Canada

The $3.4-billion-as-soon-as-it's-legal marijuana merger

In this image, the sun shines through a marijuana plant and other trees grow in the background.
A mairjuana plant in Edmonton, Alberta, Canada. Photo by Artur Widak/NurPhoto via Getty Images

Canadian cannabis company Canopy Growth, which is 38% owned by beer and spirits company Constellation Brands, bought the right to acquire Acreage Holdings only if recreational marijuana is legalized in the U.S.

The big picture: The tie-up between the U.S. company that grows and sells pot in a handful of states — former Speaker of the House John Boehner is on the board — and the world’s most valuable pot company is essentially a bet on the future that’s valued at $3.4 billion dollars.

Alberta election: Conservative UCP wins, in a blow for Trudeau

UCP leader Jason Kenney is a former federal minister.
UCP leader Jason Kenney is a former federal minister. Photo: Narinder Nanu/AFP/Getty Images

United Conservative Party leader Jason Kenney criticized Canadian Prime Minister Justin Trudeau's policies tackling climate change after winning Alberta's election Tuesday night on a mandate to repeal the carbon tax in oil-rich province.

Why it matters: The ousting of Alberta's incumbent left-wing government means 5 in 10 provincial governments now oppose Trudeau’s plans to fight climate change, which is shaping up to be a big issue in October's election, per Reuters. Trudeau's popularity has slumped over a corruption scandal that's been swirling around his Liberal Party.