is an ever-changing patchwork; the drug is or will be allowed for medical use in 36 states and for recreational use in 13, as well as the District of Columbia.
As a result, it’s impossible for companies operating in a legal state landscape like California or Colorado to make use of institutional banking or financing services, access capital markets or do business outside their respective state lines.
That doesn’t mean it hasn’t been complicated: in 2019, Canopy entered into an elaborate acquisition deal with New York’s Acreage Holdings, amended last year, that’s contingent on an important “triggering event”: changes to U.S.
CEO Irwin Simon said much the same in April of his Ontario company’s acquisition of SweetWater Brewing Co., an Atlanta craft beer purveyor that aligns its brands with a “cannabis lifestyle.” Aphria merged last month with B.C.
Kelowna, B.C.’s Valens Co.
That could happen in a number of ways: Senate Majority Leader Chuck Schumer is planning a comprehensive legislative effort to remove cannabis entirely from the federal schedule of controlled substances.