Canada’s Canopy Growth to buy US pot firm Acreage for $3.4bn

21 April, 2019 12:00 AM printer

OTTAWA: Canada’s Canopy Growth announced Thursday plans to purchase US pot grower and retailer Acreage in a US$3.4 billion deal that it says will make it the “undisputed leader” in the US cannabis market.

The takeover, however, hinges on cannabis production and sales becoming “federally permissible” in the United States, as well as shareholder and regulatory approvals, according to a release, reports AFP.

Recreational cannabis was legalized in Canada last October. Canopy Growth chairman and co-chief executive Bruce Linton called the deal “a complex transaction with a simple objective … securing our entrance strategy into the United States as soon as a federally-permissible pathway exists.”