Canopy Growth Shares Spike on Report of Acreage Holdings Purchase

Reuters reported that the potential deal, which could be worth around $880 billion, would give Canopy both the rights to Acreage’s products and the potential to exchange stock should marijuana become legal in the United States. The deal would also give Acreage access to Canopy’s intellectual property and marketing, Reuters reported, in a move to drive growth in a business that already has licenses or agreements in 19 U.S. states. Canopy Growth shares were marked 5.62% higher in pre-market trading Thursday, indicating an opening bell price of $45.26 each, a move that would extend the stock’s year-to-date gain to around 56.5%.