💸 The Tape

As President Donald Trump signals he is “very strongly” considering rescheduling marijuana, bipartisan senators used a Senate hearing this week to underscore a closely related—and unresolved—problem: cannabis banking.

During a hearing of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, lawmakers questioned Tyler Klimas, former head of the Nevada Cannabis Compliance Board and current founder of Leaf Street Strategies, about how federal prohibition complicates state regulation and public safety.

Sen. Catherine Cortez Masto (D-NV) emphasized that even if cannabis is moved from Schedule I to Schedule III, it would not fix the industry’s lack of access to banking, renewing her call for passage of the SAFER Banking Act. “We want fair access to banking,” she said, noting Nevada’s thousands of legal cannabis jobs.

Subcommittee Chair Sen. Thom Tillis (R-NC) agreed the issue needs addressing, acknowledging that two-thirds of states now have legal cannabis markets. However, he expressed hesitation about SAFER, citing concerns about youth-appealing marketing and what he described as a regulatory “Wild West.”

Klimas testified that 40 states and territories have regulated cannabis markets generating billions in tax revenue, yet businesses remain cash-heavy, creating public safety risks and limiting transparency for regulators. He stressed that rescheduling alone provides no banking safe harbor, making congressional action essential.

The hearing highlighted a familiar paradox: state-legal cannabis is treated as a legitimate industry locally but a liability federally. While lawmakers broadly agree the banking problem exists, momentum behind SAFER Banking remains stalled—despite the House passing versions of the bill seven times.

Bottom line: rescheduling may change the label—but without banking reform, the structural risks remain firmly in place.

Full Monty on Marijuana Moment

📈 Dog Walkers

$OGI ( ▲ 8.89% ) Prints Stellar Q4

Organigram Global Inc. (NASDAQ: OGI, TSX: OGI) capped Fiscal 2025 with record-breaking results, reinforcing its position as Canada’s #1 recreational cannabis company by market share.

For Q4 Fiscal 2025, Organigram delivered gross revenue of $123.3 million (+76% YoY) and net revenue of $80.1 million (+79% YoY). Adjusted EBITDA climbed to $9.8 million, while adjusted gross margin expanded to 38%, reflecting stronger international sales, improved product mix, and operational efficiencies.

On a full-year basis, the numbers were even louder. Fiscal 2025 gross revenue reached $403.0 million (+63% YoY), with net revenue of $259.2 million and Adjusted EBITDA surging 160% to $21.9 million. International revenue jumped to a record $26.3 million, up 173% year-over-year, highlighting the company’s growing global footprint.

Strategically, Organigram made several high-impact moves, including the Motif Labs acquisition, which expanded extraction capacity and cemented leadership in pre-rolls and vapes, and the Collective Project acquisition, marking entry into cannabinoid beverages in both Canada and the U.S. The company also advanced FAST™ fast-acting soluble technology, seed-based cultivation, and genomics R&D, driving higher yields and lower costs.

Looking ahead, management expects Fiscal 2026 net revenue to exceed $300 million, with continued margin expansion fueled by scale, innovation, and international demand.

In short: Organigram didn’t just grow in 2025—it scaled with intent.

Full Report

S3 Educate Yourself

Media reports suggest President Donald Trump is strongly considering an executive order that would push federal agencies to resume the stalled process of rescheduling cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA). For the cannabis industry, that headline alone qualifies as objectively good news—with several caveats.

An executive order cannot reschedule cannabis by itself. Instead, it would likely direct the Attorney General and the DEA to finish an administrative rulemaking process that began under the Biden administration. That process was triggered by a May 2024 Notice of Proposed Rulemaking (NOPR), following a recommendation from HHS that cannabis has an accepted medical use and no longer belongs alongside heroin in Schedule I.

After receiving 40,000+ public comments, the DEA moved the matter into an adjudicatory hearing phase before an Administrative Law Judge (ALJ)—a process that has since stalled due to procedural disputes, leadership changes, and appeals over who qualifies as an “interested party.”

If revived, the most straightforward path would be for the DEA to complete hearings and publish a Final Rule, a process that could still take several months. Less likely—but possible—options include withdrawing the NOPR, ordering new studies, or attempting a narrow emergency rulemaking under the CSA and Administrative Procedure Act.

One thing is guaranteed: litigation will follow. What remains uncertain is how fast rescheduling happens—and how durable it proves. The optimism is real, but so is the fine print.

🗞️ The News

📺 YouTube

Why Trump’s Cannabis Language Is Getting Stronger | TDR Cannabis in 5

What we will cover:

✅If you’re ever injured in an accident, you can check out Morgan & Morgan. You can start your claim in just a click without having to leave your couch. To start your claim, visit: https://www.forthepeople.com/TDR

Is cannabis rescheduling moving closer to reality — and why does the President’s language suddenly matter so much?

On this episode of TDR Cannabis in Five, host Shadd Dales breaks down why the conversation around cannabis rescheduling has shifted from quiet agency review to front-page political territory. What was once procedural background noise is now being discussed openly by President Donald Trump, with noticeably stronger language than just weeks ago.

Back on August 11, the President described cannabis rescheduling as “something we’re reviewing.” This week, that wording changed to “very strongly considering.” That shift may sound subtle — but in Washington, language like this often signals movement behind the scenes.

The episode explains why this moment feels different from past reform rumors, why markets are reacting to probability rather than policy details, and why visibility matters as much as substance. As cannabis reform becomes a topic the President is repeatedly asked about in public, it increasingly moves from bureaucratic review into political decision-making territory.

Rather than re-explaining what rescheduling is, this breakdown focuses on momentum, timing, and what signals investors, operators, and policymakers are actually watching next.