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Marijuana Reform Stalls Under Trump

President Donald Trump campaigned on supporting marijuana reform, making history as the first major party nominee to back cannabis legalization alongside his Democratic opponent. But four months into his presidency, the federal rescheduling process remains frozen with no action from his administration to revive it.

The Drug Enforcement Administration’s effort to reclassify marijuana from Schedule I to Schedule III of the Controlled Substances Act has been indefinitely stalled since January 21, when procedural appeals halted hearings that were expected to conclude the most significant federal cannabis policy shift in decades.

A 90-day status update filed in April revealed Trump’s acting DEA administrator has failed to set a briefing schedule to resolve the appeal, effectively leaving the process in limbo despite the president’s campaign rhetoric supporting reform.

You can read more on the matter here.

What’s going on?

• Greenland Awards Mining Deal to Europeans as Trump Pursues Island (theDeepDive)

• Canada Post workers stay on job, refuse overtime as contract talks fall short (Globe)

• Oil Slips to Weekly Lows on Prospect of Another Super-Sized OPEC+ Boost (theDeepDive)

• Ukraine and Russia begin biggest prisoner swap of the war (FT)

• Did Trump ‘Overplay His Hand’ In Tariff-Driven Trade Deals? (theDeepDive)

• Dollar Falls to Lowest Since 2023 as Investors Eye Trade Risks (Bloomberg)

• Liberal Backbenchers Reportedly Push Secret Ballot Reform, Testing Carney’s Grip (theDeepDive)

• Trump calls for 50% tariff on European Union starting June 1 (CNBC)

• Union Leader To Ottawa: Seize Assets Of Companies Offshoring Canadian Jobs (theDeepDive)

• Carney unable to find permanent chief of staff after courting high-profile candidates (Globe)

• ‘I Think I’ve Done Enough’: Musk To Cut Political Spending After Record Year (theDeepDive)

What’s the latest?

• Harvard: A federal judge temporarily blocked the Trump administration’s ban on Harvard enrolling international students, following a lawsuit from the university. The Department of Homeland Security had revoked Harvard’s F-1 visa certification, affecting over 7,000 students, citing tolerance of “pro-terrorist agitators.” The judge ruled the ban would cause “immediate and irreparable injury.” Harvard claims the action violates the First Amendment and due process, and accuses the administration of retaliation after the school refused to comply with ideological demands tied to federal funding.

• Nuclear Stocks: Oklo shares jumped ~25%, NuScale 18%, Cameco 8%, and Constellation Energy 1%+ after reports Trump will sign executive orders today (1 p.m. ET) to accelerate U.S. nuclear reactor construction. The orders would invoke the Defense Production Act, declare a national emergency over reliance on Russian and Chinese enriched uranium, and direct federal agencies to fast-track siting and permitting. DOE and DOD must also identify federal lands for new nuclear facilities.

• Trade War: Trump threatened a 50% tariff on EU imports and a 25% tariff on Apple products unless iPhones are made in the U.S., sparking a 1% drop in the S&P 500. He criticized the lack of progress in EU trade talks and accused Apple of offshoring jobs despite its $500B U.S. investment pledge. Analysts warn U.S. manufacturing would raise iPhone prices to $1,500–$3,500. The EU says the trade imbalance shrinks when services are included, showing a €48B gap.

• Commodities: Canada's new Natural Resources Minister Tim Hodgson pledged to cut project approval times from five years to two, aiming to fast-track major projects of national interest. Speaking in Calgary, he said Canada will be defined by “delivery, not delay” in the new economy.

• Retail Sales: Retail sales in Canada rose 0.8% to $69.8 billion in March, driven by a 4.8% increase in vehicle and parts dealer sales, as consumers rushed to buy before tariffs. Core retail sales (excluding gas and vehicles) were up 0.2%. StatsCan's early estimate for April suggests another 0.5% gain, while volume-based sales rose 0.9% in March. Analysts noted signs of stockpiling ahead of incoming tariffs, with six of nine subsectors reporting gains.

Cerrado Gold Q4 Earnings

The stock market and stuff

• Beijing’s Gold Buying Spree Accelerates: Imports Surge 73% in April (theDeepDive)

• Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin (WSJ)

• Chinese Mining Giant Opens Gold, Copper Fund to Hong Kong Investors (theDeepDive)

In the juniors

• Foran Mining Evacuates McIlvenna Bay Over Wildfire Threat (theDeepDive)

• Generation Mining Obtains Support Letter For $200 Million Credit Facility (theDeepDive)

• 4Front Ventures Places US-Based Subsidiaries Into Receivership (theDeepDive)

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