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Wednesday is weed day. For those of you who are intrigued about who comes out next of President-elect Donald Trump’s red hat, here is an update, to keep you informed, not overwhelmed. The recent buzz surrounding the Chronister nomination has subsided, much like Jay-Z's brief foray into the cannabis industry. The Sheriff will continue serving Florida, and we wonder if the weather in D.C. might have influenced his decision. Those worried about getting in, not out, are Acreage shareholders who might walk empty-handed out of a 3.4B deal. The details? Scroll down for more. Plus, a high-potency technical analysis from Rolando Garcia on Canadian cannabis stock rallying on NASDAQ. We are Nicolás Rodríguez and Patricio Liddle with this Wednesday’s weed news.

And… He Is Out 

Don't roll the drums any longer...President-elect Donald Trump's choice to lead the Drug Enforcement Administration announced on Tuesday he is withdrawing from consideration just three days after Trump announced his nomination. Chad Chronister, Florida's Hillsborough County Sheriff, said in a post on X Tuesday evening that he will continue his duties as a Florida sheriff.

"Over the past several days, as the gravity of this very important responsibility set in, I've concluded that I must respectfully withdraw from consideration," Chronister wrote. He did not elaborate, and Trump's transition team did not immediately respond to a message from AP seeking comment.

"There is more work to be done for the citizens of Hillsborough County and a lot of initiatives I am committed to fulfilling," Chronister continued. "I sincerely appreciate the nomination and outpouring of support by the American people, and look forward to continuing my service as Sheriff of Hillsborough County."

Canopy's $3 Billion Gamble: Shareholders Risk Going Empty-Handed

Canopy Growth (NASDAQ: CGC) is one step closer to its U.S. expansion plans. The Canadian cannabis giant is set to finalize its acquisition of Acreage Holdings (OTC: ACRDF) on or around December 9th. This move follows a 2019 deal worth $3.4 billion.

However, this acquisition could leave some Acreage shareholders empty-handed. If Canopy's stock price remains below $5 at the time of the deal's closure, holders of Acreage's Class E shares may not receive any value. Canopy's U.S. strategy extends beyond Acreage. The company has also acquired Wana Brands and Jetty and holds a minority stake in TerrAscend (OTC: TSNDF). 

High Tide's Hot Streak

Our in-house math guru, Rolando Garcia has been crunching numbers and you know the saying “Those who search around, find out”. Garcia explains how High Tide Inc. (NASDAQ: HITI) has recently experienced a significant surge, breaking key resistance levels and drawing attention from investors. The stock's strong performance has been fueled by increased trading volume and positive market sentiment.

Here is a taste of the full article: 

Breakout Above Resistance: High Tide's successful break above the $2.58 resistance level signals a bullish shift in market sentiment.

Strong Buying Pressure: The recent surge in trading volume indicates significant buying interest in the stock.

Overbought Conditions: While the stock's momentum is strong, the RSI suggests a potential short-term pullback.

Support Levels: The $3.00 and $2.58 levels serve as crucial support for the stock.

Jay-Z's Monogram Fizzles

Jay-Z's foray into the cannabis industry with Monogram was initially met with much fanfare. However, the luxury brand's high-priced offerings and lofty ambitions have ultimately fallen short. Despite the star power and initial hype, Monogram struggled to gain significant traction in the market. 

Issues such as overspending, unrealistic projections, and stiff competition contributed to the brand's decline. As Seth Yakatan pointed out, Monogram's high-priced products, like the $50 handrolls, failed to deliver on their promises. This, coupled with the broader challenges facing the cannabis industry, led to the brand's eventual downfall. 

GreenPath 401(k)

The cannabis industry has made significant strides in recent years, but what about retirement planning? 

"Our mission with GreenPath 401(k) is to provide employees in this sector with a stable, reliable solution to prepare for their futures," Tyler Priest, CRO at Green Leaf Business Solutions told Benzinga Cannabis this week in an exclusive interview. GreenPath 401(k) offers employees the opportunity to save for retirement and take advantage of financial wellness programs. By partnering with institutional-grade 401(k) providers and ensuring compliance with federal regulations, GreenPath 401(k) is setting a new standard for the cannabis industry. 

Stories In The Spotlight:

• Diversify Around And Find Out: Can Vegas Superstore And Florida Sales Boost This Weed Penny Stock? 

• VA Funds $1.5M MDMA Study To Treat PTSD In Veterans

• Why This Cannabis Company Recalled Over 3,000 Gummies In Missouri 

• Danish Medical Marijuana Producer Stenocare To Launch Patented 10mg THC And 10mg CBD Oil In Norway

Our Writers Today

Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.

Patricio is a development economist with extensive experience in IT, finance, and banking. He writes about the economic and social opportunities obscured by over half a century of failed drug prohibition. Beyond his professional expertise, Pato is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.

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