💸 The Tape

Only six percent of marijuana consumers approve of the Trump administration’s cannabis policy actions so far, according to a new NuggMD–Marijuana Moment survey, even as speculation grows that the president may soon move to reschedule marijuana federally.

The quarterly poll found that just 1.6% “strongly approve” and 4.5% approve of Trump’s handling of cannabis policy, while nearly 56% disapprove or strongly disapprove. Approval among cannabis consumers has fallen sharply, down from 11% last quarter to roughly 6% today.

Yet the data also reveal a sizable political opening. Fifty-one percent of respondents said they would be more likely to support Trump if he rescheduled or legalized marijuana, compared to just 1.5% who said such action would reduce their support. In short: the goodwill is there, but it’s contingent on action.

The poll surveyed 448 frequent cannabis consumers in legal states and carries a ±4.63% margin of error. According to Andrew Graham, NuggMD’s head of communications, “trial balloons won’t cut it”—only tangible reform will register with voters.

Trump has publicly acknowledged he is “very strongly” considering rescheduling, potentially moving cannabis from Schedule I to Schedule III, a shift that would ease research barriers and reduce tax burdens for legal operators. However, no final decisions have been announced, and opposition remains vocal among drug-testing groups and some Republicans.

Bottom line: cannabis voters are unimpressed—but persuadable. Whether Trump acts may determine whether those numbers stay stuck at six percent—or move meaningfully higher.

Full Monty on Marijuana Moment

📈 Dog Walkers

$NLCP ( ▲ 1.47% ) Issues Divvy

NewLake Capital Partners, Inc. (OTCQX: NLCP), a cannabis-focused real estate investment trust, announced that its board of directors has approved a fourth-quarter 2025 cash dividend of $0.43 per share.

The dividend equates to an annualized payout of $1.72 per share and will be paid on January 15, 2026, to shareholders of record as of December 31, 2025. For income-focused investors, that keeps NewLake firmly in the “show-me-the-rent-check” category.

NewLake operates as an internally managed REIT, providing real estate capital to state-licensed cannabis operators primarily through sale-leaseback transactions and build-to-suit funding. The company currently owns 34 cannabis cultivation facilities and dispensaries, all leased to single tenants on a triple-net basis, meaning tenants—not shareholders—cover property taxes, insurance, and maintenance.

In an industry often defined by volatility, NewLake’s steady dividend underscores the appeal of cannabis real estate as a picks-and-shovels strategy—collecting rent while operators focus on growing, selling, and navigating regulation.

$SNDL ( ▲ 11.98% ) Shake n Bake

SNDL Inc. (Nasdaq: SNDL, CSE: SNDL) and 1CM Inc. (CSE: EPIC, OTCQB: MILFF) have revised the structure—but not the economics—of their previously announced retail acquisition, signing an amended and restated arrangement agreement on December 15, 2025.

The updated agreement keeps the $32.2 million all-cash purchase price intact for 32 cannabis retail stores operating under the Cost Cannabis and T Cannabis banners across Ontario, Alberta, and Saskatchewan, but splits the deal into two closings to accommodate provincial regulatory timelines.

The First Closing, expected in January 2026, will include five stores in Alberta and Saskatchewan for $5.0 million, where approvals are anticipated sooner. The Second Closing—covering the remaining 27 Ontario stores—will account for the remaining $27.2 million, once Ontario regulatory approval is secured. The outside completion date has been extended to May 31, 2026.

SNDL has already put skin in the game, paying a $2.0 million non-refundable deposit toward the First Closing. Meanwhile, 1CM shareholders have already approved the transaction, and the company will seek court approval in January 2026 to amend the existing order.

While 1CM still plans a return of capital, shareholders will need to wait until after the Second Closing. In the meantime, proceeds from the first tranche will cover transaction costs and working capital—proof that sometimes even cannabis deals need to pace themselves to keep regulators happy.

🗞️ The News

📺 YouTube

Supreme Court Says No to Cannabis Prohibition Challenge | TTB Powered by Dutchie

What we will cover:

✅What's the latest on cannabis rescheduling - and will it be announced this week?

TDR Trade to Black, presented by Dutchie, is live today at 4 PM Eastern, and the conversation around cannabis reform has evolved quickly since Friday.

Michael Bronstein returns to the show to share the latest signals coming out of Washington after reports surfaced late last week that President Donald Trump is considering an executive action to move cannabis from Schedule I to Schedule III. With a full weekend of political reaction now on the record, the question is what’s changed — and what hasn’t.

The panel breaks down two new developments first reported by Marijuana Moment. In one, a U.S. senator dismisses the rescheduling effort as political positioning, while Democrats push again for full federal legalization. In another, the U.S. Supreme Court declines to hear a challenge from marijuana companies seeking to overturn federal prohibition — keeping the existing legal framework firmly in place for now.