💸 The Tape

Rubicon Organics (TSXV: ROMJ) (OTCQX: ROMJF), Canada’s self-styled champion of premium and organic cannabis, has wrapped up 2024 with a strong financial finish, delivering 21% year-over-year growth and planting seeds for a much bigger 2025. With revenue hitting $48.7 million, the company is now flexing its green muscle across vapes, flower, and soon—international markets.

“2024 was a record year,” said CEO Margaret Brodie, “and our vape launch proved that when you combine premium branding with quality products, you can absolutely outrun the market.” Apparently, they also outran supply: with Canadian cannabis facing a shortage, Rubicon is poised to pounce while others scramble to catch up.

High Points from 2024:

• Net revenue grew to $48.7 million (up 21%)

• Adjusted EBITDA of $4.0 million (despite $0.9M in ERP-related speed bumps)

• $3.4 million in cash from operations and $1.9 million in free cash flow

• Multiple awards including “Brand of the Year” for 1964 Supply Co™

• #15 topical brand (Wildflower™) with 27.1% market share

• Full-spectrum extract vapes surged to 13.4% market share within just six months of launch

What’s Next? A Lot More Flower.

Rubicon’s ambitious 2025 plans include acquiring a 47,500 sq. ft. indoor grow facility in Hope, British Columbia—which will add a juicy 4,500 kg to its annual capacity, a 40% increase over its current Delta Facility. The goal? Boost total output to 15,500 kg annually, satisfying the growing demand for premium cannabis in both domestic and export markets.

While the Hope facility won’t contribute to revenue until 2026, Rubicon will absorb some costs upfront. CFO Janis Risbin said refinancing at 6.75% over five years has kept the balance sheet lean and mean, despite upcoming expansion expenses.

Brand Power in a Tighter Market

With shelf space in Canada getting more competitive—and loyalty becoming the name of the game—Rubicon is doubling down on consumer trust and brand recognition. As others eye export dollars, Rubicon sees a chance to fortify its home turf.

International Vibes, Local Roots

With its first international shipment already executed and global interest growing, Rubicon plans to “test and learn” abroad in 2025. But Canadian consumers remain the priority.

Looking Ahead

Rubicon forecasts continued revenue and EBITDA growth in 2025 (Hope Facility costs aside), with new product genetics, expanded vape offerings, and growing international momentum. The cannabis market may still be evolving, but Rubicon’s playbook—organic, premium, and aggressively growth-minded—is looking like a blueprint for long-term success.

Let’s just say: if Rubicon’s 2024 was a joint, 2025 might be a blunt.

📈 Dog Walkers.

Spectrum Is Back In Business

What’s Going On Here: Canopy Growth just turned up the dial on its medical cannabis game with the launch of Spectrum Reserve, a premium flower line curated for patients who want their medicine with a little extra oomph. Think of it as the "craft beer" of medical cannabis—high-THC, terpene-rich strains vetted through rigorous in-house standards and patient feedback loops. The program takes a “survival of the dankest” approach: only the fan favorites stick around while new genetics regularly rotate in. The first drop includes four heavy hitters ranging from the earthy Power Plant x Super Silver Haze to the berry-scented Raspberry Parfait, all boasting THC levels north of 22% and terpene profiles to match. With Spectrum Reserve, Canopy’s reminding everyone that top-shelf meds aren’t just for rec users.

Why This Matters: Metrum was a big acquisition by CGC back in the early days of the Canadian cannabis industry. Its nice to see them dust off the brand and bring them back into the market up north.

Jean Guy Comes Home To Quebec

Whats Going On Here: Tilray is bringing its iconic Jean Guy strain back to its roots—sort of. The #1 selling cannabis strain in Québec is now officially being cultivated in-province at Tilray’s cutting-edge Masson-Angers facility. Formerly grown in Ontario, the move not only taps into local pride but also boosts operational efficiency at a facility that already produces over 12 tonnes of cannabis a year and employs more than 100 Québecers. Alongside this shift, Jean Guy will get a packaging makeover with a new logo, debuting April 8th, as a nod to Tilray’s commitment to the Québec market. The Masson-Angers site also grows favorites like Grand Daddy Purps and Pineapple Express, making it a key hub for Tilray’s Good Supply brand—and a local source of pride for la belle province.

Why This Matters: Tilray <3’s Quebec.

🗞️ The News

📺 YouTube

Trump Stalls Cannabis Reform, Plus Mindmed CEO's 2025 Outlook | Trade to BLack

What we will cover:

✅ Host Shadd Dales and Anthony Varrell dive into the latest cannabis news coming out of Washington.

Despite supporting cannabis rescheduling and banking reform on the campaign trail, the Trump administration now says it has “no action” planned for marijuana policy—at least for now.

Meanwhile, Florida’s legalization campaign faces legal heat over alleged election law violations.

On the psychedelic front, Shadd and Anthony welcome in MindMed CEO Robert Barrow. With Phase 3 trials underway for MM120, targeting Generalized Anxiety Disorder, MindMed is positioning itself as a leader in the future of mental health treatment, including LSD-based therapies.

They also break down the ripple effects of RFK Jr.’s appointment to HHS and the FDA’s recent rejection of MDMA therapy—issues that could shape the regulatory landscape under the Trump administration.