Canopy Growth to buy Acreage in $3.4 bln deal

Canadian marijuana producer Canopy Growth Corp on Thursday announced a plan to buy Acreage Holdings Inc for $3.4 billion once the United States legalizes the production and sale of cannabis. The deal value represents a premium of 41.7 percent over the 30-day volume weighted average price of Acreage subordinate voting shares ending April 16, the companies said in a statement. “Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists,” Canopy Chairman and co-Chief Executive Officer Bruce Linton said.