💸 The Tape

The most important thing to understand about President Donald Trump’s cannabis rescheduling directive is not what it does—but what it signals.

On paper, moving marijuana from Schedule I to Schedule III under the Controlled Substances Act is a narrow, technocratic change. Cannabis remains federally illegal. States don’t suddenly get a free pass. And no one is lighting up on the White House lawn. What does change is taxes, research access, and—perhaps most importantly—political psychology.

For years, state lawmakers—especially Republicans—have treated cannabis like a political live wire. Support it too loudly and risk federal blowback; oppose it outright and look increasingly out of touch. Trump’s executive order shifts that calculus. When a Republican president publicly acknowledges medical value and directs agencies to finish rescheduling, it quietly lowers the cost of saying “yes.”

That matters in places like Pennsylvania, where legalization has been stuck in a bipartisan stalemate despite overwhelming public support. Suddenly, reform isn’t a progressive experiment—it’s aligned with federal direction. The same dynamic is now playing out in Tennessee and other red or purple states, where leaders are framing rescheduling as a “first step” rather than a cultural surrender.

Is this comprehensive reform? Not even close. Banking, criminal justice, and equity remain unresolved. But politics runs on permission structures, and Trump just handed one out.

In short: the policy impact is incremental. The political permission slip is anything but.

📈 Dog Walkers

$VREOF ( ▼ 9.38% ) Makes Colorado Play

Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) announced plans to further consolidate its position in Schwazze’s capital structure, agreeing to acquire additional senior secured convertible notes at a meaningful discount.

Vireo will purchase approximately $2.6 million of outstanding principal and accrued interest on Schwazze’s notes for total consideration of about $1.6 million, paid entirely in Vireo subordinate voting shares priced at $0.54 per share. In other words, Vireo is buying senior secured paper at roughly 62 cents on the dollar—not exactly retail pricing.

Upon closing, expected later this month, Vireo will control approximately 89% of Schwazze’s outstanding senior secured convertible notes, giving it significant influence over Schwazze’s balance sheet optionality and any future restructuring or conversion scenarios.

The transaction remains subject to customary closing conditions and regulatory approvals, with the issued shares subject to Canadian resale restrictions and CSE hold periods.

Strategically, the move reflects classic distressed-credit playbook execution: acquire senior secured exposure at a discount, strengthen downside protection, and preserve upside through conversion optionality. For Schwazze, it simplifies the noteholder base. For Vireo, it deepens its financial leverage—without levering up its own balance sheet with cash.

In a cannabis market still working through excess leverage, owning the paper can be just as powerful as owning the plants.

Canada On The Up and Up

Canada’s legal cannabis market delivered another respectable, if unspectacular, performance in October, generating CA$451.7 million in nationwide sales, according to newly released data. While that figure represents a modest pullback from September’s CA$474.9 million, it comfortably reinforces the industry’s new normal: monthly sales north of CA$400 million.

Ontario once again carried the load, posting CA$187 million in sales and reaffirming its role as the country’s economic engine for regulated cannabis. Alberta followed with CA$86 million, while Quebec contributed CA$70 million, rounding out the familiar trio that continues to dominate national volumes. Together, these provinces accounted for the majority of Canadian cannabis demand, with the balance distributed across British Columbia and other regions.

The slight month-over-month dip does little to dent the broader narrative. Consumer participation remains steady, retail footprints are largely built out, and pricing dynamics—while competitive—have stabilized compared to prior years.

With October now in the books, year-to-date 2025 sales have reached approximately CA$4.52 billion, keeping the industry firmly on track for another record-setting year. At this point, Canada’s cannabis market may no longer be flashy—but it is reliable, resilient, and very much here to stay.

🗞️ The News

📺 YouTube

Trump’s Executive Order Changes the Cannabis Playbook | TTB Weekly Recap

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Was this the week cannabis policy officially turned a corner?

In this week’s TDR Trade To Black Weekly Recap, presented by Dutchie, the focus shifts to what actually moved the cannabis industry — confirmed federal action, court decisions, earnings, and where capital is quietly positioning.

Federal cannabis rescheduling is now official after President Donald Trump signed an executive order directing agencies to complete the move from Schedule I to Schedule III under the Controlled Substances Act. This is not federal legalization, but it removes the 280E tax penalty, expands legitimate medical research, and signals a clear shift in how Washington views cannabis as an industry.

At the same time, the U.S. Supreme Court declined to hear Canna Provisions v. Bondi, leaving federal prohibition intact and keeping pressure squarely on Congress and the executive branch — not the courts.

On the business side, Canadian operators delivered standout earnings and strategic M&A. Organigram Global Inc. (NASDAQ: OGI, TSX: OGI) posted record Fiscal 2025 results, reinforcing its position as Canada’s top recreational cannabis company by market share. U.S. operators continued refinancing, divesting non-core assets, and consolidating ahead of what could be a very different regulatory environment.