💸 The Tape

In Washington, missing a congressional deadline is practically a tradition. But when the agency responsible for deciding what’s “legal hemp” versus “illegal marijuana” blows past its own clock, the hemp industry isn’t chuckling — it’s reaching for the panic button.

The Food and Drug Administration was supposed to deliver three carefully crafted lists by February 10, 2026: every cannabinoid the agency knows can be naturally produced by the cannabis plant; every tetrahydrocannabinol-class cannabinoid that occurs naturally; and every other cannabinoid that either mimics THC’s effects or is marketed that way. The agency was also ordered to clarify exactly what counts as a “container” for the new 0.4-milligram total-THC-per-package limit that will soon govern every gummy, beverage, and vape cartridge on store shelves.

None of it arrived.

A spokesperson for the Department of Health and Human Services told Marijuana Moment the lists would appear in the Federal Register “in time.” That time has now come and gone without so much as a press release. For an industry already staring down a federally mandated market wipeout in November, the silence is deafening.

The backstory is straightforward but seismic. The 2018 Farm Bill legalized hemp with a simple 0.3 % delta-9 THC threshold on a dry-weight basis. Last year’s appropriations package, signed by President Trump, quietly rewrote the rules. Starting in November 2026, “hemp” will be defined far more narrowly: total THC (including delta-8 and every isomer), any synthesized or non-naturally occurring cannabinoids, and any cannabinoid the Secretary of Health and Human Services decides has “similar effects” to THC. Intermediate hemp products sold directly to consumers will be banned outright. The new per-container cap? Just 0.4 milligrams of total THC or any of those “similar-effect” compounds.

Jonathan Miller, general counsel of the U.S. Hemp Roundtable, didn’t mince words when reached Tuesday. “We’re disappointed, but not surprised. The FDA has been quite slow in meeting congressional deadlines when it comes to hemp in the past — and in some cases ignoring them entirely.” He called the missed deadline “even more imperative” proof that Congress must pass an extension. “There is a whole lot of work to do, and the FDA is going to be in the middle of this, and there’s not enough time to come up with a thought-out regulatory regime to replace the ban.”

The lists were never just bureaucratic busywork. They were meant to give companies, regulators, and courts a clear map for distinguishing compliant hemp from prohibited marijuana once the new law takes effect. Without them, every product formulator, retailer, and state inspector is flying partially blind. And the “container” definition? Miller is right to obsess over it. Is a 12-pack of hemp seltzer one container or twelve? A 30-count bottle of gummies? The answer could decide whether entire product categories live or die.

Fortunately, alternatives are already on the table. The Hemp Enforcement, Modernization, and Protection (HEMP) Act would scrap the outright ban and instead allow adult-use (21+) sales of consumable hemp products under strict guardrails: child-resistant, tamper-evident packaging; full cannabinoid disclosure; QR-coded certificates of analysis; and a ban on mixing in alcohol, caffeine, nicotine, melatonin, or any other substance that could amplify or alter cannabinoid effects. Manufacturing and testing standards would be mandatory, facilities would register with the government, and HHS would propose a total-cannabinoid cap within 60 days of passage.

A shorter-term lifeline, the Hemp Planting Predictability Act, would simply push the ban back two years — buying breathing room for farmers, processors, and lawmakers to negotiate a permanent fix. House Oversight Chairman James Comer (R-KY) stood with worried growers at a recent press conference, underscoring the agricultural stakes. Alcohol retailers, hardly natural allies of the hemp crowd, have also joined the chorus, urging delay to protect a category that has become an unexpected shelf-mate in their stores.

Public sentiment is equally clear: a recent poll found four in five marijuana consumers oppose recriminalizing hemp-derived THC products — and that was before Trump’s February executive order directing the Attorney General to finish rescheduling marijuana to Schedule III and urging Congress to revisit the hemp definition so full-spectrum CBD remains accessible.

The same order quietly green-lit a Medicare demonstration model that would let certain beneficiaries receive doctor-recommended CBD at no cost. An executive at a hemp company working with CMS says the coverage rules were finalized internally weeks ago. Trump himself floated senior-friendly CBD reform last summer in a video touting cannabidiol’s benefits for older Americans.

Another Republican-led bill would simply stop the appropriations rider’s hemp ban from ever taking effect.

All of which leaves the FDA’s radio silence looking less like a simple oversight and more like Exhibit A in the case for why rushing a market-killing policy was never wise. The hemp sector isn’t asking for a free pass; it’s asking for time to build the very regulatory guardrails Congress claims to want.

As Miller put it, “This episode makes it clear why we need to have the extension.” In an industry that has already survived more plot twists than a daytime soap, one more delay might be exactly what’s needed before the credits roll on a billion-dollar market.

Source: Marijuana Moment

📈 Dog Walkers

$CGC ( 0.0% ) Gets Shareholder Approval

In an era where corporate votes can often be fractious affairs, MTL Cannabis Corp. shareholders decided to keep things refreshingly harmonious.

On February 17, 2026, MTL investors cast their ballots in a special meeting with overwhelming conviction, approving Canopy Growth Corporation’s acquisition of the company. The results were nothing short of impressive: 99.97% of all votes cast were in favor, while 99.80% of minority shares (after regulatory exclusions) also gave the green light. With nearly 89% shareholder participation, the message was loud and clear — this combination has genuine momentum.

“The strong shareholder support received today marks a significant milestone toward completing this strategically compelling combination of two organizations that will create Canada’s leading medical cannabis company,” said Luc Mongeau, Chief Executive Officer of Canopy Growth (TSX: WEED, Nasdaq: CGC). “By combining MTL’s cultivation capabilities with our scale, we’re creating a more robust and competitive platform for long-term success in the Canadian and regulated international markets. We’re grateful to MTL shareholders for endorsing this vision and look forward to the opportunities ahead.”

The deal, structured as a plan of arrangement, is now sailing toward the finish line. Closing is anticipated before the end of March 2026, subject to final court approval and other customary conditions.

This transaction isn’t just about growth in numbers — it’s about creating a stronger, more capable player ready to excel in medical cannabis both at home and abroad. For an industry that continues to mature, strategic moves like this may well define the leaders of tomorrow.

$TLRY ( ▲ 3.64% ) Goes Big On More……. Beer

In the beer world, some collaborations are simply meant to be. Today, Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY) announced an exclusive licensing agreement with the Carlsberg Group that begins January 1, 2027 — a deal that pairs one of the planet’s most storied brewers with America’s fourth-largest craft beer producer.

Under the multi-year pact, Tilray gains the rights to produce, market, sell, and distribute an all-star lineup of Carlsberg brands across every U.S. channel: the flagship Carlsberg®, Carlsberg Elephant®, 1664®, and Kronenbourg 1664 Blanc®. The initial five-year term comes with an automatic five-year renewal if performance hurdles are cleared — a structure that rewards success with longevity.

Tilray will leverage its existing U.S. brewing facilities, national sales force, and distribution muscle to manufacture these European icons locally, aiming to grow their share in the world’s second-largest beer market. The partnership instantly bolsters Tilray’s credentials as a scaled, diversified beverage powerhouse while giving Carlsberg deeper roots in a market hungry for premium imports.

“This partnership brings together two highly complementary organizations and underscores the strength of Tilray’s beverage platform,” said Irwin D. Simon, Chairman and Chief Executive Officer of Tilray Brands. “By combining Carlsberg’s iconic global brands and proven brewing heritage with Tilray Beverages’ U.S. operational scale, quality standards, and national commercial team, we are well positioned to expand Carlsberg’s presence in the premium European segment and drive long-term growth in the U.S. beer market. Beer is here to stay.”

Prinz Pinakatt, Chief Growth Officer of Tilray Beverages, added: “Carlsberg’s portfolio aligns perfectly with our expanding platform. Our ability to brew at scale and commercialize effectively makes us the ideal partner to support their growth objectives.”

The move delivers immediate scale and revenue upside, enhances Tilray’s product mix and distributor leverage, and puts existing brewing, packaging, and logistics assets to even better use — all while respecting Carlsberg’s 1847 heritage of “brewing for a better today and tomorrow.”

For investors and beer lovers alike, this frothy alliance signals that the best pours may still be ahead.

🗞️ The News

📺 YouTube

Canopy, Tilray, Organigram & COMPASS Shift the Landscape | TTB Powered by Flowhub

What we will cover:

✅ In our latest TDR Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down one of the busiest news cycles across both the cannabis and psychedelic sectors.

On the cannabis side, Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) moves closer to completing its acquisition of MTL Cannabis following overwhelming shareholder approval. Meanwhile, Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) expands its beverage strategy through a major U.S. licensing agreement with Carlsberg Group, reinforcing its diversification thesis.

In Europe, Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) announces a transformative €130 million acquisition of Sanity Group, positioning itself as a top operator in Germany’s rapidly scaling medical cannabis market. CEO of Sanity Group Finn Age Hansel and Chief Strategy Officer of Organigram Paolo De Luca will join us to discuss the rationale behind the deal.

Plus, on the psychedelic front, COMPASS Pathways plc (NASDAQ: CMPS) presented Phase III data for COMP360 psilocybin in treatment-resistant depression, reporting statistically significant results across multiple trials and setting the stage for a rolling NDA submission with the FDA.