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Tesla Avoids California Sales Ban

Tesla (NASDAQ: TSLA) can keep selling vehicles in California for now, but the state’s DMV has formally adopted an order that suspends Tesla’s dealer license for 30 days, with enforcement stayed for 90 days while Tesla attempts to cure the marketing issue.

The same order also addresses manufacturing, suspending the automaker for 30 days, but the suspension is permanently stayed in the text of the adopted order.

The order frames the violation around branding and implied capability: continuing to use the “Autopilot” name to describe advanced driver assistance system features that do not cause Tesla vehicles to operate at SAE Level 3, Level 4, or Level 5 violates multiple provisions.

You can read more on the matter here.

What’s going on?

• Trump Orders Naval Blockade of Venezuelan Oil Tankers, Lawmakers Call It ‘Act of War’ (theDeepDive)

• Canada government rejects call to measure productivity across public service (CTV)

• What Ukraine Gained (And Lost) In Berlin Peace Talks (theDeepDive)

• Canada reports biggest population decline on record (Globe)

• Ontario Launches $500M Fund Targeting Critical Mineral Processing Buildout (theDeepDive)

• Trump administration to dissolve key climate research agency (Reuters)

• Price Concessions Mount as Canadian Housing Market Cools Into Winter (theDeepDive)

• Senators Press FBI Over Failure to Investigate Epstein’s Lawyer and Accountant (WSJ)

What’s the latest?

• Banking: Canadian banking is entering a competitive shift driven by open banking legislation, consolidation, and fintech expansion. The federal budget advanced open finance (including investments and mortgages), banned some $150 account-switching fees, and targeted greater fee transparency. Meanwhile, consolidation continues (e.g., RBC–HSBC Canada, National Bank–CWB), while challengers like Wealthsimple, Questrade (banking license), and EQ Bank–Loblaw expand offerings.

• Gold: Gold prices doubled over two years, hitting a record US$4,381/oz in October 2025, and analysts at JP Morgan, Bank of America and Metals Focus now forecast US$5,000/oz in 2026. Central banks are expected to buy an average 585 tonnes per quarter in 2026, well above the ~350 tonnes needed to keep prices flat, anchoring demand. Investor gold allocations rose to 2.8% of AUM (from 1.5% pre-2022), while total gold demand is projected to peak at ~5,150 tonnes in 2025 before easing in 2026.

• Market: U.S. stocks were mostly flat Wednesday, with the S&P 500 up 0.1%, the Dow +171 points, and the Nasdaq flat, while remaining near record highs. U.S. crude oil rebounded 1.8% to $56.26/barrel after Trump ordered a blockade of sanctioned Venezuelan oil tankers, reversing part of a drop to 2021 lows. Global markets were mixed: FTSE 100 +1.4%, Nikkei +0.3%, and Shanghai +1.2%, while investors awaited inflation data and central bank rate decisions.

• Politics: Justin Trudeau resigned in January, ending a leader-centric, highly performative era, while successor Mark Carney has adopted a more controlled, corporate, and low-profile style. Carney limits media access, emphasizes punctuality and discipline, and runs a top-down PMO reminiscent of the Harper era, contrasting with Trudeau’s open, personality-driven approach. Policy-wise, Carney has shifted the Liberals toward the centre-right, exemplified by a pipeline MOU with Alberta that would have been unlikely under Trudeau.

• Cannabis: Trump is expected to sign an executive order reclassifying marijuana from Schedule I to Schedule III, potentially as soon as this week. The move could lower taxes and ease financing for cannabis firms, driving share price gains across major U.S. and Canadian producers. Reclassification follows an earlier HHS recommendation and awaits DEA approval, while state-level legalization is already widespread.

The Dolly Varden–Contango Merger

The stock market and stuff

• Warner Bros Discovery To Reject Paramount’s Hostile Takeover, Keeps Netflix Agreement (theDeepDive)

• A Look Inside Nasdaq’s Proposed 23/5 Expanded Trading Schedule (theDeepDive)

• Oracle’s $10bn Michigan data centre in limbo after Blue Owl funding talks stall (FT)

• First Majestic Begins Mine Planning Studies For Two Discoveries At Santa Elena, Names Mani Alkhafaji As President (theDeepDive)

• Ford Scraps Electric F-150 Lightning in $19.5 Billion EV Retreat (theDeepDive)

In the juniors

• Amex Exploration Sees Eldorado Gold Increase Ownership Stake To 27% (theDeepDive)

• Collective Mining Drills 29.42 g/t Gold Over 24.80 Metres At Ramp Zone (theDeepDive)

• Wallbridge Mining Plans For 25,000 Metres Of Drilling In 2026 (theDeepDive)

FULL DISCLOSURE: Sage Potash is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Sage Potash. The author has been compensated to cover Sage Potash on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.