Cannabis Headlines Pile Up as Reform Pressure Builds
On Monday’s episode of Trade To Black, presented by Flowhub, hosts Shadd Dales and Anthony Varrell jump into a busy slate of cannabis headlines that continue to reshape the industry’s political and capital-markets landscape. In the first segment, the team breaks down Curaleaf Holdings (TSX: CURA) and its latest refinancing move. Then we flips to news involving Ascend Wellness Holdings (OTCQX: AAWH) and its recent corporate developments, placing the company’s positioning within a broader industry reset that will focus on discipline, liquidity, and execution.
Kicking off, we dive into Curaleaf’s announcement of a $500 million private placement of senior secured notes at an 11.5% coupon, pushing its debt maturity out to 2029. Varrell called it a positive development that removes a major question mark from the company’s balance sheet, noting the higher coupon reflects today’s rate environment compared to 2021. He added that Trulieve secured a better rate at 10.5% on its own recent refinancing, likely reflecting differences in business profile.
Ascend Wellness also released preliminary Q4 and full-year numbers showing consistent revenue growth and solid EBITDA with no major debt maturities until 2029. Ascend may be more likely an acquisition target than a consolidator.
The conversation shifted to Senator Ted Budd’s claim that President Trump was “poorly advised” on cannabis rescheduling, citing youth safety concerns. Canopy Growth’s latest earnings drew praise, with Varrell crediting CEO Luke Maggio for stabilizing the business. Canadian medical cannabis revenue jumped 15% year over year, and adult-use revenue also grew, signaling continued upward momentum.
Guest Michael Bronstein of the American Trade Association for Cannabis and Hemp provided an in-depth update on Pennsylvania, where Governor Shapiro has again called for adult-use legalization as part of the state budget, targeting first sales by January 2027. Bronstein explained that Republican senators’ resistance is largely driven by primary voter concerns rather than general electorate sentiment, and that shifting polling among Republican demographics offers a path forward.
Finally, the hosts previewed an upcoming deep dive into a new Ohio antitrust lawsuit alleging price-fixing and anti-competitive behavior among several MSOs. This and more when you tune in.
