💸 The Tape

One of prohibitionists’ favorite talking points—that cannabis legalization fuels teen use—just took another hit. According to new data from Germany’s Federal Institute for Public Health, youth marijuana consumption actually declined following the country’s move to legalize adult-use cannabis last year.

The institute’s Drug Affinity Study, published Tuesday, tracked cannabis use among 7,001 adolescents and young adults between April and July 2025. The results are striking:

• Ages 12–17: Past-year cannabis use dropped from 6.7% to 6.1%, while more regular consumption (10+ times per year) also fell, from 1.3% to 1.1%.

• Ages 18–25: Past-year use nudged upward, from 23.3% to 25.6%, with the increase concentrated among young men.

That means the reform—enacted in April 2024, when adults gained the right to possess, grow, and join cannabis social clubs—hasn’t unleashed a flood of teenage tokers. Instead, early signs suggest the policy has held the line on underage access, even as more young adults experiment.

Officials React

Germany’s former health minister Karl Lauterbach, who shepherded the legalization plan, was quick to frame the findings as vindication. “Bans do not deter young people,” he said. “The goal was to protect children and adolescents—and the data show consumption has not increased, it has even decreased.”

Current institute director Johannes Nießen struck a more cautious tone, calling the youth decline encouraging but urging continued monitoring of the rise among 18–25 year-olds.

A Broader Trend

Germany isn’t the only country seeing legalization decouple from teen use. In the U.S., data from SAMHSA and studies supported by the National Institute on Drug Abuse (NIDA) show youth consumption has stayed flat—or fallen—across most states that legalized. A 2023 Marijuana Policy Project report found that in 19 of 21 adult-use states, teen cannabis use declined an average of 35%.

Canada’s government has also reported that daily or near-daily cannabis use among youth has remained stable since nationwide legalization in 2018.

In other words: the kids are (mostly) alright, and fears of runaway youth use appear overblown.

Politics Still in Play

Despite the positive data, Germany’s legalization law remains under political review. After this year’s elections, coalition parties agreed to conduct an “open-ended evaluation” of the policy, leaving the door open to tweaks. For now, though, officials appear content to let legalization run its course.

Bottom Line

Germany’s early data add to a growing international case that cannabis regulation doesn’t trigger surges in teen use—and may even suppress it. Prohibitionists may need to update their playbook, because if kids are lighting up less after legalization, it’s harder to argue the sky is falling.

📈 Dog Walkers

$HITI ( ▼ 3.62% ) Expands

What’s Going On Here: High Tide Inc. (Nasdaq: HITI | TSXV: HITI | FSE: 2LYA) is proving that cannabis retail can still pack a punch, announcing three new Canna Cabana store openings across Ontario and Alberta. The additions—set in North York, Etobicoke, and Fort McMurray—bring the company’s Canadian footprint to 210 locations (89 in Alberta, 88 in Ontario).

CEO Raj Grover credits the company’s strong free cash flow for fueling self-funded expansion, noting the plan to add two to three new stores per month without external capital. The strategy: open only in high-growth, high-revenue neighborhoods where Cabana culture can thrive.

• North York (Sept. 26): A high-visibility spot at Lawrence & Victoria in a busy shopping hub.

• Etobicoke (Sept. 27): Positioned on Islington Ave., bridging nearby neighborhoods with a bustling business district.

• Fort McMurray (Sept. 29): Anchored in the downtown core, complementing the company’s existing north-side location and serving both workers and visitors.

With each ribbon-cutting, High Tide continues to cement its reputation as Canada’s largest cannabis retailer—one that prefers steady, profitable growth over flashy, debt-fueled expansion.

$CYBN ( ▼ 2.98% ) Is Looking Towards The Future Fast

What’s Going On Here: Cybin Inc. (NYSE American: CYBN | Cboe CA: CYBN), a clinical-stage neuropsychiatry company, underscored its momentum with fresh updates spanning pipeline milestones, IP strength, and commercial prep.

Key Differentiators

• Proprietary Delivery: Oral and intramuscular formulations designed for clinical scalability.

• Manufacturing at Scale: Partnership with Thermo Fisher Scientific secures U.S.-based, commercial-grade production for CYB003.

• Defensive IP Moat: Patent protection across multiple indications, with exclusivity projected until 2041.

Pipeline Catalysts

CYB003 – Major Depressive Disorder (MDD)

• APPROACH™ (Phase 3, 220 patients/45 sites): Topline data expected Q4 2026.

• EMBRACE™ (330 patients): Launching Q4 2025 in multiple geographies.

• EXTEND Study: Long-term rollover safety/durability.

• Breakthrough Therapy Designation: Expedited FDA path, building on 71% remission at 12 months from Phase 2 durability.

CYB004 – Generalized Anxiety Disorder (GAD)

• Enrollment completed (36 patients, Phase 2).

• Topline data due Q1 2026.

• Intramuscular delivery system positions program for broader MDD + GAD expansion.

Market Context & Validation

• AbbVie’s acquisition of Gilgamesh’s psychedelic asset reinforces Cybin’s thesis: IP + differentiated molecules = value drivers.

• With psychedelic deal flow heating up, Cybin’s extensive patent portfolio + proprietary deuteration tech looks strategically well-timed.

Commercial Prep

• Thermo Fisher partnership provides drug substance + capsule manufacturing at two U.S. facilities.

• Osmind collaboration opens access to 800+ U.S. psychiatry clinics, with real-world data and point-of-care software integration for launch readiness.

🗞️ The News

📺 YouTube

Inside Verano’s $202M Quarter with COO Trip McDermott | Trade to Black

What we will cover:

✅ Verano Holdings (CBOE: VRNO) reported $202 million in revenue, 56% gross margins, and 33% EBITDA margins in its August 2025 earnings release. Strong numbers on paper, but how were they actually achieved? In this exclusive sit-down, Trade To Black host Shadd Dales, alongside co-host Anthony Varrell, speaks with Verano Chief Operating Officer Trip McDermott to break down the operational story behind those results. From cultivation efficiency to retail execution and product mix, this interview goes beyond the headline numbers to uncover what really drives Verano’s performance.

In this episode of Trade To Black presented by Dutchie, presented by Shadd Dales and Anthony Varrell, Trip McDermott offers a rare inside look at Verano’s entire platform. That includes cultivation and processing, wholesale discipline, and retail execution across more than 150 stores under the Zen Leaf and MÜV banners. We cover state-by-state operations, including Florida promotions, Illinois category shifts, New Jersey’s premium product growth, and Pennsylvania’s price compression. Trip explains the levers that drove Verano’s margin profile, how sustainability plays into 2025, and the operational playbook guiding one of the industry’s largest multi-state operators.

This conversation is a deep operational review of how Verano balances revenue, margins, promotions, and product categories across multiple states — offering insights into the mechanics that support financial durability in today’s competitive cannabis market.