Activist Marcato Opposes Canopy Growth's Takeover of Acreage

The San Francisco-based hedge fund, which owns 2.7 percent of Acreage, said in a letter to the company’s board Monday it would prefer Acreage to remain independent. If Acreage were to pursue a sale, it should invite Canopy to participate in an auction alongside other major spirits, beer, beverage, tobacco, cannabis, and consumer companies, Marcato said. “We believe enterprise values of cannabis companies will skyrocket upon the relaxation of current federal restrictions,” Mick McGuire, Marcato managing partner, said in the letter.