Canopy Growth to buy U.S. pot company Acreage in $3.4 billion deal

UPDATE Canadian marijuana producer Canopy Growth Corp said on Thursday it would buy U.S.-based pot firm Acreage Holdings in a deal valued at $3.4 billion.

The deal will be a major milestone for Canopy, the world’s largest cannabis company, and New York-based Acreage, which boasts former U.S. House Speaker John Boehner and former Canadian Prime Minister Brian Mulroney as directors. Canada FocusWhile Canada has been at the center of investment banking for cannabis companies since the drug was legalized there in October, the legal market for marijuana is larger in the U.S., where sales were north of US$10 billion last year. That’s pushed Canadian companies including Canopy to seek access to the massive pool of American weed consumers.

Canopy also has a high-profile investment from Constellation Brands Inc., the alcohol giant that makes Modelo and Corona beer. Constellation announced in August it was investing about US$4 billion into the marijuana company, boosting its existing stake to 37 per cent in a deal that set off a flurry of financial activity in the burgeoning industry. Constellation has the option of taking majority control of Canopy in the future.

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