💸 The Tape

Florida’s legalization saga has once again found its way to the state’s highest court — not over what’s in a marijuana amendment, but rather, why state officials seem to be doing everything possible to keep it from moving forward.

Smart & Safe Florida, the campaign pushing to get recreational cannabis back on the 2026 ballot, filed a lawsuit with the Florida Supreme Court on Thursday, accusing Secretary of State Cord Byrd of ignoring a crystal-clear statutory duty. The group says Byrd’s office has more than enough verified signatures to trigger a legal and fiscal review but is refusing to send the paperwork to Attorney General Ashley Moody, effectively freezing the process.

The numbers aren’t close: 662,543 verified signatures, or triple the required amount to begin Supreme Court review. Yet the state’s response so far has been… silence. The campaign’s filing calls the delay “nonsensical” and “contrary to the express constitutional order,” asking the court to compel Byrd to “just do his job.”

This wouldn’t be the first time Smart & Safe Florida has accused the DeSantis administration of playing procedural hardball. The campaign is already suing over an effort by election officials to invalidate 200,000 petitions, claiming they’re void because the full text of the amendment wasn’t printed on mailed forms. The group calls that argument “legally baseless,” pointing out that voters were directed to the full language online — and that even if those signatures vanished overnight, they’d still be well above the statutory threshold.

Meanwhile, the broader backdrop is classic Florida politics: a governor who openly opposes recreational cannabis, a power struggle over ballot access, and allegations of state money being funneled through nonprofits to anti-weed campaigns. (Nothing says “family values” like using Medicaid funds to fight marijuana, apparently.)

To make matters more awkward, the 2024 version of Smart & Safe’s amendment actually passed with a majority of votes, falling just short of the state’s 60-percent supermajority requirement. This new iteration tightens public-consumption rules and addresses prior court concerns — though Gov. Ron DeSantis has already said it’s in “big-time trouble” before the Supreme Court.

In short, Florida’s legalization campaign has plenty of signatures, plenty of funding (thanks to Trulieve), and a whole lot of patience running out. Whether the Supreme Court agrees to compel the state to move forward could determine not just marijuana’s fate in Florida — but whether bureaucratic slow-walking has become Tallahassee’s newest anti-weed strategy.

📈 Dog Walkers

$PLNH ( ▼ 3.21% ) Streamlines Footprint

What’s Going On Here: Planet 13 Holdings (CSE: PLTH | OTCQX: PLNH) announced a decisive step in its restructuring strategy with the divestiture of its Orange County retail store and the closure of its Coalinga cultivation facility in California — moves aimed at streamlining operations and boosting profitability.

While the company’s California assets represented a minor share of overall revenue, management confirmed the operations had become cash-flow negative and no longer aligned with Planet 13’s strategic vision. Proceeds from the sale, though not material, will strengthen the balance sheet and support reinvestment in the company’s core markets of Nevada and Florida, where expansion continues.

“This reflects our continued commitment to disciplined capital allocation and operational efficiency,” said Bob Groesbeck, Co-CEO. “By concentrating our efforts on our strongest markets, we’re building a more focused, efficient, and resilient company.”

The Orange County retail license sale is expected to close within three to four months, pending regulatory approvals, while the Coalinga facility will wind down by the end of 2025.

Co-CEO Larry Scheffler added: “We’re grateful to our California team for their dedication during this transition. These steps enable us to redirect resources to high-growth regions and emerging opportunities.”

Bottom line: Planet 13 is executing a leaner, market-focused strategy, exiting underperforming assets to double down on its profitable footprint in Nevada and Florida — a move likely to enhance margins, liquidity, and long-term shareholder value heading into 2026.

Trick or Trump

What’s Going On Here:After years of stagnation, cannabis stocks are flashing early signs of life — fueled by renewed regulatory optimism, fresh earnings catalysts, and speculation that Donald Trump may take a more permissive stance toward marijuana and hemp-derived products.

The sector, long mired in oversupply and policy gridlock, suddenly found new narrative oxygen. Last week, Verano Holdings (Cboe CA: VRNO) reported $203 million in quarterly revenue, up modestly from Q2 but down 6% year-over-year, as price compression and legal settlements weighed on margins. Meanwhile, Curaleaf (OTCQX: CURLF) and Trulieve (OTCQX: TCNNF) are set to report next week — with investors hoping for early signs of sector stabilization.

Momentum also returned to Tilray Brands (NASDAQ: TLRY), which surged 22% in October after beating Q1 estimates. Tilray CEO Irwin Simon told CNBC that potential reforms could mark a “true inflection point” for the industry.

Driving the rally are three intertwined developments:

1. Trump’s apparent openness to Medicare coverage for CBD, as shown in a Truth Social video backed by Palm Beach billionaire Howard Kessler.

2. Trump’s previous remarks supporting a reclassification of marijuana.

3. Active Congressional negotiations around hemp regulation in the Farm Bill.

The “Trump Effect” was immediate — Tilray jumped 42%, Aurora Cannabis (ACB) gained 25%, Canopy Growth (CGC) 18%, and Cronos Group (CRON) 15.5% after the video dropped.

Skeptics, however, caution that Trump’s posts don’t always equal policy. Still, with U.S. cannabis consumption now surpassing daily alcohol use and global sales projected to hit $160 billion by 2032, investor sentiment may finally be shifting from despair to cautious FOMO.

🗞️ The News

📺 YouTube

Hemp vs. Cannabis: Inside the Trump-era Influence War | TDR Cannabis in 5

What we will cover:

✅ TDR Cannabis in 5, presented by Dutchie, breaks down the growing influence of the hemp lobby in Washington and what it could mean for federal cannabis rescheduling. Hosted by Shadd Dales, this episode explores how hemp-derived cannabinoids like Delta-8 and THCP are flooding the U.S. market, reshaping the political conversation around reform, and testing the patience of licensed cannabis operators who play by the rules.

From Senator Rand Paul’s defense of hemp to the Pennsylvania grand jury report exposing mislabeled products, to Missouri’s crackdown on hemp-THC drinks — this episode connects the dots on how hemp is challenging regulated cannabis at every level. We also examine Susie Wiles’ influence inside the Trump administration, how that could affect the path to cannabis rescheduling, and what a potential revised draft of the Farm Bill could mean for the future of both hemp and cannabis.