最新ニュース Canopy Gwth (NASDAQ:CGC) 株価情報

Canopy Gwth

Canopy Growth

Canopy Growth, headquartered in Smiths Falls, Canada, cultivates and sells medicinal and recreational cannabis, and hemp, through a portfolio of brands that include Doja, 7ACRES, Tweed, and Deep Space. Its non-THC products include skincare products under Martha Stewart CBD and Storz & Bickel vaporizers. Canopy growth merged its US assets into a separately operated holding company, Canopy USA, which will not be consolidated into the Canadian company's financials.

Canopy Growth Corporation - Common Shares

Canopy Growth Corp

Capital Group Core Bond ETF

CENTRAL GLASS CO LTD ORD by Central Glass Co., Ltd.

Central Glass Co Ltd

Commerce Group Corp

Capital Group Core Plus Income ETF

Capital Group Conservative Equity ETF

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/TGIFF">1933 Industries</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TGIFF#OTC">TGIFF</a>) shares closed up 22.50% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/BBRRF">Blueberries Medical</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BBRRF#OTC">BBRRF</a>) shares closed up 14.81% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed up 11.75% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed up 8.68% at $4.65</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed up 8.61% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed up 6.79% at $0.15</li>
<li><a href="https://www.benzinga.com/quote/RMHB">Rocky Mountain High</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RMHB#OTC">RMHB</a>) shares closed up 6.67% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed up 5.19% at $0.27</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed up 5.00% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/GTBIF">Green Thumb Industries</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) shares closed up 3.63% at $7.43</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/AUSAF">Australis Capital</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AUSAF#OTC">AUSAF</a>) shares closed down 50.00% at $0.0001</li>
<li><a href="https://www.benzinga.com/quote/FUAPF">Global Compliance</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FUAPF#OTC">FUAPF</a>) shares closed down 34.55% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/XXII">22nd Century Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XXII#NASDAQ">XXII</a>) shares closed down 18.74% at $5.10</li>
<li><a href="https://www.benzinga.com/quote/ITHUF">iAnthus Capital Hldgs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>) shares closed down 17.31% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed down 13.98% at $0.29</li>
<li><a href="https://www.benzinga.com/quote/YCBD">cbdMD</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/YCBD#AMEX">YCBD</a>) shares closed down 10.38% at $0.50</li>
<li><a href="https://www.benzinga.com/quote/CRBP">Corbus Pharmaceuticals</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRBP#NASDAQ">CRBP</a>) shares closed down 9.15% at $11.92</li>
<li><a href="https://www.benzinga.com/quote/OILFF">Nextleaf Solutions</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTC">OILFF</a>) shares closed down 7.20% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/GNLN">Greenlane Hldgs</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNLN#NASDAQ">GNLN</a>) shares closed down 6.83% at $1.50</li>
<li><a href="https://www.benzinga.com/quote/LVRLF">CordovaCann</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LVRLF#OTC">LVRLF</a>) shares closed down 6.52% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/EAST">Eastside Distilling</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EAST#NASDAQ">EAST</a>) shares closed down 5.54% at $0.73</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed down 4.02% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/BMMJ">Body and Mind</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMMJ#OTC">BMMJ</a>) shares closed down 3.77% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CURR">Currenc Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURR#NASDAQ">CURR</a>) shares closed down 3.57% at $2.22</li>
<li><a href="https://www.benzinga.com/quote/CBWTF">Auxly Cannabis Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) shares closed down 3.32% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/CGC">Canopy Gwth</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares closed down 3.11% at $2.18</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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AUSAF

BBRRF

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CANNABIS WHEATON INCOME by Cannabis Wheaton Income Corp.

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CURE PHARMA HLDG CORP by CURE Pharmaceutical Holding Corp.

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LEAFBUYER TECHNOLOGIES by Leafbuyer Technologies, Inc.

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RMHB

SOLCF

TGIFF

XXII

YCBD

Bearish Sentiment Across The Cannabis Space - Check Full Movers For January 20, 2025

News

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ALEAFIA HEALTH INC ORD by Aleafia Health Inc.

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CURALEAF HLDGS INC by Curaleaf Hldgs Inc.

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CANNIBIS GROWTH OPTY CORP by Cannabis Growth Opportunity Corp.

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EMOR

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FUTURE FARM TECHNOLOGIES by Future Farm Technologies Inc.

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FLGC

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FINCANNA CAPITAL CORP by Fincanna Capital Corp.

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GABRIELLAS KITCHEN INC by Gabriella's Kitchen Inc.

GABLF

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GENE

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GREEN SPIRIT INDUSTRIES by Green Spirit Industries Inc.

GSRX

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IIPR

INCR

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ISODIOL INTERNATIONAL ORD by Isodiol International Inc.

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KHIRON LIFE SCIENCES CORP by Khiron Life Sciences Corp.

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FDA Solicits Public Comments On Use Of Cannabis-derived Products In Veterinary Medicine

The cannabis industry saw significant developments this week, with key updates from New York, New Jersey, Tilray, DoorDash, Ukraine, Agrify, Safe Harbor, the DEA and Canopy USA shaping the landscape. Here&#8217;s a closer look at the highlights.
<h3 class="wp-block-heading">New York Cannabis Industry Reports $1 Billion In 2024 Sales</h3>
New York's Office of Cannabis Management (OCM) released its 2024 annual report, showing robust growth despite a rocky start. Cannabis retailers in the state achieved nearly $1 billion in sales for 2024, supported by the issuance of 1,394 adult-use licenses, 52% of which were granted to Social and Economic Equity (SEE) applicants. The state opened 156 dispensaries, contributing over $64 million in tax revenue.
Looking ahead, the OCM aims to have 625 dispensaries operational by the end of 2025. To enhance transparency and accessibility, it launched the Legal Online Cannabis Activities Locator (LOCAL) Map, helping residents locate legal dispensaries and track license applications. However, challenges persist, including lawsuits from operators opposing recent regulatory changes and ongoing competition from unlicensed markets.
More details on <a href="https://www.cultivated.news/p/new-york-billion-cannabis-market">Cultivated</a>.
<h3 class="wp-block-heading">New Jersey Outpaces New York</h3>
Neighboring New Jersey's cannabis market reported $1 billion in sales for 2024, a 25% year-over-year increase. The Cannabis Regulatory Commission (CRC) attributed the growth to consumer trust and economic opportunities. 
"This momentum sets a solid foundation for continued success in the years ahead," <a href="https://www.cultivated.news/p/move-over-ny-nj-s-got-a-billion-dollar-cannabis-market">said</a> Chris Riggs, acting CRC director. These sales generated an estimated $43 million in tax revenue.
<h3 class="wp-block-heading">Tilray Reports Q2 2025 Financial Results</h3>
Shares of Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) traded down by double digits on Friday after the company reported its second-quarter financial results for fiscal year 2025. 
Net revenue increased by 9% to $211 million compared to $194 million in the prior year quarter, with a 10% increase on a constant currency basis. Gross profit grew 29% year-over-year to $61 million, driven by improvements across all four business segments.
Key highlights include:
<ul>
<li>Beverage alcohol revenue surged 36% to $63 million, with gross margins improving to 40%.</li>
<li>Wellness segment revenue grew 13% to $15 million.</li>
<li>International cannabis revenue increased by 25%, demonstrating Tilray's expanding global footprint.</li>
<li>Cannabis segment revenue fell slightly by 2% year-over-year to $66 million.</li>
<li>Adjusted EBITDA reached $9 million, a 10% decrease year-over-year, impacted by SKU rationalization in the beverage segment.</li>
</ul>
Tilray's Project 420, a $25 million synergy plan aimed at optimizing its beverage business, achieved $17 million in savings by the quarter's end. The company reaffirmed its fiscal year 2025 guidance, expecting net revenues between $950 million and $1 billion, ahead of consensus estimates of $900 million.
"As we enter the second half of the year, we remain committed to delivering on our financial guidance and driving shareholder value,&#8221; stated CEO Irwin Simon. &#8220;Tilray is trailblazing the future of consumer products through the infrastructure we have built, and I am enthusiastic about what lies ahead, including the potential future legalization of cannabis in the U.S."
<h3 class="wp-block-heading">DoorDash Expands Offerings To Include Hemp-Derived Products</h3>
DoorDash (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DASH#NASDAQ">DASH</a>) announced it is now offering hemp-derived THC and CBD products, including gummies and beverages, in select states. The expansion is facilitated through partnerships with merchants like DashMart, Total Wine &amp; More, and ABC Fine Wine &amp; Spirits.
"With the growing demand for hemp-derived THC and CBD products, we're excited to expand access to a wide selection of products consumers crave," said Jacob Morello, director and general manager of alcohol and emerging categories at DoorDash. Customers can now find a "CBD/THC" tab on the app to browse hemp-derived items in states where such products are legal.
DoorDash emphasized compliance with federal laws, ensuring all products adhere to the 2018 Farm Bill's definition of hemp, which limits THC content to 0.3% by dry weight. As part of its launch, DoorDash partnered with the cannabis beverage company Cann, offering users a $2 discount on multipack purchases through the end of January.
<h3 class="wp-block-heading">Ukraine Registers Its First Medical Cannabis Product</h3>
Ukraine has taken a significant step forward in its medical cannabis program, registering the country's first approved cannabis product. The oral cannabis drops, developed in Spain, are expected to be available in pharmacies early this year. Deputy Prime Minister Olha Stefanyshyna highlighted the progress made since the legalization of medical marijuana in 2023. "The first medicines will soon appear in pharmacies."
The law legalizes medical cannabis for patients with severe illnesses and PTSD related to the ongoing conflict with Russia. Ukraine's Ministry of Health clarified that cannabis and its derivatives are no longer listed as particularly dangerous substances, allowing for controlled medical use.
President Volodymyr Zelensky, a strong advocate for medical marijuana legalization, emphasized the importance of providing relief to Ukrainians facing pain and trauma. Training programs for doctors to treat patients with cannabis are also underway as the country expands its regulatory framework.
<h3 class="wp-block-heading">Agrify Sells Cultivation Operation for $7 Million</h3>
Agrify Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGFY#NASDAQ">AGFY</a>). has sold its cannabis cultivation operation to CP Acquisitions, an investment firm affiliated with former CEO Raymond Chang. The $7 million transaction includes vertical farming units, related assets and Agrify Insights software applications. Interim CEO Ben Kovler stated, "This move allows us to focus on more attractive growth categories tied to THC demand."
Agrify will now prioritize its hemp-derived THC beverage lines, including its popular Señorita THC-infused margaritas, which are sold in nine states and online.
<h3 class="wp-block-heading">Safe Harbor Eliminates $1.2 Million Liability</h3>
SHF Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHFS#NASDAQ">SHFS</a>), operating as Safe Harbor Financial, announced a key agreement with Partner Colorado Credit Union, eliminating $1.2 million in indemnity liability. 
CEO Sundie Seefried described the updated agreement as "a positive and pivotal development," simplifying business processes and aligning expenses with income. Safe Harbor serves more than 600 cannabis clients across 40 states and has facilitated more than $20 billion in transactions.
<h3 class="wp-block-heading">Amplify U.S. Alternative Harvest ETF To Liquidate</h3>
Amplify ETFs announced plans to liquidate its U.S. Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJUS#NYSE">MJUS</a>), ending trading on January 27. The fund's struggles reflect broader sector challenges, including the DEA's hesitance to reschedule cannabis from Schedule I. 
Cannabis ETFs like MJUS and others saw significant declines in 2024, partly due to regulatory uncertainties and limited capital access.
<h3 class="wp-block-heading">DEA Faces Scrutiny Over Cannabis Rescheduling Process</h3>
In a new twist, a DEA judge ordered the agency to respond to allegations of bias in its cannabis rescheduling hearings. Cannabis advocates argue the DEA's late submissions and alleged coordination with anti-rescheduling groups undermine the process. The DEA's cautious stance continues to impact investor confidence and industry growth.
<h3 class="wp-block-heading">Canopy USA Appoints First President</h3>
Canopy USA, a U.S.-focused entity affiliated with Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), named Brooks Jorgensen as its first president. Jorgensen, with over 25 years of leadership experience in cannabis and other high-growth industries, aims to unify the company's portfolio of brands, including Wana, Jetty and Acreage's Superflux.
"Canopy USA is a unique platform with the right combination of ingredients to deliver success," Jorgensen stated.

Earnings

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AGFY

DASH

SHF Holdings, Inc. - Class A Common Stock

SHFS

TLRY

The Week In Cannabis: Tilray Earnings, NY Hits $1B In Sales, DoorDash Embraces Hemp, Ukraine And More

<h3>GAINERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CURR">Currenc Group</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURR#NASDAQ">CURR</a>) shares closed up 118.71% at $3.92</li>
<li><a href="https://www.benzinga.com/quote/LBUY">Leafbuyer Techs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LBUY#OTC">LBUY</a>) shares closed up 45.83% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/FUAPF">Global Compliance</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FUAPF#OTC">FUAPF</a>) shares closed up 26.67% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/RSSFF">Affinor Growers</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/RSSFF#OTC">RSSFF</a>) shares closed up 17.68% at $0.06</li>
<li><a href="https://www.benzinga.com/quote/BMMJ">Body and Mind</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BMMJ#OTC">BMMJ</a>) shares closed up 14.29% at $0.02</li>
<li><a href="https://www.benzinga.com/quote/MXC">Mexco Energy</a> (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/MXC#AMEX">MXC</a>) shares closed up 8.53% at $13.18</li>
<li><a href="https://www.benzinga.com/quote/ITHUF">iAnthus Capital Hldgs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ITHUF#OTC">ITHUF</a>) shares closed up 7.83% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CWBHF">Charlottes Web Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CWBHF#OTC">CWBHF</a>) shares closed up 4.26% at $0.13</li>
<li><a href="https://www.benzinga.com/quote/CVSI">CV Sciences</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CVSI#OTC">CVSI</a>) shares closed up 3.85% at $0.04</li>
<li><a href="https://www.benzinga.com/quote/LMLLF">Pharmadrug</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LMLLF#OTC">LMLLF</a>) shares closed up 3.74% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CURLF">Curaleaf Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) shares closed up 3.09% at $1.48</li>
</ul>
<h3>LOSERS:</h3>
<ul>
<li><a href="https://www.benzinga.com/quote/CBDY">Target Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBDY#OTC">CBDY</a>) shares closed down 22.22% at $0.00</li>
<li><a href="https://www.benzinga.com/quote/FFNTF">4Front Ventures</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FFNTF#OTC">FFNTF</a>) shares closed down 10.07% at $0.01</li>
<li><a href="https://www.benzinga.com/quote/CARA">Cara Therapeutics</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARA#NASDAQ">CARA</a>) shares closed down 9.84% at $4.75</li>
<li><a href="https://www.benzinga.com/quote/SOLCF">SOL Glb Inv</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOLCF#OTC">SOLCF</a>) shares closed down 9.53% at $0.26</li>
<li><a href="https://www.benzinga.com/quote/OILFF">Nextleaf Solutions</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/OILFF#OTC">OILFF</a>) shares closed down 8.59% at $0.05</li>
<li><a href="https://www.benzinga.com/quote/NWVCF">EnWave</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NWVCF#OTC">NWVCF</a>) shares closed down 6.60% at $0.14</li>
<li><a href="https://www.benzinga.com/quote/SOL">Emeren Group</a> (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOL#NYSE">SOL</a>) shares closed down 6.57% at $2.10</li>
<li><a href="https://www.benzinga.com/quote/CGC">Canopy Gwth</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) shares closed down 6.28% at $2.66</li>
<li><a href="https://www.benzinga.com/quote/BLOZF">Cannabix Technologies</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BLOZF#OTC">BLOZF</a>) shares closed down 6.26% at $0.20</li>
<li><a href="https://www.benzinga.com/quote/TLRY">Tilray Brands</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) shares closed down 5.52% at $1.37</li>
<li><a href="https://www.benzinga.com/quote/KAYS">Kaya Holdings</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KAYS#OTC">KAYS</a>) shares closed down 4.69% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/VFF">Village Farms Intl</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>) shares closed down 4.64% at $0.80</li>
<li><a href="https://www.benzinga.com/quote/CRLBF">Cresco Labs</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) shares closed down 4.23% at $0.97</li>
<li><a href="https://www.benzinga.com/quote/GRWG">GrowGeneration</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) shares closed down 4.02% at $1.67</li>
<li><a href="https://www.benzinga.com/quote/CBWTF">Auxly Cannabis Group</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) shares closed down 3.94% at $0.03</li>
<li><a href="https://www.benzinga.com/quote/SNDL">SNDL</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) shares closed down 3.59% at $1.88</li>
<li><a href="https://www.benzinga.com/quote/TCNNF">Trulieve Cannabis</a> (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) shares closed down 3.42% at $5.07</li>
</ul>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

RSSFF

SNDL

TCNNF

Cannabis Stock Movers For January 9, 2025

In a new twist on Wednesday, a DEA judge ordered the agency to respond to allegations that it opposes President Joe Biden's <a href="https://www.benzinga.com/markets/cannabis/23/08/34126690/hhs-secretary-confirms-it-is-recommending-cannabis-be-rescheduled-per-bidens-directive">directive of August 2023 to reschedule marijuana</a> and that it is improperly conferring with cannabis opponents. 
Marijuana Moment <a href="https://www.marijuanamoment.net/dea-judge-orders-agency-to-respond-to-new-allegations-it-opposes-marijuana-rescheduling-and-improperly-conspired-with-prohibitionists/">reported</a> that one day after a motion was filed outlining these allegations, which include improper communications with opponents of the reform, the DEA is now compelled to reply next week. Additionally, participants in the hearings are asking the judge to remove the DEA from the process, noted the outlet.
DEA Administrative Law Judge John Mulrooney <a href="https://www.dea.gov/sites/default/files/2025-01/Marijuana%20Rescheduling_Ord%20re%20Mot%20for%20Recon%20Response%20%28e%29.pdf">wrote</a> that the government is ordered to file a response to a motion to reconsider by Jan. 13. 
What Happened: Attorneys representing cannabis advocates argued the DEA&#8217;s late submission of data on marijuana reclassification undermines the fairness of the hearing process. 
They said the agency violated federal law by withholding information until the eve of the hearing, hindering the Department of Health and Human Services <a href="https://www.benzinga.com/markets/cannabis/24/01/36620822/feds-finally-release-documents-confirming-recommendation-to-reschedule-cannabis-based-on-accepte">scientific review of January 2024 </a>and depriving pro-rescheduling groups of a fair opportunity to participate.
Adding fuel to the fire, <a href="https://www.benzinga.com/markets/cannabis/24/03/37603576/dea-vs-white-house-agency-pushes-back-on-medical-benefits-of-cannabis-weed-stocks-wobble">statements from the DEA</a> have questioned the medical value of cannabis, citing a lack of robust clinical trials approved by the Food and Drug Administration to support the safety and efficacy of cannabis for its various therapeutic uses.
The original motion regarding &#8220;ex parte&#8221; communications included failing to disclose nearly 100 requests to participate in the hearings and coordinating<a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens"> with at least one anti-rescheduling group</a>.
Read Also: <a href="https://www.benzinga.com/24/11/42144540/dea-slammed-over-unlawful-talks-with-cannabis-opponents-the-plot-thickens">DEA Slammed For Unlawful Talks With Cannabis Opponents &#8211; The Plot Thickens</a>
<h2 class="wp-block-heading">Cannabis Stocks: Deep Declines Over The Year</h2>
The reclassification process, the first of its kind since 1970, has kept cannabis industry and marijuana stocks on edge and it showed at the end of 2024. 
AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), a benchmark for the sector, plummeted by about 48% in 2024. As of this writing, MSOS shares are down 5.91% on the day. 
U.S. and Canadian marijuana stocks didn't do much better amid concerns over the outcome of the DEA&#8217;s review.
Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) fell some 62% in 2024. Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) lost about 73%, Trulieve (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) fell about 7.5%, Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) is down 31% and Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>) has lost about 37% of its value. TerrAscend (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTC">TSNDF</a>) was also down by 62% in 2024, while Ascend Wellness (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAWH#OTC">AAWH</a>) dropped 64%.
Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) has fallen 45% and Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) subtracted 37%. One exception was Canada&#8217;s OrganiGram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>), which rose more than 20%.
The DEA is required to respond to the allegations by Jan. 13, so stay tuned as the process grinds on.
Now Read:
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<li><a href="https://www.benzinga.com/markets/cannabis/25/01/42805558/from-prison-to-profits-heres-how-this-entrepreneurs-cannabis-business-makes-800000-monthly">From Prison To Profits: Here&#8217;s How This Entrepreneur&#8217;s Cannabis Business Makes $800,000 Monthly</a></li>
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DEA Accused Of Bias In Cannabis Rescheduling Hearings: Weed Stocks Plummeted In 2024 As Process Drags On

Following Surgeon General Vivek Murthy's <a href="https://www.benzinga.com/government/regulations/25/01/42787400/alcohol-increases-cancer-risk-surgeon-general-warns">Friday advisory</a> warning about cancer risks associated with alcohol consumption and calling for updates to health warning labels, Dr. Benjamin Caplan, chief medical officer at the CED Clinic in Massachusetts, Dr. Benjamin Caplan weighed in.
Caplan, a family physician with a unique focus on cannabis medicine, said Murthy's recommendations in which he cited mounting evidence of alcohol's role in <a href="https://www.benzinga.com/general/health-care" target="_blank" rel="noreferrer noopener">cancer development</a> are "a wake-up call."
The advisory &#8220;brings science in line with what many of us in medicine have long seen: alcohol isn't just a harmless social habit — it's a carcinogen," Caplan told Benzinga. 
"For some, it's a nightly ritual; for others, a way to manage stress or sleeplessness. But the damage it leaves behind is undeniable. Alcohol isn't just a drink — it's a risk factor, woven into our culture and quietly eroding our health."
Caplan gave an example of a patient who &#8220;turned to wine to unwind" and was eventually diagnosed with colon cancer. 
"Her story lingers in my mind as a reminder of how deeply alcohol is entrenched in our lives and how devastating its effects can be."
Read Also: <a href="https://www.benzinga.com/government/regulations/24/12/42724338/new-year-2025-how-americas-love-of-cannabis-transformed-social-life-industry-and-health-trends">Cannabis In 2025: Inside America&#8217;s Social, Economic, Wellness Transformation</a>
<h2 class="wp-block-heading">Changing Habits </h2>
Caplan said the challenge is not just about changing habits but about reshaping how we think.
"Alcohol is normalized to the point that alternatives — like cannabis for stress or sleep — are stigmatized or dismissed," he said. 
"But as a physician, my role is clear: to offer knowledge and compassion, to guide patients toward choices that protect their health. We owe it to our patients to meet them where they are but not leave them where they're at. The Surgeon General&#8217;s advisory is a step forward, a chance to save lives — if we're willing to listen and act."
<h2 class="wp-block-heading">Booze Stocks Tank, Cannabis Stocks Rise</h2>
As alcohol stocks drop on the Surgeon General's news, multiple cannabis stocks are on the rise for the first time in a long time.
Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) is up 1.03%, Green Thumb Industries (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTCQX">GTBIF</a>) up 1.65%, Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) up 2.84% and Sundial Growers Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDL#NASDAQ">SNDL</a>) up 1.58%. Cresco Labs Inc. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTCQX">CRLBF</a>) is up a healthy 3.272%.
On the other hand, the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>), often viewed as a benchmark for multistate operators, is down 3.06%. Trulieve Cannabis Corp. (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTCQX">TCNNF</a>) is down 5.6%. 
Now Read: 
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</ul>
Photo courtesy of Dr. Ben Caplan.

Health Care

Exclusives

Interview

EXCLUSIVE: Cannabis Physician Says Surgeon General's Alcohol Cancer Risk Warning Is 'Wake-Up Call'

Dropbox shares are trading higher after the company secured a $2 billion term loan facility led by Blackstone, authorized a $1.2 billion share repurchase program, and stated it expects to meet or exceed Q4 and FY 2024 guidance.

The rise of hemp-derived cannabinoids like Delta-8 THC is reshaping the cannabis landscape in the U.S. Touted as legal alternatives to Delta-9 THC, these products have surged in popularity, <a href="https://www.benzinga.com/markets/cannabis/24/08/40561082/delta-8-thc-exposure-is-lower-in-states-where-recreational-marijuana-is-legal-say-researchers-ba">particularly</a> in states where recreational cannabis remains prohibited.
The unregulated nature and potential health risks of these products have ignited fierce debates among policymakers and industry stakeholders. In an exclusive interview with Benzinga, Dr. Carl L. Hart, a renowned neuroscientist, author and the Ziff professor of psychology at Columbia University, offered a stark critique of the current regulatory framework.
<h3 class="wp-block-heading">The Multi-Billion Consequence Of A Legal Loophole</h3>
Delta-9 THC, the primary psychoactive compound in cannabis, <a href="https://www.benzinga.com/markets/cannabis/24/02/36916329/is-marijuana-a-controlled-substance-wait-what-is-a-controlled-substance">remains federally illegal</a>, though several states have legalized it.
This regulatory gray area was further complicated by the 2018 Farm Bill, which <a href="https://www.benzinga.com/markets/cannabis/24/07/39783607/how-hemp-became-americas-loophole-for-legal-highs">legalized hemp and its derivatives</a>, provided they contain less than 0.3% Delta-9 THC by dry weight. This created a loophole that allowed hemp-derived <a href="https://norml.org/marijuana/fact-sheets/normls-guide-to-delta-8-and-other-novel-cannabinoids/">cannabinoids</a> to flourish, offering effects similar to marijuana but sidestepping federal regulation.
As a result, products like hemp-THC gummies, <a href="https://www.benzinga.com/markets/cannabis/24/08/40418137/industrial-hemps-14b-projected-growth-an-investment-opportunity-too-good-to-miss">beverages</a> and vape cartridges have surged in popularity, often marketed as legal alternatives to cannabis. Delta-8 THC products alone generated an estimated $1.2 billion in sales in 2023, <a href="https://www.benzinga.com/government/regulations/24/11/41851368/hemp-market-surge-how-new-regulations-could-impact-growth">according</a> to Cannabis Business Times.
However, despite the growth of the hemp-derived market, major cannabis companies like Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) and Tilray Brands (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) are <a href="https://www.benzinga.com/markets/cannabis/24/07/39820619/strategy-shift-in-the-works-are-cannabis-giants-getting-into-the-hemp-derived-thc-market">expanding into this space</a>, Hart sees it as indicative of confusion rather than progress.
The core issue, according to Hart, is the <a href="https://www.benzinga.com/markets/cannabis/24/09/40878965/should-delta-8-thc-be-regulated-its-a-total-free-for-all-says-industry-expert">unregulated production</a> of these cannabinoids. Since many hemp-derived cannabinoids are synthesized from <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">hemp-extracted CBD</a>, the chemical conversion process can introduce contaminants, leading to inconsistent product quality.
&#8220;It has less to do with the compounds and more to do with the situation under which these compounds are being produced,&#8221; he explained.
<h3 class="wp-block-heading">Public Health Risks Of Unregulated Products</h3>
Hart stressed that the rise of hemp-derived cannabinoids mirrors past public health crises linked to drug prohibition. Drawing a parallel to <a href="https://www.benzinga.com/markets/cannabis/22/08/28416682/study-dangerous-synthetic-cannabinoids-poisonings-are-less-common-in-legal-cannabis-states">synthetic cannabinoids like Spice and K2</a>, he explained how banning substances without offering safe alternatives drives consumers toward unregulated and <a href="https://www.benzinga.com/markets/cannabis/24/04/38151776/93-of-smokable-hemp-exceeds-legal-thc-limit-government-funded-study-finds">often dangerous options</a>.
"Whenever you have unregulated markets… potential harms go away when you regulate the market," he said, likening the current scenario to the issues faced during alcohol prohibition. He also highlighted parallels with the <a href="https://www.benzinga.com/markets/cannabis/24/09/40990399/fentanyl-laced-with-toxic-chemical-btmps-raises-alarms-nationwide-experts-warn-of-danger">fentanyl</a> crisis, where unregulated drug markets <a href="https://www.benzinga.com/markets/cannabis/24/07/39672165/could-heroin-be-preventing-the-spread-of-fentanyl-in-spain">led to dangerous substitutions</a>.&nbsp;
Federal cannabis legalization, he says, would mitigate these risks by providing safe, regulated products.
<h3 class="wp-block-heading">Economic And Political Incentives Sustain Prohibition</h3>
The persistence of federal <a href="https://www.benzinga.com/markets/cannabis/24/02/36310179/marijuanas-prohibition-promotes-unregulated-weed-use-study-finds">cannabis prohibition</a>, despite evidence of its harm to public health, reflects deep-rooted economic interests, according to Hart. He pointed to the financial incentives that fuel resistance to reform.
"Law enforcement benefits. Not only law enforcement. Science benefits. Homeland Security benefits. The Drug Enforcement Agency benefits," he said. These institutions, he argued, have little motivation to support policies that could reduce their funding, highlighting their interest in maintaining prohibitionist policies.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
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Moreover, the political influence of the hemp industry further complicates the landscape. For instance, in Florida, <a href="https://www.benzinga.com/markets/cannabis/24/11/41726320/hemp-donations-fuel-desantis-and-florida-gops-charge-against-weed-legalization-new-findings">hemp companies donated over $500,000</a> to Governor Ron DeSantis and the state's GOP to oppose Amendment 3, which sought to legalize adult-use cannabis.
The amendment fell <a href="https://www.benzinga.com/markets/cannabis/24/11/41763514/florida-rejects-cannabis-legalization-amendment-supported-by-trump-detested-by-desantis">short</a> and hemp businesses, wary of competition from a regulated marijuana industry, succeeded in maintaining their market dominance undisturbed.
<h3 class="wp-block-heading">Fragmented State Hemp Regulations Add To The Problem</h3>
Meanwhile, inconsistent state regulations exacerbate the challenges posed by unregulated hemp products. States like California, Louisiana and South Dakota have <a href="https://www.benzinga.com/markets/cannabis/24/07/39610764/intoxicating-hemp-products-face-regulatory-crackdown-across-multiple-states">imposed</a> strict regulations or outright bans on hemp-derived THC, attempting to close loopholes.&nbsp;
These measures have been partly prompted by concerns over <a href="https://www.benzinga.com/markets/cannabis/24/07/39828962/fda-accuses-companies-of-marketing-cannabis-products-to-children-amid-debate-on-hemp-cannabinoid">misleading marketing tactics</a>, including products that resemble children&#8217;s snacks, raising alarms about potential risks to minors.
Read Also: <a href="https://www.benzinga.com/government/regulations/24/11/41851368/hemp-market-surge-how-new-regulations-could-impact-growth">Hemp Market Surge: How New Regulations Could Impact Growth</a>
Furthermore, these state-level bans also create unintended consequences. They impact <a href="https://www.benzinga.com/markets/cannabis/24/09/41051849/californias-hemp-restrictions-could-stifle-broader-access-to-therapeutic-products-expert-warns">reputable producers</a> and <a href="https://www.benzinga.com/markets/cannabis/24/09/40906131/this-is-life-or-death-families-of-disabled-children-panic-over-gov-newsoms-hemp-cbd-ban-and-eval">CBD users</a> who rely on consistent, reliable hemp products. Hart criticized this fragmented regulatory approach and emphasized the need for federal oversight, calling for a <a href="https://www.benzinga.com/markets/cannabis/24/09/40833963/expert-calls-for-a-united-hemp-and-cannabis-front-industries-should-collaborate-and-push-for-fed">unified framework</a> that ensures consistency across states.
<h3 class="wp-block-heading">Disproportionate Impact On Marginalized Communities</h3>
The regulatory chaos surrounding hemp-derived cannabinoids also highlights broader inequities in U.S. drug policy. Hart emphasized that Black and Latino populations remain <a href="https://www.benzinga.com/markets/cannabis/23/09/34826776/treating-drug-users-as-criminals-only-makes-matters-worse-says-un-official-latest-global-cannabi">disproportionately affected</a> by arrests, fines and imprisonment for drug-related offenses, despite similar cannabis use rates across demographics.
His perspective challenges investors and industry players to acknowledge the larger context. The unregulated hemp cannabinoid surge reflects a systemic malfunction, one fueled by inconsistent laws and profit-driven deterrents to genuine reform.
<h3 class="wp-block-heading">Toward Evidence-Based Drug Policy Reform</h3>
As debates around hemp-derived cannabinoids intensify, Hart remains firm in his belief that straightforward solutions are available.
Although he expressed skepticism that the U.S. will embrace <a href="https://www.benzinga.com/markets/cannabis/23/06/33000216/united-nations-calls-for-end-to-global-war-on-drugs-health-and-human-rights-instead-of-punishmen">evidence-based policies</a> anytime soon, Hart insists that the facts remain unchanged: properly regulated markets lead to safer products, safeguard user rights and reduce harm across the board.
Read Next:
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<li><a href="https://www.benzinga.com/government/regulations/24/11/42068539/billion-dollar-strike-farm-bill-amendment-could-change-the-hemp-industry">Billion-Dollar Strike: Farm Bill Amendment Could Change The Hemp Industry</a></li>
</ul>
Photo credits: <a href="https://www.flickr.com/photos/fronteirasweb/51713751348/in/photostream/">Flickr</a> &#8211; Fronteiras do Pensamento / Greg Salibian

EXCLUSIVE: Drug Expert Dr. Carl Hart Slams Cannabis Prohibition Amid Hemp-THC Surge

Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) said on Monday that it has fully acquired Acreage Holdings, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>, ACRG.B.U)) (OTCQX: ACRHF, ACRDF) via Canopy USA, LLC, its US-domiciled holding company.
Canopy USA, created in 2022 to streamline the Canadian cannabis giant&#8217;s entry into the US market, now owns 100% of the issued and outstanding shares of Acreage.
<h3 class="wp-block-heading">Background</h3>
The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/06/13951090/canopy-shareholders-approve-acreage-deal-legalization-in-focus">$3.4 billion acquisition deal</a> was first announced in 2019. Initially, the deal was to be undertaken should the U.S. legalize marijuana on a federal level. That deal was later restructured.
The deal outlined Canopy's plan to acquire all Class E subordinate voting shares of Acreage. This acquisition followed the purchase of the Class D shares of Acreage, based on an agreement from October 24, 2022.
Acreage pointed out in November the deal could leave holders of Acreage&#8217;s Class E shares (fixed shares) with nothing if Canopy&#8217;s stock price remains <a href="https://www.benzinga.com/24/11/42196557/canopy-usas-acquisition-of-acreage-could-mean-loss-for-some-shareholders-heres-why">below $5 when the deal closes.</a>
Canopy Growth&#8217;s shares traded 1.6667% higher at $3.66 per share during the pre-market session on Monday morning.
Canopy USA also allowed Canopy to previously <a href="https://www.benzinga.com/markets/cannabis/24/10/41251114/cannabis-giant-canopy-expands-us-presence-with-acquisition-of-top-edibles-brand-what-it-means-fo">acquire</a> 100% of Wana Wellness, LLC, The CIMA Group, LLC and Mountain High Products, LLC, as announced on October 9, 2024 and <a href="https://www.benzinga.com/markets/cannabis/24/06/39166300/canopy-growth-doubles-down-on-its-usa-strategy-announces-exercise-of-acreage-options">approximately</a> 77% of the shares of Lemurian, Inc. (Jetty) as announced on June 4, 2024, while also holding a minority stake in TerrAscend. Corp. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TSND#TSX">TSND</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTCQX">TSNDF</a>).
Read Also: <a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan">The U.S. Cannabis Strategy No One&#8217;s Talking About: Inside Canopy&#8217;s $300M Plan</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Why It Matters</h3>
David Klein, CEO of Canopy Growth, said that Canopy USA is now a unified platform ready to capitalize on the growing U.S. cannabis market without the need for federal legalization. It has a strong presence across key states and licensing agreements for asset-light operations.
&#8220;With a vertically integrated presence across key U.S. states in the Midwest and Northeast, as well as licensing agreements which support asset-light operations in state-legal markets nationally, Canopy USA is well positioned to demonstrate efficient growth ahead,&#8221; Klein said.
<h3 class="wp-block-heading">What's Next</h3>
Canopy USA aims to capture a share of the U.S. retail cannabis market, projected to reach $50 billion by 2026, with a brand portfolio designed to drive growth in the fastest-growing cannabis categories, the company noted.
In late November 2024, the company's board of directors <a href="https://www.benzinga.com/24/11/42190387/cannabis-giant-canopy-growth-names-next-ceo-heres-who-will-succeed-david-klein-amid-us-expansion">named Luc Mongeau</a> the new CEO, effective Jan. 6, 2025. Mongeau, a CPG veteran and board member at the Canadian cannabis giant, succeeds Klein, who announced his plans to retire in August.
Read Next:
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<li><a href="https://www.benzinga.com/news/mid-cap/24/12/42343766/curaleaf-holdings-is-this-cannabis-company-a-buy-or-hold">Curaleaf Holdings: Is This Cannabis Company A Buy Or Hold?</a></li>
</ul>

ACRDF

CSE:ACRG

TSX:TSND

TSX:WEED

WEED

Canopy Growth Wraps Up Acreage Acquisition Expanding US Cannabis Portfolio, What Investors Need To Know

In a recent note, senior analyst Pablo Zuanic digs into the financial standing and valuation of Village Farms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>), the <a href="https://www.benzinga.com/markets/cannabis/24/11/41726679/village-farms-is-only-cannabis-operator-selected-to-represent-weed-industry-at-dea-rescheduling-">only cannabis company </a>anointed by the Drug Enforcement Agency (DEA) as one of the 25 DPs ("designated participants") in the <a href="https://www.benzinga.com/24/12/42270539/dea-live-hearing-on-marijuana-rescheduling-what-to-expect">administrative hearing</a> for the rescheduling of cannabis to Schedule III.
According to Zuanic, the company experienced temporary sales disruptions in the second half of the year, primarily due to stockouts caused by strong first-half demand. These disruptions are expected to normalize by the first quarter of 2025. Although the overall demand for Canadian recreational cannabis is <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41599546/canadas-cannabis-market-goes-cold-pot-prices-hit-bottom-why-top-producers-are-losin">slowing down</a>, Village Farms has been able to increase prices for some SKUs.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Global Reach And Scale</h3>
Beyond Canada, Village Farms is focused on growing its international business, particularly in Germany, <a href="https://www.benzinga.com/topic/australia-cannabis">Australia</a>, and the UK. It plans to allocate Canadian production based on return on investment (ROI) and may consider minority investments in <a href="https://www.benzinga.com/general/market-summary/24/11/42126680/german-cannabis-20-tons-10m-grams-and-thats-only-0-3-of-the-market-whats-missing">international markets</a>.
The company will prioritize its branded domestic cannabis business and<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39609582/europe-is-turning-cash-flow-positive-well-see-what-happens-in-the-u-s-largest-canna"> international sales</a>. It will reduce B2B sales for domestic purposes and allocate more output to its branded products.
Branded sales margins are recovering to the 30-40% range and B2B margins are increasing due to higher prices and increased overseas demand. Zuanic noted approximately one-third of domestic B2B sales are re-exported to <a href="https://www.benzinga.com/topic/germany-cannabis">Germany</a>.
Read Also:<a href="https://www.benzinga.com/government/regulations/24/11/42198793/prohibitionist-group-denies-collusion-allegations-ahead-of-dea-cannabis-rescheduling-hearing"> Prohibitionist Group Denies Collusion Allegations Ahead Of DEA Cannabis Rescheduling Hearing</a>
<h3 class="wp-block-heading">Market Share </h3>
Hifyre data for October and November shows a sequential improvement in the Canadian recreational cannabis market, with a year-over-year growth of 6.7%. However, Village Farms experienced a deceleration to 1% year-over-year growth.
<ul>
<li>Among the top 10 players, Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) (-21%), Decibel (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBCCF#OTC">DBCCF</a>) (-23%), and Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) (-21%) experienced a decline in growth. On the other hand, Cannara (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LOVFF#OTC">LOVFF</a>) (+67%) and WeedMD (+23%) saw significant growth.&nbsp;</li>
<li>OGI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) (+13%), Auxly (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) (+33%), Motif (+10%), and Cronos Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRON#NASDAQ">CRON</a>) (+4%) also exhibited positive growth.</li>
<li>In terms of November market share, Tilray (TLRY) (9.1%) held the largest share, followed by OGI (7.0%), VFF (6.2%), Auxly (5.6%), Motif (5.3%), Cronos Group (5.1%), Decibel (4.7%), Cannara (4.0%), WeedMD (2.9%), and Canopy Growth (2.3%).</li>
</ul>
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/11/41805907/village-farms-quarterly-revenue-grows-20-yoy-as-the-cannabis-company-doubles-international-sales"> Village Farms Quarterly Revenue Grows 20% YoY As The Cannabis Company Doubles International Sales</a>
<h3 class="wp-block-heading">Valuation </h3>
Zuanic<a href="https://zuanicgroup.com/"> argues</a> that Village Farms' stock is undervalued due to its complex business model and gradual growth strategy, despite its strong performance in the Canadian cannabis market, international expansion and potential US opportunities. 
He calculates the company&#8217;s enterprise value (EV) to be around US$120 million. This valuation implies a low multiple of 0.4x current sales estimates and 5.6x EBITDA.
Zuanic says the market is not fully recognizing the value of VFF&#8217;s assets. 
If we strip out the value of the produce business, US CBD operations and <a href="https://www.benzinga.com/topic/texas-cannabis">Texas</a> greenhouses, Zuanic suggests that the remaining valuation for the cannabis unit is around US$19 million, or 0.1x estimated 2025 sales and 3x EBITDA. This is significantly lower than the<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41811378/aurora-vs-canopy-tilray-which-nasdaq-listed-cannabis-stock-offers-the-best-growth-p"> valuations of other major cannabis companies</a> like <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41613366/beyond-beer-tilrays-1-67-billion-market-play-is-this-cannabis-giant-still-a-smart-b">Tilray</a> and Aurora Cannabis (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>).
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41925770/three-paths-to-cannabis-profits-village-farms-green-thumb-and-jushi-show-divergent-">Three Paths To Cannabis Profits: Village Farms, Green Thumb, And Jushi Show Divergent Strategies—Which Will Deliver?</a>

Analyst Color

Guidance

Eurozone

Retail Sales

Global

Analyst Ratings

Trading Ideas

DBCCF

Are You Missing Out On This NASDAQ-Listed Weed Stock? Low-Cost Model Meets European Demand

We&#8217;ve been analyzing cannabis stocks from a mid-term investor perspective, covering major players like <a href="https://www.benzinga.com/24/11/42196285/aurora-cannabis-stock-analysis-key-levels-and-trading-opportunities">Aurora</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>):, <a href="https://www.benzinga.com/topic/canopy-growth-corp">Canopy</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>):, and<a href="https://www.benzinga.com/24/12/42300451/nasdaq-listed-high-tide-under-the-magnifying-glass-key-insights-for-cannabis-investors"> High Tide</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HITI#NASDAQ">HITI</a>), all listed on major exchanges. 
Now, we&#8217;ll shift focus to the first case of a cannabis stock traded OTC, which is an extended situation for cannabis stocks.
Despite being a major industry player in the U.S., Curaleaf Holdings INC&#8217;s stock (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>) has been on a prolonged downtrend, dropping from a high of $5.50 in early 2023 to its current low near $1.70.The stock is traded over-the-counter (OTC), meaning it is not listed on major exchanges like the NYSE or NASDAQ, which on occasion results in lower trading volumes and less liquidity due to reduced visibility and accessibility for investors. 
But this isn&#8217;t the case with <a href="https://www.benzinga.com/markets/cannabis/24/11/41791833/curaleaf-q3-results-strong-margins-but-44m-loss-whats-next-for-investors">Curaleaf</a>, which normally trades with sound volumes. While most companies we&#8217;ve covered so far are recovering ground this April-May 2024, Curaleaf seems not to have found the bottom, having dropped 75% from its 2022 high of over $8. 
<h3 class="wp-block-heading">Price Action</h3>
In the long run, price action shows three major situations:
<ul>
<li>2022-2023 Peak to Downtrend: The stock&#8217;s decline from its 2022 peak aligns with broader industry challenges, likely tied to the cannabis sector&#8217;s regulatory and growth constraints. It reflects diminished investor confidence in Curaleaf&#8217;s growth potential or profitability.</li>
<li>Mid-2023 Stabilization: The brief consolidation during mid-2023 near the $3.50-$4.00 range showed temporary relief, possibly due to short-term news or industry-wide developments. However, the inability to break above resistance levels led to continued selling pressure.</li>
<li>Late-2024 Breakdown: The recent push toward $1.75 indicates intensifying bearish sentiment, possibly exacerbated by external market conditions or specific company challenges. The lack of a significant bounce suggests the market remains cautious about the stock&#8217;s prospects.</li>
</ul>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="527" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17-1024x527.png" alt="" class="wp-image-678625" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17-1024x527.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17-300x155.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17-768x396.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17-1536x791.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/12/05085227/Captura-de-pantalla-2024-12-05-a-las-10.52.17.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart created<a href="https://pro.benzinga.com/dashboard"> using Benzinga Pro</a>
<h3 class="wp-block-heading">Support Levels, Resistance And RSI</h3>
The stock now stands near a critical support level of $1.70.
If this level holds, it could serve as a base for recovery, while a break below it may lead to further declines, potentially toward $1.00. On the upside, resistance levels to watch include $2.50 and $3.00—key barriers that need to be breached for a meaningful reversal. 
Additionally, the Relative Strength Index (RSI) indicates oversold conditions, suggesting the possibility of a short-term bounce. 
However, without a catalyst, such as improved earnings or regulatory breakthroughs, upward movement may be limited.
<h3 class="wp-block-heading">Fibonacci Analysis: Recovery Targets To Watch</h3>
We will use Fibonacci retracement on the downtrend to look for potential resistance levels on an eventual recovery, potential targets provide a roadmap for investors if the stock starts to regain momentum. Bear in mind, that we are considering that the stock is <a href="https://www.benzinga.com/topic/curaleaf">overly depreciated</a>. But markets are not always rational. 
Starting from the early 2023 high of $5.50 to its current low near $1.70, the first recovery target lies at $2.75 (23.6% retracement).
Beyond that,&nbsp;$3.50 (38.2%)&nbsp;and&nbsp;$4.15 (61.8%)&nbsp;mark significant resistance zones. These levels represent potential profit-taking points for short-term traders or confirmation zones for long-term holders awaiting a stronger trend reversal.
Read Also:<a href="https://www.benzinga.com/markets/cannabis/24/10/41356833/the-future-of-cannabis-a-tremendous-amount-of-upside-despite-challenges-says-curaleaf-executive"> The Future Of Cannabis: &#8216;A Tremendous Amount Of Upside&#8217; Despite Challenges Says Curaleaf Executive</a>
<h3 class="wp-block-heading">Should You Buy Or Hold?</h3>
CURLF is trading at historic lows, which may seem attractive for investors looking for a discounted entry point. 
However, it's important to consider the following:
<ul>
<li>Risks Remain High: The stock's prolonged decline and the broader industry&#8217;s uncertainty make this a risky investment.</li>
<li>Potential Upside Is Limited Without Catalysts: For the stock to recover, Curaleaf would need big news, such as improved earnings, strategic acquisitions or regulatory breakthroughs.</li>
</ul>
If you already own CURLF, holding might be a reasonable strategy if you&#8217;re confident in the long-term cannabis market. Key signs to watch for include:
<ul>
<li>Support Holding at $1.70: If the price stabilizes above this level, it could be a base for recovery.</li>
<li>Breakouts Above $2.50-$3.00: A move above these levels could indicate renewed interest and strength.</li>
</ul>
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.
<h3 class="wp-block-heading">What To Expect In The Near Term</h3>
<ol>
<li>Downside Risk: If $1.70 fails as support, the price could drop to $1.00 or lower. I would expect this since the stock is overly undervalued.</li>
<li>Potential Rebound: Technical indicators, like RSI, suggest oversold conditions, a short-term bounce is possible.</li>
</ol>
<ul>
<li>Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/11/41791833/curaleaf-q3-results-strong-margins-but-44m-loss-whats-next-for-investors">Curaleaf Q3 Results: Strong Margins But $44M Loss, What&#8217;s Next For Investors?</a></li>
</ul>
COVER: AI-generated image

Mid Cap

HITI

Curaleaf Holdings: Is This Cannabis Company A Buy Or Hold?

Decibel Cannabis (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DBCCF#OTC">DBCCF</a>) is poised for significant growth, as outlined in a recent report by Zuanic &amp; Associates, which highlights Decibel&#8217;s robust cash flow generation as a key strength. 
With a projected free cash flow (FCF) of $20 million for 2025, the company boasts a significant FCF yield of 54%.&nbsp;
"With a leading franchise in Canadian pre-rolls (the category is as big as Flower in Canada rec now)&#8230;we believe Decibel should trade more in line with the larger market cap LP stocks (especially with debt leverage projected below 1.4x for next year)," senior analyst <a href="https://www.benzinga.com/topic/pablo-zuanic">Pablo Zuanic</a> wrote in the report.&nbsp;
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Market Trends, Decibel's Performance</h3>
The <a href="https://www.benzinga.com/topic/canada-cannabis">Canadian recreational cannabis market</a> saw an improvement in October and November, with a year-over-year increase of 6.7%. However, Decibel continued to experience significant <a href="https://www.benzinga.com/24/11/42137701/canadian-cannabis-co-decibel-reports-12-yoy-drop-in-q3-revenue-but-increases-gross-margin-to-53">sales declines</a>, dropping by 23% year-over-year.
While other major players like Tilray (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>) and Canopy Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) also experienced sales declines, companies like Auxly (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CBWTF#OTC">CBWTF</a>) and Cannara (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LOVFF#OTC">LOVFF</a>) showed substantial growth.
In terms of market share, Tilray maintained the top position, followed by Organigram (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OGI#NASDAQ">OGI</a>) and Village Farms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VFF#NASDAQ">VFF</a>). Decibel held a 4.7% market share in November.
<ul>
<li>Pre-rolls: Decibel&#8217;s core-infused<a href="https://www.benzinga.com/topic/pre-rolls"> pre-roll segment</a>, while still a significant contributor to revenue, has seen a decline in market share. "Over 97% of Decibel pre-roll sales come from the infused segment (3Q24), where Decibel has seen share erosion; after peaking at 57% in 2Q23, this was 35% in 3Q24 (1Q24 48%; 2Q24 41%)," reads <a href="https://zuanicgroup.com/">Zuanic's report</a>.&nbsp;</li>
</ul>
<ul>
<li>Vapes: Decibel&#8217;s total <a href="https://www.benzinga.com/topic/vapes">vape share</a> fell to 9.7% in 3Q24 from 11.8% in 3Q23, although the company has adapted well to the growing AIO segment. "Decibel has adapted well in AIOs now 29% of its vape sales and is #3 in the AIO segment with a 13% share," Zuanic noted.&nbsp;</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/10/41600492/decibel-acquires-agmedica-announces-private-placement-and-third-quarter-guidance">Decibel Acquires AgMedica, Announces Private Placement And Third Quarter Guidance</a>
<h3 class="wp-block-heading">Strategic Acquisition</h3>
The <a href="https://www.benzinga.com/news/financing/24/11/42164794/decibel-cannabis-raises-1-18m-secures-capital-for-agmedica-bioscience-integration">acquisition of AgMedica is a strategic move</a> that will significantly enhance Decibel&#8217;s market position and growth prospects. By expanding its product portfolio, distribution network, and market share, Decibel aims to capitalize on the growing Canadian cannabis market. Key benefits include:
<ul>
<li>Expanded Product Range: AgMedica brings a diverse range of products, including flowers, pre-rolls, edibles, and concentrates.</li>
<li>Enhanced Distribution Network: The acquisition will expand Decibel&#8217;s reach, allowing it to tap into new markets and customer segments.</li>
<li>Strengthened Market Position: By combining the strengths of both companies, Decibel aims to solidify its position as a leading player in the Canadian cannabis market.</li>
</ul>
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/12/42297466/decibel-receives-final-tsx-venture-exchange-acceptance-for-agmedica-acquisition-and-debenture-conversion">Decibel Receives Final TSX Venture Exchange Acceptance For AgMedica Acquisition And Debenture Conversion</a>
<h3 class="wp-block-heading">Zuanic's Thesis </h3>
For Zuanic, Decibel offers a compelling investment opportunity due to its financial position and growth prospects. With a projected FCF of $20 million for 2025, the stock offers a significant FCF yield of 54%.&nbsp;
Additionally, its low valuation multiples of 0.5x sales and 2.8x EBITDA make it an attractive investment. "Although we do not set price targets, at 1-2x our CY26 sales estimates, the stock could be 6-10x higher by Dec'25 vs. current levels," Zuanic concluded.&nbsp;
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41599546/canadas-cannabis-market-goes-cold-pot-prices-hit-bottom-why-top-producers-are-losin">Canada&#8217;s Cannabis Market Goes Cold, Pot Prices Hit Bottom: Why Top Producers Are Losing Ground</a>

Market Summary

Penny Stocks

Small Cap Analysis

Financing

Decibel Cannabis: One Acquisition Could Be The Key To Unlocking $20M In Cash Flow

Canopy Growth Corporation (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) and Acreage Holdings, Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/ACRG#CSE">ACRG</a>, ACRG.B.U))(OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/ACRHF#OTCQX">ACRHF</a>, ACRDF)) announced Monday that Canopy USA, LLC will complete its acquisition of Acreage on or around Dec. 9, 2024.
The Canadian cannabis giant announced its plans to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/19/06/13951090/canopy-shareholders-approve-acreage-deal-legalization-in-focus">acquire</a> Acreage for $3.4 billion in 2019. Initially, the deal was to be undertaken should the U.S. legalize&nbsp;marijuana on a federal level. That deal was later restructured.
The deal outlined the plan to acquire all Class E subordinate voting shares of Acreage. This acquisition will follow the purchase of the Class D shares of Acreage, based on an agreement from October 24, 2022. After both acquisitions are completed, Canopy USA will own all shares of Acreage.
Acreage pointed out in November that the move could leave holders of Acreage's Class E shares (fixed shares) with nothing if Canopy's stock price remains <a href="https://www.benzinga.com/24/11/42196557/canopy-usas-acquisition-of-acreage-could-mean-loss-for-some-shareholders-heres-why">below $5 when the deal closes</a>.
Canopy Growth's shares traded 6.71% lower at $3.545 per share at the time of writing on Tuesday December 3. Acreage's shares traded 11.63% higher at $0.12 per share.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39185620/acreage-announces-10m-private-placement-of-units-ahead-of-acquisition-by-canopy">Acreage Announces $10M Private Placement Of Units Ahead Of Acquisition By Canopy</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
Canopy USA &#8211; Canopy Growth‘s strategy for capturing the U.S. cannabis market &#8211; was created in 2022. A new U.S.-domiciled holding company is set to streamline the company's entry into the US market by allowing it to acquire Acreage as well as two other cannabis companies – Wana Brands and Jetty – while also holding a minority stake in TerrAscend. Corp. (TSX:<a class="ticker" href="https://www.benzinga.com/stock/TSND#TSX">TSND</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/TSNDF#OTCQX">TSNDF</a>).
Canopy USA <a href="https://www.benzinga.com/markets/cannabis/24/10/41251114/cannabis-giant-canopy-expands-us-presence-with-acquisition-of-top-edibles-brand-what-it-means-fo">completed</a> its acquisition of Wana in October, and roughly 75% of the shares of cannabis edibles producer, Lemurian, Inc. (Jetty) as <a href="https://www.benzinga.com/markets/cannabis/24/06/39166300/canopy-growth-doubles-down-on-its-usa-strategy-announces-exercise-of-acreage-options">announced in June 2024.</a>
Canopy Growth&#8217;s newly appointed CEO Luc Mongeau, who succeeds David Klein effective Jan. 6, 2025, will continue his legacy by expanding the company&#8217;s influence in the U.S.
Read Also: 
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/11/42162875/canopy-growths-german-subsidiary-teams-up-with-portugals-gro-vida-to-expand-medical-cannabis-supply">Canopy Growth&#8217;s German Subsidiary Teams Up With Portugal&#8217;s Gro-Vida To Expand Medical Cannabis Supply</a></li>
</ul>

ACRHF

Canopy Growth Set To Complete Acreage Acquisition, Leaving Some Shareholders Potentially Open To Losses

Cannabis retailer Tokyo Smoke has finished its restructuring process and is no longer under financial protection, following a court's approval.
<h3 class="wp-block-heading">What Happened</h3>
The Canadian company <a href="https://www.benzinga.com/markets/cannabis/24/08/40614904/cannabis-retailer-tokyo-smoke-to-close-29-stores-in-canada-as-it-seeks-creditor-protection">first announced</a> that it started restructuring its business in August, obtaining an initial order under the Companies Creditors Arrangement Act (CCAA) from the Ontario Superior Court of Justice in Canada.
In Sept. the company <a href="https://www.benzinga.com/markets/cannabis/24/09/40961149/canadian-cannabis-retail-giant-tokyo-smoke-restructures-seeks-stronger-future-via-56-7m-share-de">entered</a> a share subscription agreement with TS Investments Corp., its parent company. Under the deal, TS Investments agreed to subscribe to all of the issued and outstanding shares of Tokyo Smoke. That deal was valued at roughly $56.7 million (CA$77 million).
Read Also: <a href="https://www.benzinga.com/markets/cannabis/23/09/34286690/tokyo-smokes-to-feature-travis-organik-fleetwood-weed-brand">Tokyo Smoke To Feature Travis ‘Organik' Fleetwood Weed Brand</a>
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.</li>
</ul>
<h3 class="wp-block-heading">Why It Matters</h3>
The company reported recently that most of its stores are unaffected, while its online business and loyalty program will continue as usual.
"There will be no disruption or change to the Company&#8217;s online business, or The High Roller Club loyalty program," Tokyo Smoke said in a press release.
<h3 class="wp-block-heading">What's Next</h3>
Tokyo Smoke said it is now a stronger business, ready to provide high-quality cannabis products and services in Canada, both online and in stores, while keeping jobs for its employees.
"Tokyo Smoke will continue its commitment to bringing Canadians the highest quality regulated products, online and in-person, through its expansive retail network, while educating and empowering customers to make well-informed decisions about safe, high-quality cannabis offerings that reflect Canadians&#8217; interests, neighborhood by neighborhood," the company said.
Tokyo Smoke was previously owned by Canopy Growth Corp (TSX:<a class="ticker" href="https://www.benzinga.com/stock/WEED#TSX">WEED</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>). The Canadian cannabis giant divested stores operating under the <a href="https://www.benzinga.com/markets/cannabis/23/01/30256663/canopy-divests-tweed-and-tokyo-smoke-retail-assets-in-an-effort-to-reach-profitability">Tokyo Smoke and Tweed retail banners in early 2023.</a>
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/08/40591338/canadas-cannabis-growth-slowed-due-to-federal-gov-inaction-key-industry-leader-says">Canada&#8217;s Cannabis Growth Slowed Due To Federal Gov Inaction, Key Industry Leader Says</a></li>
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<a href="https://www.marijuanamoment.net/dea-judge-wont-remove-agency-from-marijuana-rescheduling-hearing-but-raises-concerns-about-alleged-unlawful-contact-with-prohibitionists/">https://www.marijuanamoment.net/dea-judge-wont-remove-agency-from-marijuana-rescheduling-hearing-but-raises-concerns-about-alleged-unlawful-contact-with-prohibitionists/</a>
A Drug Enforcement Administration (DEA) judge has denied a motion to remove the agency from its role in an upcoming marijuana rescheduling hearing—though he sharply criticized responses from DEA and a prohibitionist group over an allegation that they unlawfully communicated during the cannabis rulemaking process.
With <a href="https://www.marijuanamoment.net/dea-posts-details-on-next-weeks-marijuana-rescheduling-hearing-including-live-stream-and-documents-portal/">the initial rescheduling hearing set for next week</a>, DEA Administrative Law Judge (ALJ) John Mulrooney has been addressing multiple motions from interested parties, largely centering around witness participation in the proceedings.
But one motion from two designated participants—Hemp for Victory and Village Farms International—made an especially bold assertion: It alleged DEA effectively conspired with Smart Approaches to Marijuana (SAM), an anti-cannabis group that was selected to serve as a witness. And that alleged ex parte communication, coupled with DEA's apparent indecision over the proposed rule, should be grounds to remove the agency as the designated "proponent" of the rescheduling rule.
Mulrooney had already indicated that it's statutorily beyond ALJ authority to take that action, and he formally denied the motion on Wednesday.
"There is no question that the allegations raised by the [ex parte motion (EPM)] are distasteful and arguably unhelpful to the public's perception that the proceedings will be transparent," the order says. "That said, this tribunal is without authority to grant the supplementation and removal relief sought (the only relief sought) by the Movants."
But the judge also took the opportunity to more substantively address the allegations of unlawful communications between DEA and SAM, rebuking both parties' <a href="https://www.marijuanamoment.net/dea-says-it-didnt-conspire-with-anti-marijuana-group-dismissing-allegedly-illegal-talks-as-gossip/">response briefs that categorically denied the claims of misconduct</a>.
He said that, "in view of the nature of the allegations, the denial of the EPM does not finish the job."
After describing ex parte statutes in the Administrative Procedures Act (APA) and Controlled Substances Act (CSA), Mulrooney challenged DEA's "bold declarations" that it was innocent of violating the rules. He wrote that "these seemingly courageous proclamations are quickly all but eviscerated by the Government's surprising qualification that this proclamation of innocence extends only to the ‘DEA counsel of record.'"
That is, DEA denied the improper contacts, but only for its counsel of record in the hearing, whereas the motion that raised the allegations were not limited to only those officials.
"Thus, the Government defended against an allegation that was never actually leveled, and never dealt with the true gravamen of the factual allegations of the EPM," the order says. "Stated differently, the Government responded to an allegation that it created, not the one that was in issue."
"As discussed, supra, the applicable APA provisions are not so slender or lacking in common sense as to limit their applicability to a Government trial team who was never alleged to have made the communication in the first place. In its peculiar, semi-blanket denial, the Government did not happen to address staff members who actually may have made the purported communication, or those who may have been advising the Administrator at the time she was making decisions about whether there would be a rescheduling action, and who (if anyone) would sign the [notice of proposed rulemaking]."
The judge also noted that there's "no indication in its [DEA's response] that the Government has made even the mildest attempt to ascertain the truth and disclose it to the public and this tribunal."
Mulrooney further took SAM to task over its separate response to the allegations. The prohibitionist group maintained, for example, that any ex parte communications would have had to occur after the notice of proposed rulemaking was published, signaling that SAM President Kevin Sabet's talks with confidential sources at DEA that he posted about on social media ahead of the notice would not qualify as unlawful under the statute.
"This argument misleadingly omits from its analysis that portion of the relevant APA section that incorporates the critical qualifier ‘unless the person responsible for the communication has knowledge that it will be noticed, in which case the prohibitions shall apply beginning at the time of his acquisition of such knowledge,'" the order says.
The judge said "it would defy reason to suggest that Dr. Sabet and whoever in the DEA he may have spoken to were not aware that decisions in this matter were imminent."
"Such decisions would include not only whether the DEA Administrator intended to sign and support the goal of the NPRM, but also, who would be ultimately identified as a Designated Participant (or at least, what criteria would be used in reaching that determination)," he said.
"By SAM's reckoning even if a prospective party to a rulemaking proceeding were to spend hours advocating its position to the decider on the day before publication in the Federal Register, that public servant (who would clearly have had knowledge of the publication) would have no obligation to reveal that to a soul; not to the public, not to the parties who were not invited, not to the administrative record, and certainly not to any reviewing courts. This indeed would be a very restrictive view of the ethical obligations of a public servant, and perhaps less transparency than the public might expect from its government."
SAM also contended that there's no evidence that the alleged communications with DEA concerned the merits of the rescheduling proposal, so they could not therefore be considered ex parte.
Mulrooney agreed that merit is a key component of the statute at play, but "as is often the case with secret communications, by design the act of shielding the contents from others inhibits the ability to discover their contents."
"There is no context as to the conversation surrounding Dr. Sabet's social media announcements regarding his ‘two confidential sources inside [the] DEA,' or why those sources would be close enough to the Administrator to render their obvious violations of her confidence to be deemed reliable," he said.
"It is also challenging to interpret the comments Dr. Sabet allegedly posted as a status check. Likewise requiring some level of creativity is reconciling SAM's argument that rescheduling proceedings had not commenced with its current position that Dr. Sabet was performing a status check. Stated differently, if there were no proceedings yet in existence, what would Dr. Sabet have been checking the status of?"
"SAM dismisses the allegation essentially on the basis that others (including some who publicly favor the NPRM) were equally loquacious on social media," the order says. "An inescapable point here is that (unlike SAM) none of those others are DPs in this case, and based on the motion practice to date, many of those not selected to participate do not seem to have an understanding as to why that is true."
In light of all this, the ALJ said his job was then to determine whether the allegation of illegal communications justified an order to have the government and SAM prove their ex parte innocence.
"As unappetizing as this whole misadventure appears, the remedy test for improper ex parte communications is whether the communication materially affected or will affect the way a given case is or has yet been decided," he said.
"Dr. Sabet (for whatever his reasons were) elected to alert the world through social media that he was receiving privileged information from those close to Agency leadership. When he told the world, he also told the Movants. The Movants knew about Dr. Sabet's online bragging before these proceedings began. At this juncture, this question hinges on ‘whether, as a result of improper ex parte communications, the agency's decisionmaking process [has been or would be] irrevocably tainted so as to make the ultimate judgment of the agency unfair, either to an innocent party or to the public interest that the agency [is] obligated to protect.'"
"Here, because I have concluded that, at least based on the papers I have, there is insufficient basis to support such a conclusion, even if every fact alleged in the EPM were assumed arguendo to be accurate, no order to show cause will issue," he said.
That is, without an "ultimate judgment" being rendered in the rescheduling proceedings at this stage, the judge said he could not order DEA or SAM to further establish that they didn't engage in the alleged conduct.
Meanwhile, in a prehearing statement submitted to Mulrooney on Tuesday, <a href="https://www.marijuanamoment.net/federal-health-officials-rejected-deas-request-to-testify-at-marijuana-rescheduling-hearing-agency-tells-judge/">DEA previewed the testimony its own witnesses plan to provide</a>&nbsp;at the upcoming hearing—without clarifying where it stands on the rescheduling proposal.
The agency also said that the U.S. Department of Health and Human Services (HHS)—which carried out a scientific review that informed the proposal to move cannabis to Schedule III—"rejected" its request to provide witnesses.
While the initial preliminary hearing is scheduled for December 2, the merit-based proceedings were delayed until at least early 2025 after Mulrooney notified DEA that it provided insufficient information about&nbsp;<a href="https://www.marijuanamoment.net/dea-judge-issues-order-approving-and-denying-witnesses-for-marijuana-rescheduling-hearing-and-laying-out-next-steps/">the 25 selected witnesses that DEA Administrator Ann Milgram submitted</a>.
Separately, the judge last week&nbsp;<a href="https://www.marijuanamoment.net/researcher-asks-dea-judge-to-postpone-marijuana-rescheduling-hearing-until-after-trump-takes-over/">denied a request from a cannabis and psychedelics researcher</a>&nbsp;to postpone the upcoming rescheduling hearing over the agency's alleged "improper blocking" of witnesses, while arguing that the process should be halted at least until President-elect Donald Trump's administration comes into power so it can review the rulemaking.
Mulrooney also&nbsp;<a href="https://www.marijuanamoment.net/dea-judge-rejects-veterans-groups-petition-to-participate-in-marijuana-rescheduling-hearing/">rejected a veterans group's petition to participate in the rescheduling hearing</a>, which the organization called a "travesty of justice" that excludes key voices that would be affected by the potential policy change.
For what it's worth, Vice President Kamala Harris said recently that part of the reason for the delay in the administration's marijuana rescheduling effort is&nbsp;<a href="https://www.marijuanamoment.net/kamala-harris-blames-marijuana-rescheduling-delay-on-dea-bureaucracy-while-defending-her-own-prosecutorial-record/">federal bureaucracy that "slows things down," including at DEA.</a>
In March, Harris also expressed some frustration with the bureaucratic process of rescheduling marijuana, prior to DOJ's formal recommendation,&nbsp;<a href="https://www.marijuanamoment.net/watch-live-vp-harris-talks-marijuana-ahead-of-white-house-meeting-with-cannabis-pardon-recipients/">calling on DEA to expediently finish the job</a>.
While the Biden–Harris administration facilitated the review that led to the DOJ rescheduling proposal, Trump has also voiced support for the reform.
In Congress, numerous lawmakers have shared their own perspectives on the proposed reform with DEA and DOJ since the Schedule III announcement was made.
In August, for example, Sen. Chuck Grassley (R-IA)&nbsp;<a href="https://www.marijuanamoment.net/gop-senator-demands-answers-on-rush-to-reschedule-marijuana-from-top-biden-administration-officials/">raised concerns about the Biden administration's justification</a>&nbsp;for recommending marijuana rescheduling, demanding answers to questions from federal agencies about how they arrived at that decision in what he described as a rushed and unconventional administrative process.
A week earlier, top Democratic senators—including&nbsp; Senate Majority Leader Chuck Schumer (D-NY)—sent a separate letter to DOJ's Garland and DEA's Milgram urging the agencies to&nbsp;<a href="https://www.marijuanamoment.net/schumer-booker-and-other-senators-push-dea-to-promptly-finalize-marijuana-rescheduling/">"promptly finalize" the rule to reschedule marijuana</a>.
While rescheduling would remove certain research barriers and free up state-licensed cannabis business to take federal tax deductions under the Internal Revenue Service (IRS) code known as 280E, it would not federally legalize marijuana, as the&nbsp;<a href="https://www.marijuanamoment.net/marijuana-businesses-could-advertise-in-newspapers-and-magazines-if-rescheduling-is-approved-congressional-researchers-say/">Congressional Research Service (CRS) has made known in multiple recent reports</a>.
Meanwhile, two additional congressional lawmakers have joined the ranks of GOP members who are challenging what they say is&nbsp;<a href="https://www.marijuanamoment.net/gop-lawmakers-demand-answers-from-biden-administration-about-unusual-marijuana-review-process-behind-rescheduling-push/">the "unusual" process that led the Biden administration to propose rescheduling marijuana</a>, expressing concern about how the review was carried out and demanding answers.
Rep. Doug LaMalfa (R-CA)&nbsp;<a href="https://www.marijuanamoment.net/gop-congressman-says-marijuana-rescheduling-and-banking-reform-would-prop-up-an-immoral-industry/">condemned the Biden administration's push to reclassify marijuana</a>, as well as legislative efforts to enact bipartisan cannabis banking reform, because he says the policy changes would "prop up this immoral industry" and give a "green light to the evil that comes from drug use."
Sen. Bill Cassidy (R-LA) also blasted the Biden administration over what he described as&nbsp;<a href="https://www.marijuanamoment.net/gop-senator-condemns-lack-of-transparency-in-marijuana-rescheduling-process/">repeated refusals from federal agencies to brief Congress</a>&nbsp;on its plans and justification for rescheduling marijuana, which he argues fuels speculation that the proposed policy change is politically motivated.
Similarly, 25 GOP congressional lawmakers sent a public comment letter in July opposing the administration's planned rescheduling of marijuana, specifically alleging&nbsp;<a href="https://www.marijuanamoment.net/gop-lawmakers-push-justice-department-to-reverse-course-on-marijuana-rescheduling/">the government's recommendation was based on politics rather than science</a>.

'DEA Judge Won't Remove Agency From Marijuana Rescheduling Hearing, But Raises Concerns About Alleged Unlawful Contact With Prohibitionists' - Marijuana Moment

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