Canopy, Tilray, Organigram & COMPASS Shift the Landscape
In our latest TDR Trade To Black podcast presented by Flowhub, hosts Shadd Dales and Anthony Varrell break down one of the busiest news cycles across both the cannabis and psychedelic sectors. On the cannabis side, Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) moves closer to completing its acquisition of MTL Cannabis following overwhelming shareholder approval. Meanwhile, Tilray Brands (NASDAQ: TLRY) (TSX: TLRY) expands its beverage strategy through a major U.S. licensing agreement with Carlsberg Group, reinforcing its diversification thesis. In Europe, Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI) announces a transformative €130 million acquisition of Sanity Group, positioning itself as a top operator in Germany’s rapidly scaling medical cannabis market. CEO of Sanity Group Finn Age Hansel and Chief Strategy Officer of Organigram Paolo De Luca will join us to discuss the rationale behind the deal.
Organigram made headlines Wednesday with a definitive agreement to acquire the Sanity Group, a leading European cannabis operator headquartered in Germany. On the Trade to Black podcast, Organigram Chief Strategy Officer Paulo De Luca and Sanity Group CEO Finn Hansel joined hosts Shadd Dales and Anthony Varrell to discuss the deal. De Luca explained that with Organigram holding an 11 percent market share and the top position in Canada, Germany represents the most compelling next frontier — potentially surpassing Canada as the world’s largest federally legal cannabis market. Hansel noted that Sanity tripled its revenue in 2025 to roughly 60 million euros and already has a presence in the Czech Republic, the UK, and Poland, positioning the company as a pan-European platform rather than a purely German operator. The deal structure includes upfront consideration tied to revenue earnouts, with Organigram planning to expand flower supply to Sanity as it pursues EU-GMP certification.
Michael Bronstein joined the show to break down the latest draft of the U.S. farm bill, with a markup scheduled before the House Agriculture Committee on Monday. Bronstein highlighted a proposed amendment from Representatives Baird and Craig that would extend the implementation deadline for the new hemp definition by two years — a move that would effectively allow synthetic THC and THCA flower products to remain on the market.
On the Pennsylvania front, Bronstein flagged a significant development: the Pennsylvania District Attorneys Association sent a letter to the governor and legislature endorsing a cannabis control board modeled on the state’s liquor control structure.
In brief business news, MTL Cannabis shareholders voted overwhelmingly to approve Canopy Growth’s acquisition, with the transaction expected to close before the end of March. Tilray Brands announced a multi-year U.S. licensing agreement with Carlsberg, set to begin in January 2027, further diversifying its beverage revenue. Finally, Compass Pathways reported positive Phase 3 results for its psilocybin therapy COMP360 targeting treatment-resistant depression, with all three trials meeting primary endpoints and a rolling NDA submission to the FDA now on the horizon — positioning the company as a potential first-to-market psychedelic therapy as early as 2027.
