💸 The Tape

Canopy Growth Corporation has taken a major step in solidifying its presence in the U.S. cannabis market, announcing the completion of its acquisition of Acreage Holdings through its subsidiary, Canopy USA. With this deal, Canopy USA now owns 100% of Acreage’s outstanding shares, alongside its earlier acquisitions of Wana Brands and a majority stake in Jetty.

CEO David Klein is optimistic about the deal, touting it as the final piece in creating a vertically integrated, brand-focused powerhouse. “Canopy USA’s platform is designed to thrive in state-legal markets, independent of federal legalization,” Klein explained.

Acreage brings to the table a robust retail network and production capabilities spanning the Midwest and Northeast, complementing Canopy USA’s existing portfolio of premium brands like Wana and Jetty. Acreage CEO Dennis Curran sees significant potential: “This integration allows us to expand our reach, serve customers better, and drive innovation under the Canopy USA umbrella.”

The financial perks are equally compelling. By consolidating assets, Canopy USA expects to unlock revenue growth, cost synergies, and operational efficiencies, particularly in edibles, vapes, and flower. Acreage’s delisting from the Canadian Securities Exchange further reduces public company reporting costs.

This acquisition is more than just a strategic play; it’s a calculated bet on the lucrative U.S. cannabis market. With a growing brand portfolio and a vertically integrated approach, Canopy USA is setting up to bolster the performance of the assets now that they are amalgamated. As the federal legalization debate looms, Canopy Growth isn’t waiting—it’s already building the future of cannabis, one acquisition at a time.

Investors are watching closely, as Canopy’s strategy could redefine the U.S. cannabis landscape before the regulatory winds shift.

📈 Dog Walkers

Pardons May Radically Change For The Better

Congress is finally catching up with common sense, introducing a bipartisan bill to expunge records for those granted presidential pardons, including non-violent marijuana offenses. Spearheaded by Reps. Kelly Armstrong (R-ND) and David Trone (D-MD), the Weldon Angelos Presidential Pardon Expungements Act is named after a cannabis convict turned reform advocate. While pardons offer symbolic forgiveness, they don’t erase the past—leaving recipients stuck with barriers to jobs, housing, and normalcy. This bill fixes that by creating a pathway for record expungement.

The legislation sets a one-year timeline for the courts to implement expungement rules and mandates case reviews within two years. Angelos, who knows the sting of a harsh sentence firsthand, calls the bill “life-changing.” Finally, pardons may actually mean a clean slate.

Trulieve Expands In Tampa

Trulieve Cannabis Corp. is lighting up Tampa’s cannabis scene with the grand opening of its latest medical dispensary on West Kennedy Boulevard. Kicking off on December 13 with music, discounts, and patient education sign-ups, the event promises to be as dynamic as Trulieve’s product lineup. CEO Kim Rivers calls the new location a “convenient hub” for Tampa’s patients and caregivers, boasting high-quality, affordable products and top-notch customer service.

🗞️ The News

Thousands Who’ve Been Pardoned For Federal Marijuana Offenses Would Have Their Records Expunged Under New Bipartisan Congressional Bill

Canopy Growth and Acreage Confirm Canopy USA's Completed Acquisition of Acreage

Trulieve to Open Medical Cannabis Dispensary in Tampa, Florida

Marijuana experts cite M&A and interstate expansion as areas for opportunity in 2025

📺 YouTube

David Boies Cannabis Lawsuit: Attorney Josh Schiller Provides Update | Trade to Black

What we covered:

✅ On our latest Trade to Black podcast, Josh Schiller, an experienced trial lawyer from Boies Schiller Flexner LLP, will join us to provide updates from last week's oral argument in the David Boies lawsuit, which challenges the federal government's outdated marijuana regulations.

During the oral arguments at the U.S. Court of Appeals for the First Circuit, the plaintiffs argued that the 2005 Gonzales v. Raich decision is no longer applicable due to evolving state cannabis laws and public opinion. They highlighted the financial burdens imposed by federal regulations and the inconsistency between state legalization and federal prohibition.

The DOJ defended its stance, emphasizing the impact of intrastate activities on interstate commerce and the need for consistent federal oversight.