Canopy Growth Corp. has struck a deal to buy U.S. company Acreage Holdings Inc. for US$3.4 billion, buy only if cannabis becomes federally legal in the United States. Canopy Growth Corp. has signed an agreement to buy U.S. company Acreage Holdings Inc. in deal valued at US$3.4 billion if cannabis becomes federally legal in the United States. In turn, Canadian cannabis companies with U.S. dealings cannot list on the Toronto Stock Exchange and U.S. pot stocks cannot list on U.S. exchanges. Earlier this month, the bipartisan STATES Act — which would amend the Controlled Substances Act and could effectively make cannabis federally legal in states where recreational consumption is legal — was reintroduced in Congress. The acquisition announced Thursday is an “important first step for Canopy to become a leader” in the legal U.S. cannabis market, he added.

Source: thestar April 18, 2019 13:31 UTC