💸 The Tape

A new analysis published in The Lancet Regional Health – Europe offers some early data on what happened to marijuana use and driving behavior in Germany following the country’s adult-use cannabis legalization — and the short-term results are… surprisingly calm.

Researchers from the University Medical Centre Hamburg-Eppendorf, the Federal Highway and Transport Research Institute, and the University of Leipzig compared two large cross-sectional surveys conducted before and after legalization. To create a quasi-controlled comparison, they included Austria — where recreational cannabis remains illegal — as a reference point.

Here’s where it gets interesting:

• Past-year use in Germany ticked up modestly from 12.1% before legalization (Nov–Dec 2023) to 14.4% after (Nov 2024–Jan 2025).

• But when put in context — comparing Germany’s change to Austria’s over the same period — the increase was not statistically significant. In other words, there was no clear signal that legalization itself caused widespread consumption growth.

On the traffic safety front, the data might surprise both advocates and critics:

• Among respondents who used marijuana at least monthly, self-reported driving under the influence of cannabis (DUIC) actually fell slightly, from 28.5% to 26.8%.

• When looking at combined cannabis+other substance driving (what the study terms “DUIC(+)”), about 21.5% of reported episodes at follow-up involved both marijuana and alcohol or other drugs.

The patterns within those categories also revealed nuance:

• Marijuana-only DUIC was most common among daily users

• DUIC with alcohol or other drugs was highest among weekly users

This suggests that habitual use and polydrug use may influence how and when people choose to drive after consumption — but it also underscores that legalization alone isn’t a simple on/off switch for unsafe behavior.

Importantly, the researchers caution that these early observations are not the final word. Germany implemented updated THC driving limits in August 2024, and the market rollout of legal cannabis still has momentum. Both policy and behavior may continue to evolve over time. As the study notes, longer-term monitoring is needed to determine whether public safety trends emerge as legal adult use becomes more established.

For now, this early data challenges simple cause-and-effect claims about legalization. Neither a dramatic surge in use nor a spike in cannabis-impaired driving has appeared in the first year, at least in the aggregate.

In other words: the German experience so far suggests that legal access doesn’t automatically translate into reckless behavior. But as with most things in drug policy, the story is far more complex than a headline statistic — and the final chapters are still being written.

Source: Marijuana Herald

📈 Dog Walkers

$CRDL ( 0.0% ) Raises Cash

Cardiol Therapeutics (NASDAQ: CRDL | TSX: CRDL) has completed a $14.85 million private placement, providing fresh capital to support the advancement of its late-stage cardiovascular drug development programs. The offering included the full exercise of the underwriter’s over-allotment option, signaling solid institutional demand despite a cautious biotech capital markets environment.

The company issued 11.4 million units at $1.30 per unit. Each unit consists of:

• One Class A common share, and

• One-half of a warrant (two half-warrants = one full warrant)

Each full warrant allows the purchase of one additional share at $1.75 for 24 months. This structure gives investors equity upside while limiting near-term dilution compared to a straight equity raise.

Use of Proceeds

Funds will primarily support:

• Ongoing clinical development programs

• Expansion of Cardiol’s anti-inflammatory and anti-fibrotic heart disease pipeline

• Working capital and general corporate expenses

For a late-stage biotech, this raise appears aimed at extending runway through key clinical milestones — the inflection points that typically drive valuation.

Cost of Capital

The underwriting fee came in at 6% of gross proceeds, which is within normal ranges for Canadian-led biotech financings. Notably, the offering was completed under Canada’s Listed Issuer Financing Exemption, meaning the securities are freely tradable in Canada without the typical hold period — a liquidity positive for investors.

Strategic Takeaway

This is a runway extension financing, not a balance sheet rescue. Cardiol is reinforcing its ability to:

• Advance clinical trials without immediate reliance on partnerships

• Maintain operational flexibility

• Bridge toward potential value-creating data catalysts

The attached warrants also create a potential secondary capital source if the stock appreciates above $1.75, effectively providing built-in future financing capacity without another deal.

For shareholders, the key question remains unchanged: clinical execution. This financing buys the company time to generate the data needed to justify a higher valuation — the currency that ultimately matters most in development-stage biotech.

🗞️ The News

📺 YouTube

Cannabis Rescheduling Still Waiting | TTB Weekly Recap

What we will cover:

✅ This week’s TDR Weekly Recap, presented by Flowhub, focuses on where federal cannabis reform stands now — and what the industry is watching next — alongside key company developments heading into 2026.

On the policy front, the White House publicly included cannabis rescheduling as one of President Donald Trump’s first-year accomplishments following last month’s executive order directing the Department of Justice to complete the process of moving marijuana from Schedule I to Schedule III. While the order signals intent, rescheduling remains unfinished until the DOJ publishes a final rule. Industry attention is now squarely on timing, implementation, and how federal agencies follow through.

In Florida, the adult-use cannabis campaign faces another uphill battle. Smart & Safe Florida is racing to meet signature requirements while polling continues to fall short of the state’s 60 percent threshold. Legal challenges, election audits, and renewed scrutiny from state officials underscore how difficult ballot initiatives remain in Florida’s regulatory environment.

On the company side, Curaleaf released preliminary fourth-quarter results showing modest sequential growth, stable margins, and strategic exits from hemp and Missouri. The company continues to optimize its footprint while expanding selectively in core markets.