Smiths Falls cannabis producer Canopy Growth surged as much as 23 per cent after pulling the trigger on acquiring three companies it had planned to buy only when marijuana became federally legal in the U.S.
CEO David Klein says the deal, which is subject to a shareholder vote, will make Canopy profitable and allow it to create a U.S. “house of brands.”
The deal is notable because it offers Canopy a U.S. toehold in a business that remains federally illegal. They hope that changes soon.
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