Core Viewpoint - The reclassification of marijuana from Schedule I to Schedule III by President Trump on December 18, 2025, represents a significant shift in federal cannabis policy, acknowledging its medical uses and impacting the cannabis industry positively [1][3]. Industry Implications - The executive order allows cannabis companies to deduct more business expenses, which was previously restricted under IRS Code Section 280E, benefiting companies like Green Thumb Industries, Tilray Brands, and Trulieve Cannabis [5][6]. - The reclassification reflects the reality that 40 U.S. states, three territories, and the District of Columbia have legalized medical cannabis, indicating a broader acceptance of marijuana's medical applications [3]. Company Impact - Green Thumb, Tilray, and Trulieve have expressed support for the reclassification, which is expected to provide them with financial advantages and operational flexibility [4][5]. - The exemption from IRS Code Section 280E is particularly critical, as it allows these companies to deduct expenses related to payroll and rent, which were previously non-deductible [6].

Group 1 - Industrial hemp stocks remain active, with Canopy Growth rising over 19%, Tilray Brands increasing by more than 16%, Aurora Cannabis up nearly 11%, and SNDL gaining close to 10% [1] - Reports indicate that Trump plans to sign an executive order on Thursday to reclassify cannabis [1]

Core Viewpoint - U.S. cannabis stocks experienced a significant after-hours rally, driven by reports that former President Trump plans to sign an executive order to reclassify cannabis [1] Group 1: Stock Performance - Tilray Brands saw an increase of over 4% in after-hours trading [1] - Canopy Growth rose nearly 7% during the same period [1] - Aurora Cannabis experienced a rise of over 2% [1]

Market Overview - US stock index futures showed slight fluctuations with the Dow futures up 0.23%, S&P 500 futures up 0.34%, and Nasdaq futures up 0.44% [3][21] - European benchmark indices rose by 0.3%, with the energy sector leading gains due to Trump's order to block oil tankers entering Venezuela, boosting oil prices [3][21] - The latest UK inflation data hit an eight-month low, causing the pound to drop by 0.7%, while the FTSE 100 index rose nearly 1% [3][21] Employment Data Impact - The US labor market showed signs of cooling, with November adding 64,000 jobs, exceeding economists' expectations, but the unemployment rate rose to 4.6% [4][20] - The government shutdown lasting 43 days distorted the employment data, leading to uncertainty about its impact on future Federal Reserve policy [4][20] - Analysts suggest that cleaner data in the first quarter is needed to assess the pace of economic deterioration, indicating that March or April may be cautious benchmarks for potential rate cuts [22] Central Bank Decisions - The dollar strengthened against all G10 currencies, with the largest gain against the yen, while the 10-year US Treasury yield remained stable at 4.15% [5][22] - Multiple central banks are expected to announce policy decisions before the end of the year, with the Bank of England likely to decide on a rate cut and the Bank of Japan expected to raise rates to a 30-year high [23] Geopolitical Risks and Commodity Prices - Trump's administration threatened retaliation against the EU's proposed taxes on US tech companies, targeting firms like Accenture, Siemens, and Spotify [25] - The geopolitical tensions have driven up oil prices and gold prices, with gold surpassing $4,330, nearing its historical high of $4,381 from October [25] - Silver prices reached a historical high above $66 per ounce, and platinum hit its highest level since 2008 [25] Market Sentiment and Volatility - Investors are awaiting the upcoming CPI report with a sense of indifference, contrasting with previous anxieties, as options traders expect the S&P 500 index to fluctuate by only 0.7% [26] - This represents a significant decrease from the average actual volatility of 1% observed in reports leading up to September [26] Company-Specific Developments - AI financing concerns are deemed exaggerated, with Goldman Sachs estimating that $700 billion to $1 trillion in capital expenditures will be needed, primarily funded by operational cash flow [27] - Companies in the cannabis sector, such as CbdMD and Canopy Growth, saw pre-market gains following Trump's executive order to ease cannabis regulations [27] - Oil and gas stocks also rose, with BP up over 2% and other major oil companies following suit due to the blockade of Venezuelan oil tankers [27] - Micron Technology gained over 3% in pre-market trading after being included in Morgan Stanley's list of top chip investment picks for the upcoming year [28]

Core Viewpoint - Industrial hemp stocks have seen a pre-market surge, with notable increases in companies such as CbdMD, Canopy Growth, and Tilray Brands, following reports of an impending executive order from President Trump to ease cannabis classification regulations and recognize its medical use at the federal level [1] Group 1: Market Reactions - CbdMD shares rose nearly 14% in pre-market trading [1] - Canopy Growth shares increased by over 7% [1] - Tilray Brands shares saw a nearly 2% rise [1] Group 2: Executive Order Details - President Trump is expected to sign an executive order as early as this week to relax cannabis classification regulations [1] - The order may direct the Drug Enforcement Administration or the Department of Justice to issue final regulations reclassifying cannabis from a Schedule I substance to Schedule III [1] - The executive order could also instruct Congress to pass legislation allowing legal cannabis businesses access to major banking and financial services [1] Group 3: Healthcare Implications - The executive order may direct the Centers for Medicare & Medicaid Services to allow reimbursement for cannabidiol (CBD) products under Medicare [1]

Core Viewpoint - Industrial hemp stocks have seen a pre-market surge, with notable increases in companies such as CbdMD, Canopy Growth, and Tilray Brands, driven by expectations of a forthcoming executive order from President Trump to ease cannabis regulations and recognize its medical use at the federal level [1] Group 1: Market Reactions - CbdMD shares rose nearly 14% in pre-market trading [1] - Canopy Growth shares increased by over 7% [1] - Tilray Brands shares saw an increase of nearly 2% [1] Group 2: Executive Order Expectations - President Trump is expected to sign an executive order as early as this week to relax cannabis classification regulations [1] - The order is anticipated to direct the Drug Enforcement Administration or the Department of Justice to issue final regulations reclassifying cannabis from a Schedule I substance to Schedule III [1] - The executive order may also instruct Congress to pass legislation allowing legal cannabis businesses access to major banking and financial services [1] Group 3: Healthcare Implications - The executive order could direct the Centers for Medicare & Medicaid Services to permit reimbursement for cannabidiol (CBD) products under Medicare [1]

Cannabis Industry & Tilray Brands - Tilray Brands anticipates potential rescheduling of marijuana to schedule three drug by President Trump, which would reduce federal restrictions [1][3] - Rescheduling would allow Tilray to enter the US market, leveraging research and clinical studies from Canada and Europe, focusing on medical cannabis [5] - Tilray aims to collaborate with the FDA, hospitals, and doctor groups to provide cannabis for medical purposes, such as cancer, epilepsy, stress, and sleep [5][6] - Tilray has over 6 million square feet of cannabis grow space in Canada and Europe, planning to bring strains and genetics to the US [6] - Tilray estimates a potential US medical cannabis market of $10 billion, with a target of 3% to 10% market share, translating to a $300 million to $1 billion business [8] - Tilray has a $50 million business selling cannabis drinks in Canada, and sees potential opportunities in the US with regulated hemp THC products [14] Market Trends & Economic Data - S&P 500 equal weighted index has been outperforming recently, up about 3% in the last month [22] - Healthcare sector (XLV) is the best performing sector this quarter, up 12%, while financials are up about 2% [24] - Crude oil settled at the lowest point in four years at $5665 per barrel, down about 20% this year, while energy sector is up about 5% year-to-date [29][30] - Bitcoin is down 22% year-to-date, with shorts in control and a washout point at $75,000 [33] Women in the Workplace - A McKenzie report indicates a gap between men and women in seeking promotions in corporate environments [36] - A study indicates 86% of senior women leaders are more ambitious than five years ago, seeking flexibility, autonomy, and control [37] - 89% of women queried said they've made a massive change in the last few years, with 71% of those women making that decision by choice [40]

Company Overview - iRobot, the maker of Roomba, has filed for bankruptcy and plans to hand over control to its main Chinese supplier, expecting to complete Chapter 11 by February [1] - Founded in 1990, iRobot has sold over 40 million Roomba units since its launch in 2002, but has faced declining earnings due to supply chain issues and competition from cheaper alternatives [2][3] Financial Performance - iRobot's shares have dropped more than 80% as a result of its financial struggles [1] - The company received over $90 million in compensation from a failed acquisition deal with Amazon, but much of this was used to cover advisory fees and loan repayments [3] Industry Competitors - The stock prices of major tech companies like Nvidia and Tesla have seen slight rebounds, with Nvidia's shares up more than 1% despite recent declines [4] - Concerns about competition from Google's tensor processing units have negatively impacted Nvidia, which has fallen more than 6% over the past month [5] Mergers and Acquisitions - Intel is reportedly in advanced talks to acquire AI startup Samba Nova Systems for approximately $1.6 billion, which could enhance its product offerings [6] - The connection between Intel and Samba Nova is significant, as Intel's CEO is also the chairman of Samba Nova [7] Cannabis Industry - Canopy Growth's shares have surged over 50% following its announcement to acquire Metal Cannabis, valued at about 125 million CAD [8] - Other cannabis companies like Tilray Brands have also seen stock increases, with Tilray up about 4% due to ongoing discussions about drug classification changes [9]

Core Viewpoint - The article discusses the anticipated executive order by President Trump to reclassify cannabis from Schedule I to Schedule III, which is expected to significantly relax regulations and encourage investment in the cannabis industry [1][6][7]. Group 1: Regulatory Changes - The expected executive order will allow cannabis businesses to benefit from different tax rules and facilitate banking services for the industry [3][8]. - The reclassification is seen as a positive development for the cannabis sector, with expectations that the Drug Enforcement Administration (DEA) will establish proposed rules for reclassification by next summer [8]. Group 2: Market Reaction - Following the news, cannabis stocks experienced substantial gains, with Tilray Brands rising by 44% and Canopy Growth soaring by 53% during the trading session [4]. - The Amplify Seymour Cannabis ETF surged over 54%, marking its best single-day performance in history [4]. Group 3: Industry Sentiment - The CEO of Tilray expressed increased optimism about the cannabis market, noting that the stock has struggled since the pandemic despite a previous peak of over $2140 in September 2018 [9].

International News - The three major US stock indices closed down on December 12, with the Dow Jones falling by 0.51%, the Nasdaq by 1.69%, and the S&P 500 by 1.07%, indicating weak performance in technology stocks [1][6] - Broadcom's shares dropped over 11% due to disappointing delivery timelines for a $73 billion AI product order, while Oracle's shares fell over 4% as reports indicated a delay in the completion of data centers for OpenAI from 2027 to 2028, although Oracle stated that its commitments to OpenAI remain unchanged [1][6] - The Nasdaq Golden Dragon China Index fell by 0.35%, with significant declines in several Chinese stocks, including a 10.08% drop for Arctech, 9.14% for Golden Entertainment, and 8.45% for Canaan [1][6] - In the commodities market, spot gold fell below $4,260 per ounce, down 0.47%, while New York futures gold dropped below $4,290 per ounce, down 0.54%. Spot silver fell below $61 per ounce, down 4.06%, and New York futures silver fell below $62 per ounce, down 4.02% [1][6] Domestic News - The EU's investigation into Chinese companies has raised concerns, following a raid on the European headquarters of Chinese e-commerce platform Temu and the initiation of an investigation into Chinese security technology company Tongfang Weishi under the Foreign Subsidies Regulation (FSR) [3][8] - The EU China Chamber of Commerce expressed strong dissatisfaction and opposition to the EU's use of the FSR investigation tool, calling for an immediate halt to discriminatory and arbitrary enforcement actions against Chinese companies [3][8] - Several foreign institutions are optimistic about the Chinese stock market in their 2026 outlook, with UBS Wealth Management highlighting significant growth potential in the AI sector, predicting a 37% increase in corporate earnings in 2026, supported by ample liquidity and inflows from individual investors [3][8] - Citigroup Private Bank maintains an overweight position on the Chinese market while reducing exposure to other Asian emerging market stocks for profit-taking [3][8] - In the domestic commodities market, coking coal futures rose by 3% to 1,060 yuan, soda ash futures increased by 2% to 1,163 yuan, alumina futures climbed by 4% to 2,562 yuan, and PVC futures gained 2% to 4,332 yuan, driven by supply-demand dynamics and policy expectations [3][8]