💸 The Tape

The New Hampshire House of Representatives took a significant step toward ending cannabis prohibition this week, advancing comprehensive legalization legislation with decisive initial approval.

On Wednesday, House lawmakers passed HB 186 by a 208–135 vote, clearing the bill’s first major hurdle and signaling once again that the lower chamber is ready to align state law with regional and national realities. The legislation, sponsored by Democratic Rep. Jared Sullivan, would legalize adult-use cannabis and establish a regulated commercial market in the Granite State.

Under the bill, adults 21 and older would be permitted to possess up to two ounces of cannabis, 10 grams of concentrates, and edibles containing up to 2,000 milligrams of THC. Home cultivation would also be allowed, with residents permitted to grow up to six plants, including three mature plants.

“This is about ending unnecessary arrests and treating cannabis with the same regulatory seriousness we apply to alcohol,” Sullivan said. “Our constituents overwhelmingly support legalization. The law should reflect that reality.”

Beyond personal possession, HB 186 creates a Cannabis Commission and Cannabis Advisory Board tasked with overseeing licensing, testing, and retail sales. Recreational cannabis would be subject to an 8.5% excise tax, with revenue earmarked for prevention, treatment, and education programs—an approach designed to balance economic opportunity with public health safeguards.

Advocates argue the bill would place New Hampshire among the most consumer-forward legalization frameworks in the country. Karen O’Keefe of the Marijuana Policy Project highlighted provisions that go well beyond retail access, including expungement of prior convictions, non-discrimination protections related to employment, child custody, medical care, and professional licensing, and strong health and safety standards.

Legal experts echoed that sentiment. David Ullian, a partner at Vicente LLP, called HB 186 a “golden opportunity” for New Hampshire to finally join the rest of New England, noting that every neighboring state already operates a legal adult-use cannabis market.

Despite the House vote, the bill faces a steep uphill battle. The New Hampshire Senate has historically blocked legalization efforts, and Governor Kelly Ayotte has publicly committed to vetoing any cannabis legalization bill that reaches her desk.

Still, supporters see momentum building.

“What’s clear,” Ullian noted, “is that New Hampshire residents have waited long enough. The House has done its job. The question now is whether the rest of state government is prepared to catch up with public opinion.”

HB 186 now moves to the House Finance Committee, after which it must survive a final House vote before heading to the Senate—where the real test begins.

📈 Dog Walkers

$SNDL ( ▼ 0.61% ) Completes Purchase

SNDL Inc. (Nasdaq: SNDL, CSE: SNDL) has completed the acquisition of five cannabis retail stores in Alberta and Saskatchewan from 1CM Inc. (CSE: EPIC; OTCQB: MILFF; FSE: IQ70), marking the first closing under the parties’ amended and restated arrangement agreement dated December 15, 2025.

This initial transaction represents the first phase of a broader, two-stage acquisition strategy. As previously disclosed, SNDL expects to complete the second and final closing in the first half of 2026, which would include the acquisition of 27 additional cannabis retail locations in Ontario, subject to receipt of all required provincial regulatory approvals.

Upon completion of the full transaction, SNDL will further expand its retail footprint across key Canadian markets, reinforcing its position as one of the country’s largest and most diversified cannabis retailers.

$CMPS ( ▼ 2.56% ) Moves Forward With The FDA

Compass Pathways plc (Nasdaq: CMPS) announced that the U.S. Food and Drug Administration has accepted its Investigational New Drug (IND) application for COMP360, clearing the path for a late-stage clinical trial in post-traumatic stress disorder (PTSD). The acceptance allows Compass to initiate a Phase 2b/3 study and marks a significant expansion of the company’s clinical pipeline beyond treatment-resistant depression (TRD).

To outline its clinical strategy and commercialization roadmap, Compass management—alongside key opinion leaders and industry experts—will host a webinar today discussing the PTSD trial design and ongoing preparations for a potential COMP360 launch in TRD.

Advancing COMP360 Into Late-Stage PTSD Development

The FDA’s IND acceptance enables the launch of COMP202, a multicenter, randomized, double-blind Phase 2b/3 trial evaluating the efficacy, safety, and tolerability of COMP360 in patients with PTSD. The study includes two components:

• Part A (Blinded Phase): A 12-week, fixed repeat-dose comparison of two administrations of COMP360 25 mg versus 1 mg, with the second session occurring approximately four weeks after the first. The primary endpoint is change from baseline in CAPS-5 total severity score at Week 8.

• Part B (Open-Label Extension): A 40-week follow-up evaluating long-term safety and durability of response, including a single open-label retreatment with COMP360 25 mg.

COMP360 may be administered alongside a single permitted oral antidepressant in both study phases.

This late-stage program builds on encouraging earlier data. A prior Phase 2 open-label PTSD study demonstrated that COMP360 was generally safe and well tolerated, with rapid and durable symptom improvements lasting up to 12 weeks following a single administration. Those results were published in the September 2025 issue of the Journal of Psychopharmacology.

Parallel Momentum in Treatment-Resistant Depression

While expanding into PTSD, Compass continues to advance toward potential commercialization in TRD. The company reported a positive FDA Type B meeting in September 2025 covering its New Drug Application strategy, including the possibility of a rolling submission. To support that pathway, Compass plans to disclose additional Phase 3 data in the second half of Q1 2026, with longer-term data from its second pivotal study expected in early Q3 2026.

Compass has also expanded its clinical network through a new collaboration with Radial, strengthening its readiness to integrate COMP360 into real-world healthcare settings.

Financial Position Strengthened

Compass recently amended its term loan facility with Hercules Capital, expanding total availability to $150 million and extending both the interest-only period and maturity date. The transaction improves balance-sheet flexibility and supports operations into 2027 and beyond.

Taken together, the FDA’s IND acceptance for PTSD, continued progress in TRD, and enhanced financial runway position Compass Pathways for a pivotal year as it advances COMP360 toward late-stage validation and potential commercialization.

🗞️ The News

📺 YouTube

What Rescheduling Means Beyond Markets | TTB Powered by Flowhub

What we will cover:

✅ What happens next after cannabis rescheduling — and who really benefits? Is expungement finally moving from discussion to action?

Coming up Wednesday at 4PM ET, Trade To Black presented by Flowhub returns with hosts Shadd Dales and Anthony Varrell covering the latest developments out of Washington surrounding the federal rescheduling of cannabis.

Plus, Jerry Haymon joins us for the first time. Who is he? Well get ready for this. Jerry shares a powerful firsthand perspective on the expungement and justice side of cannabis reform. Closely connected to Weldon Angelos of Mission Green, Harmon’s journey includes Division I college football, early involvement in California’s legal cannabis market, and a decade-long federal sentence tied to non-violent cannabis conspiracy charges that included approximately 6,600 pounds.

In the second segment, Weldon Angelos joins us discuss the historic rescheduling announcement and his involvement in the process, including direct conversations with the 47th President of the United States - Donald Trump. Angelos shares his perspective on why this executive action happened now, when rescheduling could realistically be signed off.