Canopy Growth blazes towards $3.4B deal with Acreage

Canada's Canopy Growth has agreed to buy fellow cannabis company Acreage Holdings for $3.4 billion if and when the production and sale of cannabis is federally legalized in the US. The deal calls for Canopy Growth to pay $300 million in cash for the New York-based Acreage and the rest in stock, with overall compensation marking a 41.7% premium over the average price of Acreage shares over the past 30 days. Shares of Canopy Growth (NYSE: CGC) closed Thursday up 4%.

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