Canada’s Canopy Growth is close to a deal to acquire New York-based marijuana multistate operator Acreage Holdings, multiple sources, including CNBC and Bloomberg, reported Wednesday.
If true, it would be the first cross-border deal involving a Canadian marijuana licensed company buying a non-hemp U.S. multistate operator.
Altria Group Inc., one of the world's biggest tobacco companies, is diving into the cannabis market with a $2.4 billion buy-in.
The Marlboro cigarette maker is taking a 45% stake in Cronos Group Inc., the Canadian medical and recreational marijuana provider said Friday.
Altria will pay an additional $1.4 billion for warrants that, if exercised, would give Altria a 55% ownership stake in the Toronto company.
The U.S.-listed stocks of Canadian producers Canopy Growth (ticker: CGC),Aurora Cannabis (ACB), and Tilray (TLRY) are sinking. Since Monday, when Aurora reported a 333% sales jump from its year-ago quarter, its New York Stock Exchange–listed stock has slipped 18%, to US$6.16.
Investors interested in marijuana stocks are breathing sighs of relief that October is over. Most marijuana stocks took a beating during the month. The biggest marijuana stock winner so far this year, Tilray (NASDAQ:TLRY), saw its share price plunge 34% during October.
Canadian pot company Tilray rallied 30 percent on news that U.S. Attorney Jeff Sessions would step down.
Already lifted by midterm ballot measure victories, Tilray and other cannabis companies rose further on word Sessions had resigned. The nation's top law enforcer last January said he would work to revoke policy from the Obama administration that let states make their own rules on weed without hindrance from the federal government.
Canopy Growth and Aurora Cannabis, two other publicly traded Canadian pot companies, both rallied more than 8 percent.
Multistate marijuana firm iAnthus Capital agreed to acquire the U.S. assets of Toronto-based cannabis company MPX Bioceutical Corp. in an all-stock deal valued at 835 million Canadian dollars ($640 million), the second mega-acquisition in the American MJ industry in less than a week.
The acquisition positions New York-based iAnthus as one the largest U.S. cannabis operators and expands the firm’s footprint to 10 states, nearly doubling its reach.
As Riley Cote took and delivered countless punches over more than a decade of junior and pro hockey, he was eager to avoid painkillers.
Early on, marijuana was touted to the enforcer as a healing option.
"I started noticing some therapeutic benefits," Cote said. "It helped me sleep, helped with my anxiety and general well-being."
You can't get away from Tilray (NASDAQ:TLRY). The Canadian marijuana stock makes news when it goes up, which has happened a whole lot over the last couple of months. And it makes news when it goes down. Tilray has done a good bit of that, too, over the past few days, at one point losing over half of its market cap.
Reefer madness has gripped Wall Street.
Investors are craving marijuana stocks as Canada prepares to legalize cannabis in October 2018, leading to giant gains for Canada-based companies listed on U.S. exchanges. Some experts are concerned that the ending will be a buzzkill.
Exactly one month from today, millions of Canadians will be able to buy weed legally, and industry leaders across North America are racing to grab a slice of this massive new market. To this end, many major alcohol firms, including Canadian brewery Molson-Coors and American distribution giant Constellation Brands, have already made massive investments in Canada's pot industry, with an eye on bringing a variety of cannabis-infused alcoholic beverages to market.