💸 The Tape

Village Farms International and Hemp for Victory aren’t pulling any punches in their latest filing, which seeks to disqualify the Drug Enforcement Administration (DEA) from its role as proponent of the proposed rule to shift marijuana from Schedule I to Schedule III. This renewed Request comes on the heels of revelations that, if accurate, paint a decidedly unflattering picture of the DEA’s handling of the rescheduling process. The duo claims the Agency has engaged in covert communications, displayed overt hostility toward cannabis reform, and granted off-the-record assistance to anti-rescheduling participants—all while ignoring pro-rescheduling Designated Participants (DPs).

What’s behind all the drama? A swirl of ex parte communications the DEA allegedly concealed from the public, even as it worked to undercut the very hearing it’s tasked with overseeing. Village Farms and Hemp for Victory argue that this alleged misconduct, if left unchecked, puts the credibility of the entire proceeding in jeopardy, raising the specter that the DEA is effectively stacking the deck against a favorable outcome.

Meanwhile, the Administrative Law Judge (ALJ) hearing, slated to resolve questions over the rescheduling proposal, is fast approaching. All eyes are on Judge Mulrooney, who has shown no appetite for judicial theatrics thus far. He’s already denied at least one motion to disqualify the DEA, but these new allegations could test his renowned reputation for thoroughness and impartiality. Observers note that Mulrooney’s no-nonsense approach might just be what’s needed to sift through accusations of widespread “DEA wrongdoing” and to restore some semblance of faith in the process.

The core of the dispute lies in whether the DEA’s alleged misconduct so taints the process that it should be stripped of its authority to champion the rule. Supporters of rescheduling argue that a fair shot at Schedule III status demands removing an agency that seemingly has an axe to grind. On the other hand, critics caution that leveling serious allegations of bias just weeks before crucial testimony could create chaos—and perhaps delay any meaningful resolution on cannabis rescheduling.

For investors and stakeholders, the outcome of these proceedings is potentially game-changing. A Schedule III status could unlock banking reforms, research expansions, and big institutional capital. But if Village Farms’ dire warnings hold water—and if the DEA’s alleged stonewalling proves successful—2025 may go down as another year of dashed hopes for the multibillion-dollar cannabis industry. Let’s see if Judge Mulrooney decides to shake things up—or let the DEA maintain its starring role.

📈 Dog Walkers

CUSA Appoints New Head Honcho

Canopy USA just tapped M. Brooks Jorgensen as its inaugural President, a key step in unifying its cannabis powerhouse across the U.S. With brands like Wana, Jetty, Acreage’s Superflux, and The Botanist retail locations, the company aims to capitalize on a projected $50 billion market by 2026. Jorgensen’s résumé? Twenty-five years of leadership in high-growth arenas, including running Kiva Sales and Service into the largest full-service distributor of cannabis products nationwide. Add in stints at Southern Glazer’s Wine & Spirits and Moet Hennessy, and you have a proven growth guru with commercial savvy. According to Canopy Growth CEO Luc Mongeau, Jorgensen’s mission is simple: harness the “significant upside” in a dynamic, $50B cannabis market. Jorgensen, for his part, is “thrilled” to pilot Canopy USA into its next phase. Translation? Expect a bold, integrated push into America’s booming cannabis landscape.

Biden Big Leagues Major Cannabis Question

With the White House countdown clock ticking, President Biden is keeping mum on whether he’ll finally release remaining marijuana inmates—a promise that’s lingered longer than a tech IPO in a bear market. Despite being pressed by reporters at a Presidential Medals of Freedom event, Biden ghosted the question and promptly exited stage left. Advocates and Democratic lawmakers are turning up the volume, pushing for broader clemency than the minor marijuana pardons he’s already dished out. The plot thickens with the recent Hunter Biden pardon, which critics say sets a shaky precedent for ignoring cannabis convictions. With just two weeks before President-elect Trump reclaims the Oval Office, Biden’s final trade on criminal justice reform is looking precariously short. Will the outgoing president make a last-minute move? Investors in human freedom are watching closely for a buy signal.

🗞️ The News

Canopy USA Announces Appointment of Mr. M. Brooks Jorgensen as President USA - English

Finance experts mixed on prospects of marijuana capital infusion post-rescheduling

iAnthus Announces Justin Vu as CFO

Village Farms International and Hemp for Victory File Request for Reconsideration of Prior Motion to Disqualify DEA from Participation in Rescheduling Hearings

📺 YouTube

What Awaits the Cannabis Industry in 2025? | Trade to Black

What we covered:

✅ On our first Trade To Black Podcast in 2025, Brady Cobb, CEO of Sunburn Cannabis, will join us to talk about things we need to pay attention to in the cannabis industry for 2025, and more importantly, what can be expected in the Florida market here in 2025.

As many of you know, Amendment 3 did not pass on November 3rd during the U.S. election. This amendment would have allowed adult-use cannabis to be legalized in the Florida market, making it arguably the largest legal cannabis market in the world.

Since then, stocks like Trulieve (OTC: TCNNF) and AdvisorShares ETF (NYSEARCA: MSOS) experienced 52-week lows to finish off 2024.

With a new year upon us and the new Trump administration set to take office in 2 weeks, we discuss if 2025 will indeed be the year we see cannabis legislation in the U.S.

Plus, Anthony and Shadd dive into industry news involving two new pro-legalization co-chairs being appointed to the Congressional Cannabis Caucus, and what their approach will be to help advance marijuana reform in the next session.

Finally, Canopy USA, LLC announced today the appointment of Mr. M. Brooks Jorgensen as their first-ever president.

With its portfolio of brands including Wana, Jetty, and Acreage's Superflux, as well as The Botanist retail locations, Mr. Jorgensen's leadership of Canopy USA will help the company channel its expertise toward realizing the full potential of the U.S. cannabis market.