What happens when major cannabis M&A collides with the biggest federal policy shift in decades? That’s the focus today on TDR Trade To Black, presented by Dutchie with hosts Shadd Dales and Anthony Varrell. Luc Mongeau, CEO of Canopy Growth, Michael Bronstein, and Noah Hamman from AdvisorShares (MSOS) unpack the cannabis situation in Canada and in the markets following Trump’s executive order.
Besides the executive order, we’ll speak with Luc Mongeau, CEO of Canopy Growth (NASDAQ: CGC, TSX: WEED), to break down the company’s recently announced acquisition of MTL Cannabis. It’s a move that significantly expands Canopy’s medical cannabis footprint in Canada. We’ll ask why Canopy moved now, what MTL adds strategically, and how consolidation in Canada is accelerating as balance sheets strengthen and weaker operators exit.
The transaction is expected to close by the end of March, and Maggio stressed that Canopy’s near-term priorities remain cash flow positivity, disciplined cost control, and rebuilding strong fundamentals after years of volatility.
In Segment Two, Noah Hamman from AdvisorShares (MSOS) joins the conversation to unpack what actually happened in markets after President Donald Trump’s executive order directing cannabis rescheduling. The executive order announcement triggered a sharp selloff across U.S. cannabis equities despite the historic nature of the announcement. Hammond emphasized that MSOS remains up year-to-date and argued that micro-cap market structure, limited liquidity, and aggressive trading dynamics amplified volatility.
From the sharp pre-announcement selloff to the structural mechanics behind MSOS trading, this segment digs into flows, positioning, and what institutional investors are really watching next. This episode isn’t about hype — it’s about context. How policy shifts ripple through capital markets, why volatility showed up when it did, and what needs to happen for momentum to turn into something more durable.
Closing the episode, cannabis policy advocate Michael Bronstein discussed next steps following the executive order, stating that the rescheduling process should move in months, not years. If you’re following cannabis from an investor, operator, or macro perspective, this is one you don’t want to miss.
