states I am assuming we will see some augmentation of the hemp bans as they will face scrutiny and litigation.

🗞️ The News

📺 YouTube

TDR’s Biggest Cannabis Developments for the Week of March 3 | Trade to Black

What we will cover:

✅ First, we’ll discuss the possibility of Donald Trump backing federal marijuana legalization. Longtime drug policy advocate Howard Wooldridge revealed that a White House staffer invited him to propose why Trump should support federal legalization. Trump's stance on cannabis has been unpredictable, supporting Florida legalization while appointing anti-cannabis officials. Wooldridge's pitch will highlight the political advantages of ending federal prohibition, aligning with Republican values on states' rights and the booming cannabis industry's financial potential.

We'll also cover North Carolina's potential shift towards medical marijuana, with House Speaker Destin Hall signaling possible support for a medical cannabis bill.

In earnings news, Curaleaf reported $331.1 million in Q4 revenue, with a 48% gross margin and $75.8 million in adjusted EBITDA. Trulieve reported $301 million in Q4 revenue, beating analyst estimates. Additionally, Glass House Brands secured a $50 million credit facility at 8.58% fixed interest—a rare win in a cash-strapped industry, improving their balance sheet and replacing a high-interest loan.