Trump White House says ‘no action’ on cannabis reform — yet

TRUMP
Trump White House says ‘no action’ on cannabis reform — yet

Driving the news: Will President Trump’s Administration push federal cannabis reform? 

That’s the question the industry’s been asking, since Trump posted in support of Florida’s failed bid to legalize in November as well as banking reform and moving cannabis to Schedule III. But according to the White House, it’s not on the radar yet. 

What they’re saying: “No action is being considered at this time” on cannabis, an unnamed White House official told CNN.

Still, the CNN story did have an interesting tidbit. Trump’s team tried to put pieces of the SAFER Banking Act, a bill that would normalize the industry’s relationship to the financial sector, into the December Continuing Resolution to keep the government funded.

Why it matters: The most successful cannabis executives understand that waiting on the Trump Administration is folly. 

Still, federal regulations remain both the biggest unknown and the primary challenge for the industry. Coherent federal regulations would certainly go a long way. 

Trump, however, is not known for his coherence on complex policy discussions. Still, he is a politician who is keenly attuned to what voters want, and voters love legalization. 

-JB

Organigram buys US hemp-derived THC beverage company 🍹

Canadian cannabis firm Organigram is expanding into the US via an acquisition of the Collective Project Limited, a cannabis and hemp beverage company. Organigram will pay $6.2 million CAD up front, with total payouts up to $24 million CAD. It’s the latest big cannabis firm to get into the hemp-derived beverage market, after Tilray, Curaleaf, and others.

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Florida officials send cease-and-desist to legalization campaign 🦩

Florida officials sent a cease-and-desist letter to Smart & Safe Florida, the organization that backed the failed Amendment 3 in November and is pushing to get cannabis on the 2026 state ballot. Officials say the group has “committed multiple election law violations.” Florida Governor Ron DeSantis has leveraged state resources to oppose legalization in the past.

New York OCM close to picking new Chief Equity Officer 👀

The New York Office of Cannabis Management is close to naming a new Chief Equity Officer, the position first held by Damian Fagon and unfilled since he left the role last year, Felicia AB Reid, the agency’s acting executive director, told NY State of Politics.

Grown Rogue reported its full-year and Q4 results. The company reported a $10.7 million net loss on $27 million of revenue for the full year. See the full results here. Last week, the company received a $7 million credit facility at an industry-leading 9% interest rate. 

Rubicon Organics reported its full-year and Q4 results. The company reported $48.7 million of revenue and $15.3 million of gross profit. Full results here. 

Cannabis writer Andrew Ward (and friend of Cultivated) joined marketing firm PufCreativ as Director of Strategy, he said on LinkedIn. 

Erstwhile Democratic candidate for president Dean Phillips said he is joining Elon Musk’s Department of Government Analysis for National Joint Advancement (DOGANJA) to “weed-out corruption,” and develop “green” initiatives.