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Cannabis producer Acreage to acquire edibles company for $160 million in stock

Max A. Cherney

Pot producer Acreage Holdings Inc. said Thursday that it plans to acquire cannabis edibles maker Form Factory Inc. for $160 million in stock. Acreage stock was up 4.4% on the Canadian Securities Exchange where it trades under the symbol ACRG.U. Acreage expects the transaction to close during the first quarter of 2019 and begin adding revenue that year as well. Among other things such as intellectual property, Acreage is purchasing growing or processing licenses in Portland, Ore., Los Angeles and Oakland, Calif. ETFMG Alternative Harvest ETF , which tracks cannabis stocks in Canada and the U.S. was down 5.5% in morning trading Thursday. The S&P 500 index was down 2.3% Thursday. Cannabis is illegal under U.S. federal law, which prevents businesses such as Acreage from listing on major U.S. exchanges.