Reform Momentum Builds as Organigram Delivers Record Results

Shadd Dales and Anthony Varrell examine an earnings angle with Organigram Global Inc (NASDAQ: OGI, TSX: OGI), who reported a record Fiscal 2025. Trent Woloveck of Jushi Holdings (OTCQX: JUSHF) logs back on to unpack what’s actually happening around cannabis rescheduling after recent Senate discussions — and why rescheduling alone doesn’t solve the industry’s biggest structural problem: banking. Plus we will tackle the growing tension lawmakers are openly acknowledging.

Speculation around U.S. cannabis reform dominates this episode of Trade To Black, as the hosts discuss rising expectations for a potential executive order on rescheduling. CFO Greg Guyatt joins us to walk through what’s driving the numbers, how margins expanded, and why international growth is starting to matter more heading into 2026

Organigram posted record quarterly revenue of approximately $80 million, an 80% year-over-year increase, alongside record adjusted gross margins of 38% and record EBITDA. Guyot attributed the performance to operational scale, disciplined cost control, and the successful integration of the Motif acquisition, which helped establish Organigram as the market leader in Canadian vapes. While pleased with margins, Guyot noted the company is targeting further expansion toward peer-leading levels in the 40–50% range.

The second segment features Trent Woloveck, Chief Strategy Officer at Jushi, who focused on the potential implications of U.S. rescheduling. Discussion also touched on possible executive order language around banking, CBD regulation, and uplisting. Even if cannabis moves to Schedule III, access to banking remains unresolved. Senators from both parties continue to flag public safety risks tied to cash-heavy businesses, while momentum around the SAFER Banking Act remains stalled.

Both segments reinforced the view that cannabis is entering a new normalization phase, driven by maturing business models, international expansion, and renewed political focus. While uncertainty remains around timing and policy details, the hosts agreed the industry appears closer than ever to structural change. Tune in for the full conversation.