The Cannabis Market Pulse Dec 15th to 21st

Over the week of December 15–21, 2025, the global cannabis sector experienced a wave of significant developments spanning regulation, enforcement, market consolidation, and industry strategy. Canada continued to navigate a maturing but increasingly competitive legal market while strengthening policy enforcement and corporate positioning. In the United States, landmark federal actions and political debate reshaped expectations for the future of legalization and commercial operations. Internationally, governments, courts, and industry stakeholders confronted evolving regulatory frameworks, economic opportunities, and enforcement realities. The following roundup highlights the most impactful cannabis news stories from Canada, the United States, and around the world during this critical week.

Canada: Top 10 Cannabis News Stories

1. Canopy Growth to Acquire MTL Cannabis for ~$125M

   
   

   Canopy Growth Corporation entered a definitive agreement to acquire Quebec-based MTL Cannabis Corp in a transaction valued at approximately CAD 125 million, aimed at strengthening its footprint in Canada's medical cannabis market. The deal is expected to enhance Canopy's national distribution capabilities and expand the supply of high-quality cannabis products. If completed, the transaction will deepen Canopy's presence in key adult-use and medical markets across Canada.

2. Canadian Cannabis Retail Sales Down in October

   
   

   Latest data from Statistics Canada shows legal cannabis retail sales fell to CA$451.7 million in October, down from September levels and slightly below year-earlier figures. Despite the sequential decline, total legal marijuana sales for 2025 have exceeded CA$4.5 billion. Analysts note that variances across provinces drove much of the national trend, with notable decreases in British Columbia.

3. Nova Scotia RCMP Raid Dispensary Under New Enforcement Directive

   
   

   Nova Scotia police carried out a cannabis dispensary raid in Digby following a provincial government directive prioritizing enforcement against illegal storefronts. Officers seized cannabis products and cash, issuing a ticket and reinforcing a broader crackdown initiative. The operation reflects growing attention on illicit cannabis operations even in mature legal markets.

4. Canadian Cannabis Stocks Influence TSX Moves

   
   

   Cannabis names helped lead early gains in Toronto's main stock index as investors reacted to potential shifts in U.S. federal policy. Curaleaf, Canopy Growth, and Aurora Cannabis stocks drove notable movement on the TSX, even as broader markets were mixed. This market action underscores the cross-border influence of cannabis policy news on Canadian equities.

5. Canadian Cannabis Still a Key Focus Despite Mixed Sales Data

   
   

   Retail cannabis sales trends continued to influence industry analysis, with data showing persistent consumer demand even as monthly sales fluctuate. Ontario led provincial monthly retail cannabis receipts, supporting overall market resilience. Market observers view these figures as indicative of a maturing but still dynamic legal market.

6. Canopy Growth Signs Deal to Buy MTL Cannabis (Local Report)

   
   

   Local reporting confirms that CanoGrowth has agreed to buy MTL Cannabis in a deal aimed at improving product quality and distribution networks. The acquisition underscores consolidation trends in Canada's cannabis sector as companies pursue scale and operational synergies.

7. Canadian Cannabis Stocks Remain Key Movers in National Markets

   
   

   Heavyweight cannabis equities continued to attract trading attention on the TSX, contributing to broader market moves even as other sectors struggled. Strength in select names was tied in part to shifts in global industry sentiment, particularly around U.S. regulatory developments.

8. StratCann Week in Weed Highlights Canadian Cannabis Sector Trends

   
   

   StratCann's weekly roundup noted the federal government's response to unlicensed stores in Ontario and the offers of labour-disruption sales in British Columbia. It also covered industry financial results and regulatory enforcement updates. These aggregated insights reflect ongoing operational and policy developments in Canada's cannabis landscape.

9. Curaleaf Shares Rally on Federal Policy Speculation

   
   

   Curaleaf Holdings shares jumped nearly 10 percent on the TSX amid reports that the U.S. might sign an order easing federal cannabis restrictions, illustrating how U.S. policy expectations influence Canadian cannabis names. Curaleaf's strength helped buoy other cannabis equities during mid-December trading.

10. Canadian Cannabis Sector on Pace for Record Annual Sales

    
    

    Despite the October decline, industry analysis suggests Canada's legal market is on pace for another year of strong total sales, helped by stable consumer participation: the broader narrative points to mature consumption patterns and sustained retail activity.

United States: Top 10 Cannabis News Stories

1. Trump Signs Executive Order to Reschedule Marijuana

   
   

   President Donald Trump signed an executive order directing federal agencies to reschedule marijuana from Schedule I to Schedule III under the Controlled Substances Act, marking the most consequential federal cannabis policy shift in decades. The move potentially eases research limitations and could reduce the federal tax burden on cannabis businesses, though recreational cannabis remains illegal federally. This development has drawn broad industry attention and will shape policy discussions in 2026.

2. What Rescheduling Means for U.S. Consumers and Industry

   
   

   Analysis from Reuters explains that the rescheduling directive, while significant, does not change where Americans can legally buy or transport cannabis under current laws. Cannabis will continue to be sold only where state laws permit it, and federal restrictions on interstate transport and possession remain in place. However, rescheduling could ease investment and banking limitations affecting the sector.

3. Federal Rescheduling Spurs Reaction Across U.S. Political Landscape

   
   

   U.S. lawmakers, state officials, and advocates reacted swiftly to the rescheduling announcement, with some praising expanded research and tax relief possibilities and others cautioning about public safety and policy gaps. GOP state attorneys general and senators expressed opposition, while others noted potential benefits for banking reform and state legal markets.

4. Senate Committee Debates Cannabis Banking Issues

   
   

   Amid ongoing legislative activity, the U.S. Senate committee debated cannabis banking challenges, highlighting persistent financial barriers despite federal policy shifts. The debate underscores the complex interplay between regulatory action and legislative reform needed to modernize cannabis finance fully.

5. U.S. Senate Hearing Addresses Marijuana Use and Research

   
   

   Key federal discussions focused on the implications of the rescheduling order for cannabis research, use, and policy, with medical and scientific communities looking to capitalize on expanded research opportunities. This conversation reflects long-standing priorities within the medical cannabis advocacy community.

6. Trump Signals Consideration of Federal Cannabis Reclassification

   
   

   Before signing, President Trump publicly confirmed he was considering an executive order to reclassify marijuana as a less dangerous drug, reinforcing expectations of imminent policy change. This signaling influenced market expectations and encouraged legislative dialogue across states.

7. GOP Lawmakers Mount Anti-Rescheduling Efforts

   
   

   Following the executive order, several GOP lawmakers emphasized resistance to rescheduling cannabis, arguing it could undermine federal drug policy and public safety. These political challenges highlight ongoing partisan divisions over federal cannabis reform.

8. Cannabis Banking and CBD Medicare Coverage Discussed in Federal Policy Context

   
   

   Newsletters from Marijuana Moment reported that federal rescheduling discussions also touched on cannabis banking reform and possible Medicare coverage for CBD products, expanding the policy conversation beyond classification alone.

9. Cannabis Stocks' Reaction to Federal Policy News

   
   

   Publicly traded cannabis companies saw significant stock volatility in the U.S. following news of the rescheduling order, as investors reevaluated sector prospects and regulatory risks. This financial market reaction underscores the economic implications of federal policy shifts.

10. Legal and Tax Implications of Federal Rescheduling

    
    

    Law360 and other legal outlets noted that the rescheduling order has rallied industry stakeholders but also raised questions about the tax authority's application and its broader regulatory impact. This industry reaction reflects anticipatory strategies ahead of formal rule-making.

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International: Top 10 Cannabis News Stories

1. Ghana's Cannabis Industry Could Generate $1B Annually

   
   

   Industry experts in Ghana project that the legal cannabis sector could contribute up to USD 1 billion annually to the national economy with adequate government support and investment. Emphasis is on the crop's potential at the grassroots level and integration into broader agricultural initiatives. This positions Ghana as a rising African cannabis market.

2. Operation D-Hunt in India Seizes Cannabis and Arrests 46

   
   

   In Kerala, India, police executed "Operation D-Hunt," resulting in 46 arrests and the seizure of several kilograms of ganja and cannabis cigarettes. This crackdown underscores continuing enforcement actions in regions where cannabis remains illegal and reflects broader shifts in drug enforcement priorities.

3. Scotland Cannabis Plant to Create 100 Jobs by 2026

   
   

   Breathe Life Sciences announced plans to open a new manufacturing plant in the Scottish Borders, expected to create up to 100 jobs over three years and produce medicinal cannabis products for distribution. This signals ongoing growth in the UK's medical cannabis industry and regional economic development.

4. Romanian Court Sentences Wiz Khalifa to Nine Months for Cannabis Use

   
   

   A Romanian court sentenced U.S. rapper Wiz Khalifa to nine months in prison for a 2024 festival incident involving cannabis possession and on-stage use, highlighting strict drug laws in parts of Europe. The ruling emphasized deterrence and generated international attention due to the artist's public profile.

5. Germany Continues as Key Recreational Cannabis Legalization Example

   
   

   Germany's recreational cannabis legalization, effective since April 2024, remains a model for EU policy frameworks and continues to influence regulatory discussions across Europe. Adult possession and non-profit social clubs represent phased regulatory approaches with broader international interest.

6. Cannabis Policy Developments Across Europe Highlight Regulatory Trends

   
   

   European jurisdictions, including the Czech Republic, prepare for evolving cannabis frameworks, with recreational possession and home cultivation laws slated for implementation in 2026. These changes illustrate a broader continental trend toward regulated cannabis policy.

7. Global Cannabis Regulation Coverage Expands on Industry Platforms

   
   

   International cannabis regulation news on outlets like Business of Cannabis reflected ongoing shifts in legalisation models, trade rules, and compliance frameworks across multiple countries. This signals deepening global engagement with cannabis policy beyond North America.

8. International Cannabis Trade and Market Dynamics (Background)

   
   

   Global cannabis trade discussions continue to focus on regulatory shifts, price compression, and market integration, particularly regarding imports and exports across regions such as Europe. Earlier in 2025, these dynamics influenced broader industry strategy internationally.

9. Cannabis Law and Policy Events Recognize Prohibition Centenary (Context)

   
   

   2025 marked the centenary of international cannabis prohibition, an event noted by activists and academic publications worldwide, reflecting on a hundred years of global drug control history. Although not breaking this week, its recognition contextualizes contemporary reform momentum.

10. International Regulatory Outreach Highlights CBD and Medical Policy Trends

    
    

    Global regulatory discussions increasingly include CBD product frameworks and medical cannabis access, as evidenced in U.S. federal policy that dovetails with international trends toward research expansion. These conversations have global implications for patient access and industry standards.

Taken together, the events of December 15–21, 2025, illustrate a cannabis industry that continues to mature while remaining deeply influenced by regulatory, political, and market forces across jurisdictions. Canada's persistent evolution toward operational discipline and competitive scaling contrasts with the United States' high-stakes federal policy environment, where rescheduling and financial reform remain defining themes. Internationally, countries are testing diverse approaches, balancing enforcement, economic opportunity, and public policy considerations. As we move forward, the trajectory of the global cannabis sector will increasingly hinge on policy clarity, investment confidence, and the industry's ability to execute with discipline in a rapidly shifting landscape.