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Israel Awaits U.S. Green Light on Iran Strikes

Israel is poised to launch a renewed and intensified military campaign against Iran, awaiting final approval from the United States to target the country’s supreme leader and critical energy infrastructure. Defense Minister Israel Katz confirmed on April 23, that the Israel Defense Forces are fully prepared, with specific targets already identified for strikes intended to deliver devastating blows.

Katz, speaking after a security assessment in Tel Aviv, described the planned offensive as fundamentally different from previous actions. He emphasized that the strikes would aim to “shake and collapse the foundations” of Iran’s leadership, including the elimination of the supreme leader and potential successors of the Khamenei dynasty. The operation would also focus on crippling Iran’s national infrastructure, with Katz warning of attacks on central energy and electricity facilities that could “push Iran back into the dark ages.”

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What’s going on?

• Mark Carney Denies U.S. ‘Entry Fee’ Demand in CUSMA Trade Talks (theDeepDive)

• Alberta introduces bill to adopt daylight time year-round (Globe)

• US Plans Retroactive 280E Tax Break For Operators Per Marijuana Reclassification, But Not For All (theDeepDive)

• The B.C. law that can stop Carney's nation-building projects (NP)

• US Justice Department Reclassifies Marijuana to Schedule III in Historic Drug Policy Shift (theDeepDive)

• Steel, aluminum tariffs are trade irritants for Canada, Carney says (Global)

• Ford Won’t Budge on US Alcohol Ban Until Tariffs Drop (theDeepDive)

• Flight cancellations stacking up as jet fuel shortage continues (CBC)

• No, Family Guy Did Not Roast Canada. It Wasn’t Even Canada. (theDeepDive)

What’s the latest?

• Real Estate: GTA new home sales rose to 948 in March (vs 439 YoY) but remain 64% below the 10-year average, marking the second worst March on record despite early signs of recovery. Condo sales were just 263 units (-86% vs avg), while benchmark prices sit at ~$1.03M for condos (floor) and $1.41M for single-family (-7.7% YoY), with expected demand boost from upcoming HST relief.

• Tech: OpenAI launched GPT-5.5, an upgrade over GPT-5.4 with stronger capabilities in coding, research, and autonomous task execution, reflecting rapid iteration cycles (<2 months between releases). The model is classified as “High” risk (not “Critical”), undergoes extensive safety testing, and is rolling out to paid users, as competition intensifies with Google and Anthropic.

• Markets: Canada’s TSX edged up +13.91 pts to 33,969.02, supported by industrials and utilities, while U.S. markets were mixed (Dow -54.87, S&P 500 +5.77, Nasdaq +7.30). Oil rose to $93.67/barrel (+$0.71), gold slipped to $4,746.20 (-$6.80), and the Canadian dollar slightly weakened to 73.10 US cents (from 73.20).

• Cannabis: Cannabis stocks fell 6–10% after initial gains as the U.S. move to reclassify marijuana to Schedule III was limited to FDA-approved and state-licensed medical products, not the broader market. While the change removes Section 280E tax burdens and may improve funding access for medical operators, adult-use companies still face regulatory and capital constraints, limiting sector-wide upside.

• Politics: Donald Trump ordered the U.S. Navy to “shoot and kill” mine-laying boats and ramp up mine-clearing in the Strait of Hormuz, escalating tensions as the U.S. enforces a blockade that has already redirected 31 ships. Traffic through the strait—normally handling ~20% of global oil—has collapsed from 100+ ships/day prewar to single digits, with only 8 ships (3 tankers) transiting recently, as Iran says reopening is impossible under current conditions.

Silver May Be the Trade of This Crisis

The stock market and stuff

• Morgan Stanley Slashes Gold Price Target by Nearly 10% Amid Macro Shift (theDeepDive)

• Food Company Input Costs Jump 7.9% as Iran War Drives Supply Chain Shock (theDeepDive)

• Brent oil tops $104 per barrel on unconfirmed report Iran’s top negotiator resigned (CNBC)

• Discovery Silver Sees Production Dip In First Quarter (theDeepDive)

• Devin Nunes Exits Trump Media After Four Years as Losses Top $1 Billion (theDeepDive)

In the juniors

• Kirkland Lake Drills 121 Metres Of 1.01 g/t Gold At Mirado (theDeepDive)

• Heliostar Metals Drills 69 Metres Grading 10.1 g/t Gold in the High Grade Panel at Ana Paula (JMN)

• Vizsla Silver Pushes Forward With Panuco Development, Awards EPCM Contracts (theDeepDive)

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