💸 The Tape

Cannabis industry observers increasingly believe that President Donald Trump is preparing to sign an executive order directing federal agencies to complete the long-stalled marijuana rescheduling process. Multiple reports suggest the order could move cannabis from Schedule I to Schedule III under the Controlled Substances Act (CSA) and may include additional policy signals affecting cannabis banking access and Medicare coverage for CBD.

While final details remain unconfirmed, White House sources indicate the directive could be issued as early as Thursday, instructing the Department of Justice to advance the administrative process begun under the Biden administration. Separate reporting suggests the order may also encourage Congress to pass the SAFER Banking Act, which would protect financial institutions that serve state-licensed cannabis businesses.

There is also speculation that the executive action could address CBD reimbursement under Medicare, potentially directing the Centers for Medicare and Medicaid Services (CMS) to revise rules that currently exclude marijuana and hemp-derived cannabinoids from coverage. CMS recently amended a proposed rule that had explicitly barred such reimbursement, fueling further speculation.

Rescheduling would not legalize cannabis federally, but it would reduce research barriers, allow businesses to deduct ordinary expenses under federal tax law, and formally acknowledge medical utility. Opponents argue the president lacks unilateral authority, while supporters see the move as the most significant federal cannabis reform in decades.

If enacted, the order would mark a pivotal inflection point for U.S. cannabis policy, with broad implications for taxation, research, banking, and healthcare.

📈 Dog Walkers

$TCNNF ( ▼ 0.71% ) Closes PP

Trulieve Cannabis Corp. announced the successful closing of an upsized private placement, raising US$140.0 million through the issuance of 10.5% Senior Secured Notes due 2030, reflecting strong institutional demand for the offering.

The Notes were issued at par (100% of face value) and rank as senior secured obligations of the Company. They carry a 10.5% annual interest rate, payable semi-annually, and mature on December 17, 2030. Trulieve may redeem the Notes beginning December 17, 2027, subject to the terms outlined in the second supplemental indenture.

The transaction was executed on a best-efforts basis, with Canaccord Genuity Corp. acting as sole agent and sole bookrunner. Following the expiration of the four-month Canadian statutory hold period, Trulieve has made the required filings to list the Notes on the Canadian Securities Exchange (CSE).

Proceeds from the Offering will be used for capital expenditures and general corporate purposes, supporting Trulieve’s ongoing operational and strategic initiatives.

The Notes were offered via private placement exemptions and were not registered under the U.S. Securities Act of 1933, or the securities laws of any other jurisdiction. As such, the securities may not be offered or sold where such registration is required.

Overall, the upsizing of the deal underscores investor confidence in Trulieve’s credit profile, cash flow generation, and long-term positioning within the U.S. cannabis market.

$VREOF ( ▲ 0.22% ) Divests Colorado Assets

PharmaCann Inc., one of the largest vertically integrated cannabis operators in the United States, announced it has entered into an agreement to sell select retail assets in Colorado to Vireo Growth Inc. in a transaction valued at $49 million, payable entirely in newly issued Vireo shares.

The transaction includes the sale of operational dispensary leases, applicable Colorado cannabis licenses and permits (subject to regulatory approval), as well as inventory, contracts, and intellectual property, including certain trademarks associated with the LivWell brand. The divestiture allows PharmaCann to streamline its asset base while providing Vireo with a meaningful expansion opportunity in a mature and competitive adult-use and medical cannabis market.

Founded in 2014, Vireo Growth is an established operator with a focus on high-quality medical and adult-use cannabis products. The acquisition strengthens Vireo’s Colorado footprint and aligns with its broader strategy of scaling operations in regulated markets through targeted asset purchases.

Completion of the transaction remains subject to state and local regulatory approvals. In the interim, the parties have entered into a management services agreement (MSA) that, upon regulatory clearance, will allow Vireo to participate in the operations of certain PharmaCann dispensaries in Colorado prior to closing.

Overall, the transaction reflects continued portfolio optimization by large MSOs and underscores ongoing consolidation trends within the U.S. cannabis retail landscape.

🗞️ The News

📺 YouTube

Why Banking Still Matters After Rescheduling | TTB Powered by Dutchie

What we will cover:

✅If cannabis rescheduling really is moving closer, what actually changes — and what still doesn’t?

Coming up today at 4 PM Eastern, TDR Trade to Black goes live with hosts Shadd Dales and Anthony Varrell, breaking down where the cannabis industry stands right now — financially, politically, and structurally.

The show starts with an earnings angle with Organigram Global Inc. (NASDAQ: OGI, TSX: OGI), who reported a record-setting Fiscal 2025. CFO Greg Guyatt joins us to walk through what’s driving the numbers, how margins expanded, and why international growth is starting to matter more heading into 2026.

From there, the focus shifts to Washington.

Trent Woloveck of Jushi Holdings (OTCQX: JUSHF) logs back on to unpack what’s actually happening around cannabis rescheduling after recent Senate discussions — and why rescheduling alone doesn’t solve the industry’s biggest structural problem: banking.

Plus we will tackle the growing tension lawmakers are openly acknowledging. Even if cannabis moves to Schedule III, access to banking remains unresolved. Senators from both parties continue to flag public safety risks tied to cash-heavy businesses, while momentum around the SAFER Banking Act remains stalled.