💸 The Tape

Kentucky is on the brink of a historic shift, with Gov. Andy Beshear (D) announcing the state is “very, very close” to launching its long-awaited medical marijuana program—a rollout he says will happen “within the next couple of weeks.” The first dispensary, located in Ohio County, is expected to have product on shelves imminently, with the governor predicting rapid expansion from day one.

Kentucky’s patient base is already sizable: 23,757 residents have obtained e-certifications, including 1,756 cancer patients and more than 15,000 individuals with chronic pain who might otherwise rely on opioids. Beshear framed the program explicitly as an alternative to addictive pain medications.

On the business side, the state has approved 16 cultivators, 48 dispensaries, six safety labs, and certified 506 physicians to issue recommendations. Multiple cultivators now have harvested product undergoing testing—a milestone reached less than a year after cultivation licenses were awarded.

Beshear has also continued pressing the federal government for reform, recently urging President Donald Trump to allow the proposed move of cannabis to Schedule III to proceed, calling it essential for patient relief, public safety, and research.

While acknowledging implementation took “longer than we would have liked,” Beshear issued executive orders waiving patient renewal fees and preserving protections for those who obtain medical cannabis out of state.

With dispensary approvals accelerating and inventory now in testing, Kentucky’s medical cannabis era is finally about to begin.

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$HITI ( ▼ 1.2% ) Opens 3 New Locations

High Tide Inc. (Nasdaq: HITI, TSXV: HITI, FSE: 2LYA) is closing out the year with a burst of retail expansion, announcing the opening of three new Canna Cabana stores across Ontario and Alberta—in Calgary, London, and Brampton. With these additions, High Tide hits 218 Canna Cabana locations nationwide, including 91 in Alberta and 94 in Ontario, reaching the upper end of its previously stated goal of opening 20–30 new stores in 2025.

CEO Raj Grover said the new locations underscore the strength of the company’s discount club model and its ability to execute “with precision,” adding that the Canna Cabana brand is ending the year exactly where leadership hoped it would.

The London store, located at 1299 Oxford Street East, is expected to open December 15, pending approval. The Brampton shop at 34 Avondale Blvd is slated for December 20, serving a young, fast-growing neighbourhood with little nearby competition. The Calgary location, 7248 Ogden Road SE, targets a mature residential area and is expected to open December 23, sitting beside daily-needs retailers that drive consistent traffic.

Meanwhile, High Tide’s new Berlin Canna Cabana—its first international store—remains temporarily closed due to an unspecified operational matter, though the company expects a quick resolution.

With Canada stores firing on all cylinders and Europe gearing up, High Tide is ending the year at full stride.

$LEEF.CSE ( ▲ 7.14% ) Cleans Up Balance Sheet

LEEF Brands, Inc. (CSE: LEEF, OTCQB: LEEEF) has taken a major step toward financial cleanup, announcing the full early conversion of its outstanding 11% secured convertible debentures due September 9, 2027, totaling approximately US$10.59 million in principal plus accrued interest.

Under newly amended incentive terms, debenture holders converted their notes into units at CAD $0.25, with each unit consisting of one common share and one warrant exercisable at CAD $0.30 for 36 months. The transaction will result in the issuance of roughly 59.2 million units. CEO Micah Anderson also fully converted his own debenture and an additional $982,080 in notes payable, signaling strong insider confidence.

The strategic rationale is straightforward: this move wipes out nearly all long-term debenture debt, leaving only two real estate notes—one for $4.2 million at 4% and another for $7 million at 0% interest. LEEF says the overhaul boosts financial flexibility, supporting expansion of Salisbury Canyon Ranch and the company’s growing New York operations.

The transaction arrives amid stronger operating performance, including 24% year-over-year revenue growth and doubling gross margins in Q3.

“This conversion strengthens our capital structure heading into 2026,” Anderson said. CFO Kevin Wilson added that LEEF enters the new year with a simplified balance sheet and improved margins—setting the stage for “high-margin growth” across key markets.

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In this week’s episode of TDR Trade to Black, presented by Dutchie, host Shadd Dales walks through key developments in U.S. cannabis policy, state regulatory updates, and business activity across the sector. The guiding question for the episode is: Do these developments reflect broader policy momentum, or are they simply incremental steps in a longer process?

The episode opens with new filings submitted to the U.S. Supreme Court. Americans for Prosperity Foundation, the Cato Institute, and the Pacific Legal Foundation have urged the Court to revisit Gonzales v. Raich, arguing that federal authority under the Commerce Clause may not extend to cannabis operators whose activities do not cross state lines. If the Court agrees to hear the case, it would represent the most significant constitutional review of federal marijuana law in nearly twenty years.