$3.4 billion deal to buy Acreage gives Canopy gateway to massive U.S. cannabis market
Leading Canadian pot producer Canopy Growth Corp. says it has struck a deal that could turn it into the “undisputed leader” in the United States’ cannabis market — but only if the U.S. federal government ever makes growing and selling the drug legal.
In a release, Canopy chairman and co-CEO Bruce Linton called it a “complex transaction with a simple objective,” namely gaining access to the much-larger market of marijuana consumers south of the Canadian border. “At the same time, a confluence of factors are making it much more difficult for a multi-state operator to achieve its full potential, including the enormous amount of cash required to scale,” said Acreage chairman, CEO and President Kevin Murphy in a release. “Our board of directors, management team and I are pleased to deliver significantly increased liquidity to our shareholders and put ourselves in an even stronger position to deliver continued and significant upside.
Ultimately, assuming the conversion of all the Acreage securities following federal legalization, Acreage shareholders would own approximately 12.1 per cent of Canopy, and up to 16.6 per cent if certain allowable acquisitions go through before legalization.
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