💸 The Tape

As 2024 rolls into the history books, the cannabis industry is as restless as a bull eyeing a fresh patch of green. Despite the political merry-go-round and missed opportunities, advocates and investors are brushing off the dust and pivoting toward 2025—where the stakes are higher, the hopes are bigger, and, if you listen carefully, you can hear the winds of change. But first, let’s take a look back at some of this year’s biggest hits (and misses).

The year kicked off with high hopes as Ohio lit the fuse on adult-use cannabis back in August. Though not an overnight Cinderella story—regulatory wrinkles remain—Ohio’s move signaled yet another “red” state dipping its toes into the recreational scene. Then came New York, which will hit a cool billion dollars in run-rate sales by the end of the year, proving that, even if illicit shops outnumber legal ones, the legal market can still claim some serious coin.

Meanwhile, Germany took center stage with the rollout of its so-called “Pillar One,” fueling optimism for European expansion—particularly among Canadian LPs that have had a quieter year at home. Speaking of Canada, hopes for legislative or leadership shake-ups in Ottawa remain on many watchlists, especially with 2025 looming as a wildcard year.

Stateside, the big storyline was President Biden’s cannabis promises fizzling faster than a dud firework. Despite some noise about rescheduling efforts, 2024 ended without any major legislative or policy breakthroughs under his watch. On the other hand, former President Trump stirred the pot by throwing his support behind Amendment 3 in Florida (though voters ultimately fell short of the 60% threshold). It was a sudden star turn, giving the Trump camp an edge on cannabis issues heading into 2025.

But the real showstopper was the upcoming Administrative Law Judge (ALJ) hearing on rescheduling—a regulatory soap opera set to unfold in January 2025. The outcome could tip the scales for federal cannabis reform, impacting everything from research funding to banking access. And with bankers and politicians hinting at real change, institutional capital stands ready to pile in—once the legal and financial infrastructure is up to snuff.

All told, 2024 was a rollercoaster for cannabis, blending progress with political posturing and a dash of heartbreak. Still, there’s genuine reason to believe 2025 might finally deliver the watershed moment investors have been craving. After all, if the past year taught us anything, it’s that an industry used to riding highs and lows remains optimistic that its next act might just top the charts.

📈 Dog Walkers

Entourage Health Is Going Private

Entourage Health is taking a bow from the public stage, as 1001007762 Ontario Inc. swoops in with a deal to acquire all outstanding shares at a breezy C$0.005 per share. For a company burdened by over C$167.6 million in debt, this all-cash exit appears to be the proverbial life raft. The special committee overseeing negotiations gave its blessing, citing the sweet promise of real liquidity for shareholders—especially given minimal trading volume and ongoing covenant breaches under various credit agreements.

The proposed transaction also wraps in a tidy settlement for certain unsecured debenture holders, netting C$250,000 in cash, provided the deal goes through. Evans & Evans weighed in with a fairness opinion, concluding the price tag is, at the very least, “fair” under the circumstances. Directors and executives holding 27% of shares have already pledged their support. Throw in a modest break fee and a “fiduciary out,” and Entourage may be taking its final public bow with minimal stage fright.

High Tide Highlights From 2024

High Tide Inc. is finishing 2024 in victory-lap mode, yet again topping Canada’s cannabis revenue charts for a third straight year—this time boasting an annualized run rate north of $525 million. The company ramped up its Canna Cabana network by 29 stores, hitting 191 locations nationwide, while simultaneously enlarging its footprint overseas via the Cabana Club membership program across the U.S., EU, and UK. With 1.55 million regular Cabana Club members—and 57,000 upgraded ELITE users—this loyalty juggernaut is leaving rivals in the dust. Impressively, High Tide booked five consecutive quarters of positive free cash flow, carried a record $35.3 million in cash, and sports retail sales per square foot outpacing retail titans like Walmart and Target. Tally in a White Label expansion (by acquiring Queen of Bud) and freshly launched Canna Cabana 2.0, and you’ve got a Canadian cannabis star shining brighter than ever—aptly validated by multiple top industry rankings.

🗞️ The News

DEA Fails To Release Updated Marijuana Arrest And Seizure Data, Drawing Criticism From Legalization Advocates

High Tide Recaps Key Milestones of 2024

Entourage Health Corp. Enters into Arrangement Agreement for Going-Private Transaction

iAnthus Acquires Lifestyle Vape Brand "Cheetah"

2024 Saw Major International Marijuana News In Germany, Ukraine, Australia, Poland And Other Countries

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