💸 The Tape

Sara Carter is the newly confirmed Director of the White House Office of National Drug Control Policy (ONDCP)—the job more commonly known as “drug czar,” a title that sounds like it comes with a scepter but mostly comes with interagency meetings, strategy documents, and a very large overdose-and-trafficking problem to manage. The Senate confirmed Carter on January 6, 2026, and the White House describes her as the country’s 10th ONDCP Director.

So who is she? Carter is best known as an investigative journalist whose work has focused heavily on border security, drug trafficking networks, and national security themes—often emphasizing the mechanics of cartel logistics and the downstream impact on American communities. Outlets covering her confirmation and background have consistently framed her as a long-tenured reporter with extensive on-the-ground exposure to trafficking dynamics, rather than a career public-health or law-enforcement official.

That unusual résumé is also the core argument for why she’s in the chair. At her confirmation hearing, Carter directly addressed the “you’re not a clinician” critique with a blunt inventory of what she is not—then anchored her case in firsthand field reporting and sustained attention to cartel and trafficking ecosystems. In an era where fentanyl supply chains behave less like isolated criminal enterprises and more like adaptive networks, the administration’s bet is straightforward: put someone in charge who has spent years studying those networks, talking to sources in and around them, and translating messy realities into a narrative decision-makers will actually read.

Where things get more interesting—especially for cannabis audiences—is Carter’s posture on medical marijuana. Reporting on her nomination and confirmation notes that she has expressed support for medical cannabis access, and has also said she doesn’t have a “problem” with legalization if it is monitored, even if she might not personally align with the policy preference.

In other words, she’s not arriving with the rhetorical reflex to treat all cannabis policy as a moral referendum. She has framed medical marijuana as a pragmatic tool for patients—particularly in serious illness contexts—while keeping her public emphasis on fentanyl, opioids, and transnational trafficking as the main threat set.

Why does that matter? Because the ONDCP director’s job is not just enforcement theater; it is coordination—aligning agencies, budgets, and strategy across public health, interdiction, prevention, treatment, and international cooperation.

A director who can simultaneously acknowledge medical cannabis as legitimate for patients, while pursuing an aggressive anti-fentanyl agenda, potentially lowers the odds of policy incoherence—where resources and messaging collide in public, and outcomes suffer in private.

The mildly witty takeaway: Carter is not the “drug czar” because she’s spent a lifetime in government; she’s the “drug czar” because she’s spent a lifetime watching the drug war’s supply lines up close—and the White House is wagering that field instincts, media discipline, and cartel fluency will translate into better coordination at the center of U.S. drug policy.

📈 Dog Walkers

$TLRY ( ▲ 1.56% ) Reports Q2

Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global consumer packaged goods company operating across cannabis, beverages, wellness, and medical distribution, reported financial results for its second fiscal quarter ended November 30, 2025. All financial information is presented in U.S. dollars unless otherwise noted.

Tilray delivered another record quarter, generating net revenue of $218 million, driven by disciplined execution across its diversified operating segments. The Company’s multi-pillar business model continues to demonstrate scalability and resilience, allowing Tilray to perform consistently despite a complex and evolving macro and regulatory environment.

Commenting on the results, Chairman and Chief Executive Officer Irwin D. Simon said:

Mr. Simon also addressed the evolving U.S. regulatory outlook for cannabis, emphasizing Tilray’s preparedness for potential federal reform:

Tilray’s long-term strategy positions the Company to play a constructive role should the U.S. medical cannabis framework evolve. Through Tilray Medical U.S., the Company has an established platform designed to support a compliant, research-driven medical cannabis ecosystem. Tilray expects to leverage the operational experience developed through its approximately $150 million global medical cannabis business alongside its $300 million Tilray Pharma medical distribution platform to deploy a repeatable medical model in the U.S. market.

Tilray’s results this quarter reinforce its strategic thesis: a diversified, globally integrated platform capable of navigating regulatory change, scaling responsibly, and creating durable value over the long term.

Full Report

$CURLF ( ▲ 3.63% ) Comes Back To The States

Curaleaf Holdings, Inc. (TSX: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international cannabis consumer products company, announced that it intends to seek shareholder approval for a proposed plan of arrangement (the “Arrangement”) that would result in the Company continuing out of British Columbia, Canada and concurrently domesticating in the State of Delaware, United States (the “Continuance”).

Curaleaf believes that Delaware’s well-established corporate framework will better support the Company’s strategic objectives by aligning its legal domicile with the geographic center of its operations. The proposed Continuance is expected to streamline Curaleaf’s corporate and regulatory structure and enhance operational efficiency within the United States.

Chairman and Chief Executive Officer Boris Jordan commented:

Transaction Structure and Share Treatment

Under the proposed Arrangement, Curaleaf will continue from British Columbia to Delaware. Upon completion, each issued and outstanding subordinate voting share of the British Columbia-formed Curaleaf will be deemed to represent one share of subordinate voting common stock of the Delaware-domiciled Curaleaf. The same one-for-one treatment will apply to all multiple voting shares and exchangeable shares.

Outstanding equity awards will also remain economically unchanged. All options and restricted share units issued under Curaleaf’s 2018 Stock and Incentive Plan will be adjusted automatically to reference Delaware subordinate voting common stock on the same terms and conditions as prior to the Continuance.

The Company does not expect the Arrangement to result in any material change to Curaleaf’s business operations, financial condition, or strategic priorities.

Shareholder Approval and Timing

Curaleaf expects to mail a management information circular to shareholders in the coming weeks and to hold a special meeting of shareholders on or about February 23, 2026. The Arrangement will require approval by at least 66⅔% of votes cast, voting together as a single class.

The information circular will be filed with Canadian securities regulators via SEDAR+ and with the U.S. Securities and Exchange Commission on Form 6-K.

Subject to shareholder approval, court approval, and other customary conditions, Curaleaf’s board of directors will determine the appropriate timing to complete the Continuance. The board retains discretion to abandon the transaction if it determines that proceeding is not in the best interests of the Company.

Following completion, Curaleaf’s subordinate voting shares are expected to continue trading on the Toronto Stock Exchange and be quoted on the OTCQX under the same ticker symbols.

🗞️ The News

📺 YouTube

Cannabis Rescheduling: What's Real and What Comes Next | TTB Powered by Flowhub

What we will cover:

✅ What actually matters right now in cannabis — the headlines, or what’s quietly happening behind the scenes?

Trade to Black, presented by Flowhub, is back with a timely episode focused on two developments in the industry as 2026 gets underway: consolidation and federal policy momentum.

In the first segment, Shadd Dales and Anthony Varrell sit down with Draper Bender, co-founder of GRON, following the company’s newly announced all-cash acquisition by WYLD. With edibles continuing to be one of the most competitive categories in cannabis, Draper walks through why this deal made sense now, how the transaction came together, and what it says about where branded cannabis is heading in a more disciplined market.

The conversation then shifts to federal policy. Shane Pennington, one of the most respected cannabis attorneys in the U.S., returns to the show to break down the latest developments around cannabis rescheduling. With new signals coming out of Washington and plenty of speculation circulating, Shane helps separate what’s real from what’s noise — and explains how operators and investors should be thinking about timing, process, and legal risk.