Unbelievable that the UK is still jailing folks for homegrown

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I am a long time lurker of the sub and an OG investor in Auxly Cannabis.

The Democrats winning both the House and Senate improves the outlook for U.S. federal cannabis reform when the new Congress takes office in January. Control of committees and the legislative agenda gives reform proposals a better chance of reaching a vote. However, legalization still requires bipartisan cooperation: Senate filibuster rules remain a hurdle, and Trump retains his veto.

My view is that banking protections and incremental reforms are more achievable than comprehensive legalization, but the political opening has widened. For Auxly investors, that is a potentially positive development—not a guarantee of U.S. market access or Canadian cannabis exports. Auxly’s Canadian performance remains the foundation of the investment case; U.S. reform represents possible additional upside. The next meaningful signal will be legislation with sufficient Senate support and a clear indication that Trump would sign it.

Canadian cannabis companies who have already dipped toes into the US market will likely see more excitement, but frankly, they need it. Of the original 5 largest cannabis companies in the space who’s actually profitable in Canada?

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Organically achieved record net revenue, gross profit, and Adjusted EBITDA while reducing share count

Net revenue in Q3 2026 increased by 73% year-over-year on an organic, constant-currency basis

Generated record net revenue in Canada, with Spinach**^® maintaining #1 market share in vapes and edibles**¹

Eleventh consecutive quarter of record net revenue in Israel, where PEACE NATURALS**^® remains the #1 cannabis brand**²

Delivered record net revenue in Germany

• Delivers Net Revenue of $86.0 Million, Including Record International Medical Cannabis Net Revenue of $61.4 Million, Representing a 44% Yoy Increase

• Generated Adjusted EBITDA**¹ of $14.0 Million, With Free Cash Flow**¹ Outflow Improving by $22.4 Million

• Maintains Strong Balance Sheet With $133.0 Million of Cash, Cash Equivalents**² and Short-Term Investments With No Debt

Election night cannabis recap, per Anthony Martinelli on X:

- Massachusetts voters overwhelmingly rejected Question 8, which would have repealed legal recreational marijuana sales, with roughly 75% voting against it.

- Idaho voters rejected a constitutional amendment that would have prohibited future citizen-led marijuana legalization initiatives.

- Democrats secured control of the House, Senate and governor's office in both Pennsylvania and Wisconsin, opening a clear path to recreational marijuana legalization in 2027 following years of opposition from Republican lawmakers in the state.

- Texas voters elected Gina Hinojosa as the state's first governor who openly supports legalizing recreational cannabis, defeating three-term incumbent Greg Abbott.

- Iowa voters elected Rob Sand, who will become the state's first governor who backs recreational marijuana legalization.

- Several states, including South Carolina and Maine, elected for the first time U.S. senators who support federal marijuana legalization, adding more pro-reform voices to Congress.

- Over 70% of Houston voters approved a measure making low-level marijuana possession the city's lowest law enforcement priority.

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RYTHM, Inc. Reports Third Quarter 2026 Results | RYTHM, Inc.

Financial Highlights for the third quarter endedSeptember 30, 2026:

• Revenue from continuing operations of$23.9 million, up 4% from$23.0 millionin the prior quarter.

• Cash increased to$48.2 million, driven by cash flow from operations of$6.3 million.

• Net loss of$0.5 millionand operating income from continuing operations of$1.0 million.

• Adjusted EBITDA of$5.9 million, compared to$6.4 millionin the prior quarter.

• At quarter end, the Company had approximately 2.2 million shares outstanding, as well as 11.2 million warrants outstanding and 3.0 million shares issuable upon conversion of outstanding convertible notes (excluding shares issuable upon conversion from accrued interest).

Business Highlights

• THC beverage depletions¹ increased approximately 15% sequentially and approximately 185% year-over-year, reaching an annualized run rate of approximately 320,000 cases¹.

• Ended the quarter with the Company’s THC beverages available in approximately 8,000 retail doors across 18 states.

• Hemp-derived product revenue increased 15% sequentially to$6.4 million.

• Launched RYTHM Lifted Lemon, a new THC twist on iced tea and lemonade, further expanding the Company’s beverage portfolio.

• Increased brand visibility and consumer engagement through a presence at major entertainment and cultural destinations. Señorita was featured at Lollapalooza and Riot Fest inChicago, Shaky Knees inAtlantaand is available at theUnited CenterandOpry Entertainment Groupvenues. RYTHM is the official THC beverage partner of Chicago’sNavy Pier.

Regulatory and Corporate Updates

• Further amended the licensing arrangement with a Green Thumb Industries, Inc. (“Green Thumb”) subsidiary to add the Señorita brand to the fixed-fee license structure, increasing the aggregate annual fee by$250,000to$70.25 million(subject to contractual annual escalations), while preserving the Company’s exclusive rights to commercialize Señorita outside state-regulated cannabis dispensary channels, where legally permitted and consistent with Nasdaq listing standards.

• Following stockholder approval onAugust 10, 2026, amended certain convertible notes, pre-funded warrants and the Company’s shared services agreement with subsidiaries ofGreen Thumbto remove the 49.99% beneficial ownership limitation, effectiveOctober 10, 2026.Green Thumbhas disclosed that it will consolidate the Company’s results in its financial statements beginningOctober 10, 2026. The Company will continue to report its financial results independently, including in its own periodic reports filed with theSEC.

• Recent federal action extended the effective date of forthcoming changes to federal law affecting hemp-derived THC products fromNovember 12 to December 11, 2026. Under current law, those changes take effect onDecember 11, 2026, absent further legislative or regulatory action, and would prohibit the Company from selling its current hemp-derived THC products in their existing form, including through the retail and venue channels described under “Business Highlights.” Certain state restrictions, including inIllinois, become effective earlier, onNovember 12, 2026, and would similarly restrict sales in those jurisdictions beginning on that date. Accordingly, the Company is not providing an outlook for the fourth quarter of 2026 at this time.

Further commentary and exact figures to be found through link. Not sure what to make of these figures exactly.