Trump’s Cannabis Ad Airs, Pigs Resurface, & $1.8 Billion Debt Looms

Trump’s cannabis ad hits Florida, DeSantis compares Amendment 3 to a pig ban, and cannabis giants face a $1.8 billion debt crisis.

Author

Nicolas Rodriguez
October 17, 2024

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Good morning everyone! Nicolás Rodríguez here, with your latest cannabis industry updates. Trump’s new ad supporting Florida’s cannabis legalization, Amendment 3, is now live, adding fuel to the ongoing debate. Governor DeSantis, however, isn’t on board, comparing the amendment to Florida’s 2002 pig ban. Meanwhile, cannabis giants like Curaleaf and Canopy Growth are staring down massive debt, with Curaleaf facing $1.8 billion due by 2026 and Canopy prepaying $100 million to trim its financial load. Check it out below for more on these unfolding stories.

Canopy Growth Corporation (NASDAQ: CGC) made a bold financial move by prepaying $100 million on its senior secured loan, saving $14 million in interest and reducing its debt load. Meanwhile, Nova Cannabis (OTC: NVACF) shareholders approved a CA$40 million ($29.1 million) acquisition by SNDL (NASDAQ: SNDL), strengthening SNDL's cannabis retail platform.

In a bid to catch conservative votes, former President Donald Trump has jumped into Florida’s cannabis legalization campaign. In a new ad for Amendment 3, Trump calls marijuana reform “very good” for the state, a stance not exactly embraced by Gov. Ron DeSantis.

With Election Day around the corner, Smart & Safe Florida is banking on Trump’s star power to sway voters, using his endorsement to highlight the bipartisan appeal of the measure. It seems cannabis has become the latest contestant in Trump’s political playbook.

Here is the newest ad where Trump, in true Apprentice fashion, pitches cannabis legalization as Florida’s next big move.

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DeSantis' Pregnant Pigs

Governor Ron DeSantis has joined forces with anti-cannabis groups like Keep Florida Clean to oppose Amendment 3, comparing cannabis legalization to Florida’s 2002 ban on confining pregnant pigs.

DeSantis argues the amendment strips lawmakers of their ability to regulate marijuana use, while pro-legalization efforts, backed by $100 million, push forward. The debate intensifies as the November election approaches, with polls showing the measure just shy of the 60% needed for passage.

Sheriff Gordon Smith of Bradford County has also weighed in, backing Amendment 3 despite his conservative roots.

“I’m a conservative with strong faith and family values,” Smith writes, noting that continuing to criminalize cannabis is counterproductive to Florida’s goal of being a “Free State.” Smith’s stance stems from personal experience, as his brother, a military veteran, found relief from medical cannabis.

As Debra Borchardt from Green Market Report puts it, a "tsunami of debt" is heading toward major cannabis operators. Companies like Curaleaf (OTC: CURLF), Cresco (OTC: CRLBF), Trulieve (OTC: TCNNF), and Verano (OTC: VRNOF) face looming debt maturities by 2026.

Meanwhile, Ascend Wellness (OTC: AAWH), Green Thumb (OTC: GTBIF), and TerrAscend (OTC: TSNDF) have tackled their debt challenges, at least for now.

With over $1.83 billion in debt across the sector, the stakes are high as regulatory shifts and banking reform may offer new lifelines for these struggling giants.

Watch Out: Not Every Mushroom Gives You a 1-Up

Life is not a video game, and not every mushroom will boost you to the next level—some can lead to serious risks. Psilocybin websites are booming, but experts are sounding the alarm.

While tempting, the unregulated online market poses significant dangers. Products often contain unknown or synthetic substances, and buying from unverified sources can lead to dangerous experiences. Dr. Brian Pilecki warns that even slight mistrust of a source can trigger paranoia during use. The advice is clear: know and trust your source, or risk a bad trip.

Paraguay Exports Flowers, Canada Ships Oils

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Paraguay has hit a major milestone, exporting 100% of its cannabis flower production to Europe in 2024. Producers ensure the flowers maintain top quality during transit using cutting-edge freeze-drying technology. With European demand growing, Paraguay’s cannabis industry is expanding its footprint, positioning itself as a key player in the global market. While production is currently limited, local producers are gearing up to meet the increasing demand for high-quality Paraguayan cannabis in Europe.

NASDAQ-listed Aurora Cannabis Inc. (NASDAQ: ACB), in partnership with MedReleaf Australia, has launched a new range of THC oil products in Australia. These premium oils feature varying cannabinoid ratios, allowing doctors to tailor treatments for diverse patient needs. The newly introduced products include Aurora THC 25 (Sativa and Indica), as well as balanced formulations like Aurora 50:50.

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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.

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