💸 The Tape

The White House appears to have put marijuana rescheduling on a stopwatch.

According to sources familiar with internal discussions, President Trump has instructed Pam Bondi, the U.S. Attorney General, to wrap up the federal marijuana rescheduling process by the end of January—with the not-so-subtle message that “eventually” is no longer an acceptable timeline.

The executive order Trump signed last week directs the Department of Justice to “take all necessary steps” to complete the rulemaking process to move cannabis from Schedule I to Schedule III under the Controlled Substances Act, and to do so expeditiously. Translation: follow the law, but don’t bury it in procedural molasses.

Under federal statute, the final call must come from the Department of Justice, working in coordination with the Department of Health and Human Services, which already recommended rescheduling back in 2023. Trump’s directive doesn’t shortcut that process—but it does make clear that drawn-out administrative drift is no longer tolerated.

If DOJ hits the January deadline, marijuana could officially land in Schedule III by early spring. That wouldn’t legalize cannabis federally, but it would meaningfully change the economics and optics of the industry: 280E disappears, research barriers ease, and FDA-approved cannabis medicines could be prescribed nationwide. In short, fewer handcuffs, more spreadsheets.

The urgency reflects mounting pressure from lawmakers, operators, investors, and patients who have been stuck in rescheduling purgatory since the review process began. A finalized rule would mark the first change to marijuana’s federal classification in more than 50 years—not exactly a routine housekeeping item.

DOJ hasn’t publicly confirmed the timeline. But when a president sets a deadline—and puts it in writing—it’s usually a sign that “someday” has officially become “soon.”

Source: MJ Herald - You’re on the clock

📈 Dog Walkers

$HITI ( 0.0% ) Hightlights A Banner 2025

High Tide Inc. wrapped up 2025 by doing something that’s become unfashionable in cannabis: executing the plan and making money while doing it.

The year marked High Tide’s transition from dominant Canadian retailer to bona fide global operator. The Company crossed 200+ Canna Cabana stores, surpassed 2.4 million Cabana Club members, and—perhaps most notably—entered the German medical cannabis market via its majority acquisition of Remexian Pharma. That move quietly positioned High Tide as one of the largest importers and distributors of medical cannabis in Europe’s most important market, without lighting capital on fire in the process.

On the financial front, discipline remained the theme. High Tide exited the year with an annualized revenue run-rate of $600 million (pre-Germany), adjusted EBITDA run-rate north of $42 million, and continued free cash flow positivity—a rare trifecta in retail cannabis. Same-store sales grew 7.4% year over year, while retail productivity hit $1,735 per square foot, a metric that would look respectable even outside the cannabis aisle.

Operationally, the Company added 27 new stores, landing at 218 locations, and retained a 12% market share across its operating provinces. Its loyalty engine continued to compound, with 139,000 ELITE members anchoring one of the most defensible customer ecosystems in global cannabis retail.

White-label products also gained traction, with Queen of Bud SKUs expanding across both cannabis and accessories, reinforcing margin control and brand stickiness.

In short, 2025 wasn’t about splashy promises—it was about scale, profitability, and optionality. As CEO Raj Grover put it, growing aggressively while staying cash-flow positive is rare in any retail category. High Tide didn’t just say that—it proved it.

🗞️ The News

📺 YouTube

What 2026 Could Look Like for Canada | Trade to Black

What we will cover:

✅ In this episode of TDR Trade To Black, hosts Shadd Dales and Anthony Varrell sit down with Rubicon Organics Inc. (TSX: ROMJ, OTCQX: ROMJF) CEO Margaret Brodie to look back on a year that forced real operators to separate themselves from the pack — and to talk through what 2026 could actually look like from here.

The conversation starts with a candid recap of 2025, a year where Canadian cannabis shifted away from hype and survival mode and toward execution. Brodie explains how tighter capital markets, changing consumer behavior, and increased competition pushed companies to focus on what really matters: product quality, operational discipline, and brand trust.

From there, the discussion moves into what’s ahead. Topics include evolving product trends like pre-rolls and all-in-one vapes, why premium flower still plays a critical role in building long-term brands, and how different provinces are behaving very differently when it comes to price sensitivity and premium adoption.

The episode also touches on international opportunity, the growing relevance of Europe, and how recent U.S. cannabis policy developments are bringing renewed global attention to the sector — even for Canadian operators. MSOS trading, this segment digs into flows, positioning, and what institutional investors are really watching next.ada’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.