💸 The Tape

The culture wars have produced many unexpected alliances, but this one deserves a double take: the National Rifle Association and leading drug policy reform groups are now shoulder-to-shoulder at the U.S. Supreme Court—not over background checks or legalization per se, but over whether the federal government can strip cannabis consumers of their gun rights.

At the center of the legal drama is United States v. Hemani, where the Court will consider the constitutionality of 18 U.S.C. § 922(g)(3), the statute that bars “unlawful users” of controlled substances from possessing firearms. Historically, that language has meant marijuana consumers—regardless of whether they’re medical patients, occasional users, or stone-cold sober at the time they touch a firearm.

The NRA’s argument is disarmingly simple: American history supports restricting gun use while intoxicated, not permanently disarming people based on their status as users of an intoxicant. In other words, colonial lawmakers worried about drunken musket mishaps, not about what someone did last weekend. The NRA brief leans heavily on the Court’s recent Second Amendment framework, which demands that modern gun laws resemble historical traditions. A blanket, status-based ban on all cannabis users? That tradition is, shall we say, historically understocked.

Enter NORML and the Drug Policy Alliance, who argue that cannabis consumers are plainly part of “the people” the Second Amendment protects. Their briefs add a historical twist: hemp and cannabis were widely cultivated and used in early America, including medicinally, without any tradition of disarming users as a class. If history is the test, they contend, Congress flunked it.

DPA also takes aim at the statute’s vagueness. What exactly is an “unlawful user”? Someone who tried a gummy once? A patient with a state card? A weekend CBD enthusiast who misread a label? When a felony—and loss of constitutional rights—hinges on an undefined lifestyle label, DPA argues, we’re in constitutional quicksand.

Not everyone is cheering this coalition tour. A bloc of states, gun control groups, and cannabis prohibition advocates are urging the Court to uphold the ban, arguing that drug use correlates with dangerousness and that Congress has leeway to draw bright lines. The federal government maintains that illegal drug users, as a category, pose elevated risks. Critics respond that this lumps a cancer patient using medical cannabis in with hard-drug scenarios that dominate the government’s anecdotes.

What makes this moment especially awkward is policy whiplash. Dozens of states allow medical or adult-use cannabis, Congress routinely blocks federal interference with state medical programs, and federal rescheduling discussions are ongoing—yet a cannabis consumer filling out a firearm form still has to answer “yes” to a question that can trigger felony exposure. It’s a legal regime where a product can be sold with a state license but cost you a constitutional right.

Oral arguments are scheduled soon, and the Court’s decision could reshape how “dangerousness” is defined in gun law more broadly. If justices strike down the cannabis-related application of § 922(g)(3), it won’t legalize marijuana or deregulate firearms. It will, however, signal that constitutional rights can’t be erased by a broad status label untethered from individualized risk.

For now, the headline writes itself: in America’s ever-evolving policy kaleidoscope, the NRA and cannabis reformers have found common cause. Stranger bedfellows have existed—but not many with this much constitutional firepower.

Source: Marijuana Moment

📈 Dog Walkers

$CBSTF ( ▼ 8.32% ) Enters Forbearance

The Cannabist Company Holdings Inc. has entered the restructuring conversation without officially using the “R-word.” The company announced a forbearance agreement with an ad hoc group of lenders holding more than 75% of its senior secured notes, buying time after skipping interest payments due December 31, 2025.

Here’s the mechanics. Cannabist elected not to make interest payments on its 9.25% Senior Secured Notes and 9.00% Senior Secured Convertible Notes, both due 2028. Thanks to a grace period, that wasn’t an immediate default — but once the 30-day window passed, it technically became one. Instead of accelerating the debt, noteholders agreed to forbear from enforcement until February 17, 2026.

Important distinction: forbearance is a standstill, not a solution.

Management says the move preserves liquidity while it evaluates “strategic alternatives.” In industry translation, that usually points to asset sales, liability management, refinancing attempts, or broader restructuring discussions. The company recently sold its Virginia assets, signaling willingness to trade footprint for runway.

The 75% creditor participation is key. That group now effectively controls amendment leverage and the direction of negotiations. This shifts the situation from dispersed bondholders to a creditor-led process.

Forbearance windows typically come with milestones and tight timelines. If a deal isn’t reached — or the agreement isn’t extended — lenders regain full enforcement rights after mid-February.

Zooming out, this reflects a broader cannabis trend: operators with high-coupon legacy debt facing tight capital markets and asset valuations below original expectations.

Bottom line: Cannabist isn’t in formal restructuring, but it’s clearly in active capital structure negotiations. The next several weeks will determine whether this becomes a balance-sheet reset, further asset divestitures, or something more formal.

🗞️ The News

📺 YouTube

Canadian Cannabis Stocks Take Center Stage | TTB Weekly Recap

What we will cover:

✅In the latest TDR Trade to Black Weekly Recap, presented by Flowhub, host Shadd Dales breaks down a pivotal week for the cannabis sector, with Canada firmly in the spotlight and capital markets showing renewed selectivity across North America.

The episode begins with a detailed look at High Tide (NASDAQ: HITI | CSE: HITI), which closed fiscal 2025 with record revenue, expanding retail margins, and positive free cash flow. The company’s loyalty-driven retail model and growing international exposure through Germany continue to separate it from peers in a competitive Canadian landscape.

Attention then turns to Cannara Biotech (TSX-V: LOVE), which delivered one of the cleanest quarters in the sector, marked by strong margin expansion, internally funded growth, and disciplined production scaling in Québec.

On the biotech front, Cardiol Therapeutics (NASDAQ: CRDL | TSX: CRDL) announced a $14.85 million financing, extending its runway as it advances late-stage cardiovascular clinical programs. The raise is positioned as a strategic funding step rather than a balance-sheet rescue.