💸 The Tape

While some cannabis companies are trimming the fat (or just plain folding), Canada’s retail giant High Tide Inc. is, well, hitting new highs. In its second fiscal quarter of 2025, the company didn’t just hold the line—it flexed. Again.

Despite a seasonally sluggish quarter with three fewer days to sell joints and jazz cabbage, High Tide posted $137.8 million in revenue—up 11% year over year and the fastest growth in six quarters. Same-store sales jumped 6.2%, while retail revenue grew 16%. Even with the calendar working against them, High Tide showed up and showed out.

The bricks-and-mortar backbone, Canna Cabana, now boasts 200 locations and a market share that's climbed to 12%. Meanwhile, the company’s loyalty programs—Cabana Club and its bougie cousin ELITE—are popping. Canadian membership now tops 1.9 million, while global membership soared past 5.8 million. Turns out, people love points—especially when they come with pot.

Adjusted EBITDA came in at $8.1 million, marking the company’s 21st consecutive positive quarter. Not too shabby when most of your peers are burning through cash faster than a dab rig at a backyard BBQ. Free cash flow rebounded to $4.9 million from a sequential negative dip, underscoring High Tide’s claim to retail royalty.

But the kicker? CEO Raj Grover casually dropped a bombshell: High Tide is in exclusive talks to break into the German medical cannabis market. While details are still under wraps, it’s safe to say the company sees Germany not just as bratwurst country, but as a major growth frontier. A model project proposal has also been filed with Germany’s federal ag department, hinting at a more entrenched European play.

On the brand front, Queen of Bud and Cabana Cannabis Co. now account for 67 SKUs and over $5.3 million in annual sales. Accessories are holding their own, too, because what’s flower without a little flair?

As competitors shrink, shutter, or scramble, High Tide is using loyalty, vertical integration, and international ambition to fuel its climb. With strong fundamentals and a laser focus on execution, High Tide is proving that slow quarters don’t have to be sleepy—and that Canada’s biggest cannabis retailer still has plenty of spark left.

Let’s just say this isn’t your average retail "high water mark"—it’s more like a rising tide lifting all stores.

📈 Dog Walkers.

$MEDIF ( ▲ 2.44% ) AGM Results Are In

MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF), a pharmaceutical company specializing in cannabinoid-based medicine, announced the results of its annual and special shareholder meeting. Roughly 51% of outstanding shares were represented.

Key takeaways:

• Shareholders approved fixing the board at seven directors.

• All management nominees, including new additions Emily Jameson and John Medland, were elected.

• Dissident nominees were not successful.

• MNP LLP was reappointed as auditor (91% in favor).

• The equity incentive plan narrowly passed, with just over 50% of votes in favor.

Outgoing director Michael Bumby was recognized for his role in the VIVO acquisition, which helped shape MediPharm’s growth trajectory. With fresh board appointments and shareholder backing, the company moves into its next phase of cannabinoid pharma development.

We have reached out to the CEO to have him on here in the coming weeks to set the record straight.

$IXHL ( ▲ 1.78% ) Is In Expansion Mode

What’s Going On Here: Incannex Healthcare (Nasdaq: IXHL) has entered a 50:50 joint venture with Mind Medicine Australia (MMA) to launch a psychedelic-assisted therapy clinic in Melbourne. The new entity, Mind Medicine Australia Clinics, aims to expand access to treatments for PTSD, treatment-resistant depression, and other complex mental health conditions.

CEO Joel Latham described the move as a "significant milestone" for Incannex’s strategy to commercialize psychedelic-assisted therapies. The clinic will serve as a “Centre of Excellence,” offering full-service clinical operations, medicine supply, oversight, and training support for clinicians.

The updated clinic model is expected to reduce costs and more than triple treatment capacity. MMA, which helped drive Australia’s 2023 rescheduling of psilocybin and MDMA for clinical use, brings deep regulatory and training expertise to the venture.

Patient intake is expected to begin soon, meeting strong early demand.

$VREOF ( ▼ 1.75% ) Is Primed To Move Forward

Vireo Growth Inc. (CSE: VREO; OTCQX: VREOF) has completed its series of definitive merger agreements, positioning itself as one of the largest U.S. multi-state cannabis operators with active operations in six states.

Post-merger, the company expects Q2 2025 pro forma revenue of $88–$91 million and adjusted EBITDA of $23–$24 million, assuming an April 1 close across all transactions. Vireo noted it cannot yet provide net income guidance due to pending non-cash expenses and accounting adjustments.

In parallel, Vireo is actively pursuing debt refinancing, having signed multiple non-binding term sheets. Management believes its enhanced profitability profile will unlock more favorable terms, enabling full refinancing of senior secured debt, including liabilities acquired via the merger. Upon closing, Vireo anticipates holding more than $100 million in cash.

As of now, Vireo has 949.3 million basic shares and 1.09 billion fully diluted shares outstanding.

🗞️ The News

📺 YouTube

Mike Tyson Joins Cannabis Rescheduling Fight — Here’s Why It Matters | TDR Podcast

What we will cover:

✅ Host Shadd Dales breaks down why Mike Tyson stepping into the cannabis rescheduling debate matters — and why it could shift the entire conversation around federal reform.

Tyson isn’t just another celebrity with a weed brand. He’s backing real pressure to reclassify cannabis from Schedule I to Schedule III — and doing it when the stakes have never been higher. This isn’t random timing. It’s calculated. It’s bold. And it’s gaining traction.

Shadd cuts through the noise with a straight look at what Schedule III really means for the cannabis industry: • The end of 280E tax penalties • Easier access to capital • Major tailwinds for multi-state operators

This isn’t just policy talk — it’s about power, money, and the future of legal cannabis in the U.S. And with Tyson entering the ring, the message is loud: it’s time to take this fight seriously.