|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||13.80 - 14.32|
|52 Week Range||11.75 - 30.00|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||30.57|
Curaleaf is buying private, midwest-focused multi-state operator GR companies Inc aka Grassroots for $875 million dollars in a cash and stock deal. Yahoo Finance's Zack Guzman & Sibile Marcellus, along with Dealbreaker Executive Editor Thornton McEnery discuss with Curaleaf CEO Joe Lusardi
Michael Klein, CEO of cannabisMD, sits down with Yahoo Finance's Julie Hyman, Adam Shapiro, and Benchmark CEO Kevin Kelly to discuss how his company hopes to keep consumers informed about the health and medical factors involved with using cannabis and CBD related products.
Illinois became the 11th state to legalize recreational marijuana use, and the first to do so by way of the legislative process as opposed to ballot initiatives. Cresco Labs has announced its approved to open 5 additional dispensaries on the news. Yahoo Finance's Zack Guzman and Sibile Marcellus are joined by Beth Comstock, former GE Vice Chair and ‘Imagine It Forward’ author, to discuss.
Medmen Enterprises Inc's (OTC: MMNFF ) former SVP of technology has joined Acreage Holdings Inc. (OTC: ACRGF ) as Chief Information Officer. A technology executive with over 18 years of experience, Alfred ...
It's been puzzling to me to read or listen to some of the commentary associated with the deal Canopy Growth (CGC) made to acquire U.S.-based Acreage Holdings (ACRGF), based upon the assumption America will soon legalize cannabis at the federal level.Not only is this not an inevitability, it's quite possible, at least in regard to recreational pot, that it may never happen, or at best, be many years away. I have considered this to be the worse of the moves Canopy Growth made in regard to expansion.Understanding U.S. cannabis sentimentAfter Canada legalized recreational pot in 2018, the common idea arose that the U.S. would quickly move in the same direction. The major problem there is the media and a number of pundits wrongly assumed Canadian sentiment as being the same in America. It's not.The two countries are very different, and the sentiment of approximately half of the population is against legalizing recreational pot in any way. Senate majority leader Mitch McConnell has already stated he'll oppose any attempt to legalize recreational pot in the country.What is more probable in the U.S. is all the states will eventually legalize medical cannabis, but many will not do the same for recreational pot. For that reason I believe medical cannabis is likely to be also legalized at the federal level, but resistance will be strong against recreational legalization. Again, I see the strong possibility it'll never be legalized in the U.S.As the general public starts to understand cannabis better, they understand there are legitimate benefits from it, but also clearly understand, or at least believe, recreational pot isn't one of them.Acreage Holdings shouldn't be included in a Canopy modelI've seen a lot of investors believe in the assumption it's inevitable that recreational pot will be legalized in America, and they base their Canopy Growth model upon that outlook.The obvious problem is what I mentioned above, which is there is no way in the near future, if ever, Canopy Growth will be able to pull the trigger on Acreage Holdings. For that reason, to include the performance and future performance outlook for Acreage Holdings in Canopy Growth's numbers is a big mistake.Even Canopy Growth management included this possibility when making the deal, as it is allowed to scrap it if nothing happens in between seven to eight years. That points to the reality that management knew there was the distinct possibility the deal would never be consummated. Investors should believe that.Nonetheless, I keep reading or hearing in the media that while Acreage Holdings won't be a part of Canopy Growth in the next year, it's suggested it's only a matter of time before it is.People that make those declarations do so on a faulty premise. The problem is filtering American sentiment through a Canadian spectrum. I'm repeating that because investors really need to understand that Acreage Holdings is in no way a surety concerning being able to be acquired by Canopy Growth.ConclusionIt's a waste of time to me, and a risky endeavor to analyze Canopy Growth based upon it eventually being able to acquire Acreage Holdings. The more I study the deal and measure it against political sentiment in America, the more I believe the deal may never be made. Even if it is eventually made, I think it'll be many years before it happens, at best.If it takes longer than the seven-plus years allotted per the deal, it's almost certain both companies will go their separate ways. My thought is they may make an amicable separation before that if the American market is clearly not going to include federal legalization of recreational pot.Bottom line is investors should look at Canopy Growth based upon its existing potential, and not something that may never unfold. Also, investors need to ignore the media hype and closely examine what U.S. politicians are saying concerning opposition to legalizing recreational pot. It's not as optimistic as is being portrayed in the media and by talking heads.To read more on the nitty gritty of what’s going on in the rising cannabis industry, click here. Read more on CGC: * There’s Light at the End of the Tunnel for Canopy Stock, Analyst Says * Three Big Reveals as Jefferies Meets With Canopy Growth’s (CGC) New CFO * Canopy Growth: What CEO’s Exit Means for the Stock * Canopy Growth May Never Reap the Benefits of Acreage Holdings More recent articles from Smarter Analyst: * Curaleaf Helping to Put U.S. Cannabis Sector on the Map * Netflix’s (NFLX) Original Content Strategy Is Failing; The Stock Is Overvalued * Marijuana Stock KushCo (KSHB): Potential Catalysts Vs. Risks * Evercore Continues to Hold a Bullish View on Bank of America (BAC) Stock
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) today announced the hire of Alfred Miranda as Senior Vice President, Chief Information Officer. A seasoned technology executive with over 18 years of experience, Mr. Miranda will lead Acreage’s business innovation initiatives by developing new go-to-market strategies and technologies, strengthening Acreage’s Information Technology infrastructure and IT policies, systems and standards to ensure the goals and needs of Acreage are fully supported and executed. Mr. Miranda joins Acreage after most recently serving as the Senior Vice President, Technology at MedMen Enterprises Inc., where he developed an integrated and compliant Seed to Sale Platform.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) will host a conference call on August 14, 2019 at 8:30 a.m. EDT to discuss Acreage’s second quarter 2019 results, which will be released on August 13, 2019. A webcast will be available and can be accessed via the Acreage’s Investor Relations website http://investors.acreageholdings.com. A playback of the call will be archived on Acreage’s website for approximately 30 days.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) today announced Kevin Murphy, Chairman, and Chief Executive Officer of Acreage Holdings, executed an open market stock purchase for 154,000 shares through the OTCQX on July 12th. “With the downturn in industry stock prices recently, this was an opportunity to show investors that Acreage management is committed to creating long-term shareholder value,” said Murphy.
NEW YORK , July 11, 2019 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced the second quarter 2019 performance ...
YOLO's management team announced the addition of MSOs to the fund's roster one day after the debut of The Cannabis ETF (NYSE: THCX), the newest New York-listed marijuana ETF. YOLO is the first cannabis ETF trading in the U.S. to include MSOs. MSOs “are U.S. based companies directly involved in the legal production and distribution of cannabis in states where approved,” according to a statement from AdvisorShares.
The former co-CEO of Canopy Growth (NYSE:CGC) has had a lot to say about the cannabis industry since his sudden departure July 8. One of his comments could ultimately benefit Quebec-based Hexo (NYSEAMERICAN:HEXO) and HEXO stock. Here's why.Source: Shutterstock Bruce Linton wasn't shy about his outing from his role of co-CEO at Canada's largest cannabis company. While the company's board attempted to spin the move as a mutual decision, Linton told CNBC that he was in fact fired from the company. InvestorPlace - Stock Market News, Stock Advice & Trading Tips"I think stepping down might not be the right phrase," he told CNBC, referring to the language in the company press release. "I was terminated."Constellation Brands (NYSE:STZ) CEO Bill Newlands suggested that Linton wasn't the right guy to take Canopy Growth to the next phase. Linton's an entrepreneur at heart, so he's probably not wrong to want more of an operational, globally trained business executive, who can take the company to the next level. "Our board was uniform," Newlands said. "We needed a different leader to take us to the next phase of growth."Although Constellation wasn't happy about Canopy's $39 million loss in its most recent quarter, it denies that had anything to do with Linton's ouster. Whatever the reasons, semantics aside, Linton had something interesting to say about the future direction of the global cannabis industry that could really help HEXO stock. * 7 of The Best Schwab ETFs for Low Fees It starts with "United" and ends with "America." Go South Young ManThe fact that Linton quarterbacked the tentative acquisition of Acreage Holdings (OTCMKTS:ACRGF) before he was summarily turfed says all you need to know about where he thinks the big money is in the cannabis industry. He wouldn't have agreed to spend $3.4 billion on a deal for Acreage if he didn't think the U.S. government would legalize cannabis on a federal level within the seven-year limit required by the proposed tie-up between the two companies. Already, Acreage is making plans to buy other U.S. companies in preparation for the eventual merger. Big money lies south of the border and Linton knows it. "Anybody who's dumb enough to launch a new cannabis company in Canada, I don't know what they're doing, they should have been at it six years ago. Canada is done," he told Bloomberg TV. "You're going to end up with a few winners and a whole bunch of people who wonder why they started."You might wonder what this has to do with Hexo and the U.S. market? Cannabis-Infused Drinks a Big Growth AreaThere is absolutely no possible way that Molson Coors (NYSE:TAP) didn't have a plan for south of the border when it entered into a 50/50 joint-venture with Hexo to make cannabis-infused drinks for the Canadian market last August. Hexo's VP of Strategic Development, Jay McMillan, recently stated that Truss, the name of the joint venture, is going to be ready to sell cannabis-infused drinks on Dec. 17, the first day they can be legally sold in Canada. "We'll have a very large supply so we'll be in a good position to be able to meet the demand of the marketplace and at the same time also ensure that we're meeting the variety that the marketplace wants," McMillan said in an interview at the World Cannabis Congress in Saint John, New Brunswick, in June. The joint venture can move production from one type of product to another based on consumer preference. Think of it as the beverage version of "Fast Fashion."More importantly, it's going to give Molson Coors an understanding of consumer preferences in a smaller market before jumping into a much bigger one south of the border. It plans to have CBD-infused beverages in eight states by 2020. However, I wouldn't be surprised if it was readying for the launch of cannabis-infused products the minute the federal government legalizes cannabis. Having worked with Hexo north of the border, I'd be surprised if the joint venture didn't extend to the U.S. over time. * 10 Best ETFs for 2019: The Race for 1 Intensifies With America being a much bigger market, Hexo could be on the precipice of a serious value-enhancement to HEXO stock. The Bottom Line on HEXO StockIf you're unsure about whether HEXO will follow Molson Coors into the U.S. market, you could always buy both stocks to ensure you're capturing any gains both stocks achieve as a result of their participation in cannabis-infused drinks. As an aside, both Canopy Growth and Cronos Group (NASDAQ:CRON) are ideally positioned for the U.S. market given their significant investments from Constellation Brands and Altria (NYSE:MO).Who knows? Molson Coors could end up owning a big piece of Hexo in the future. Only time will tell.At the time of this writing, Will Ashworth did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks to Sell for an Economic Slowdown * 7 Marijuana Penny Stocks That I May Buy * 7 of The Best Schwab ETFs for Low Fees The post Why Hexo Stock Is a Promising Buy Now appeared first on InvestorPlace.
Former Canopy Growth CEO Bruce Linton reveals why he thinks he was fired, and why he'll likely be coming after Constellation Brands in the U.S.
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) today announced the appointment of Rhonda Kratz as General Manager in the State of Florida, an incremental operation updates subsequent to Acreage’s first quarter earnings call and also disclosed the departure of Acreage’s Chief Marketing Officer. “We are excited to welcome Rhonda to the team as we begin to establish an aggressive Acreage footprint across the state of Florida," said Acreage Chief Operating Officer, Bob Daino.
Some of the leading companies in the cannabis space are feeling pressure to justify the huge valuations of their stocks. Just look at Canopy Growth (NYSE:CGC). Recently, the company announced that its co-CEO, Bruce Linton, would step down.On an interim basis, co-CEO Mark Zekulin will run the company until a permanent leader is found. The company is considering both internal and external candidates.In a CNBC interview following his departure,, Linton said: "I think stepping down might not be the right phrase. I was terminated."InvestorPlace - Stock Market News, Stock Advice & Trading TipsAll this comes after CGC reported disappointing fiscal fourth-quarter earnings on June 20. CGC announced adjusted EBITDA of negative $257 million for the fiscal year. But perhaps the most worrisome part of the report was that its Q4 gross recreational Canadian revenue fell to C$68.9 million from C$71.6 million during the same period a year earlier. This is an indication that there are still complications with the supply and distribution of cannabis in Canada as well as continuing black-market activities. * 5 Dividend Stocks to Buy From Across the Globe The management of Constellation Brands (NYSE:STZ), which invested a whopping $4 billion Canopy stock in November, was far from thrilled. Here's what Constellation CEO William Newlands said last week about CGC: "And while we remain happy with our investment in the cannabis space and its long-term potential, we were not pleased with Canopy's recent reported year end results."Yikes! It looks like STZ played a major role in Linton's departure.So what should investors do with CGC stock now? I don't think the owners of Canopy Growth stock should panic, since the company's long-term prospects still look promising. The following developments should be bullish for CGC stock: * CGC has partnered with STZ to launch cannabis-infused beverages. The drinks are expected to go on sale in Canada later in the year, which should nicely boost CGC's growth and propel CGC stovk price higher. * After the Farm Bill was signed into law, cannabidiol (CBD) products can be made in the U.S.. To this end, CGC has been building a sophisticated hemp-processing facility in New York. * CGC has agreed to acquire Acreage Holdings (OTCMKTS:ACRGF), which has cannabis licenses in 20 states and owns a retail chain called The Botanist. The deal will position the company to benefit from the anticipated legalization of cannabis in the U.S.on a federal level.The cannabis market will continue to be volatile. CGC is not the only operator with growing pains. Other marijuana companies, including Aphria (NYSE:APHA), Tilray (NASDAQ:TLRY) and Cronos Group (NASDAQ:CRON) have also had problems. The Bottom Line on CGC StockLinton is a pioneer in the cannabis space and has quickly built an empire. As he was quoted as saying in last week's press release: "Creating Canopy Growth began with an abandoned chocolate factory and a vision."But those who have the talent to build an innovative company in an emerging market may not be the right people to run a large organization. Linton appears to be in the latter category.Yet the silver lining is that STZ recognized this early on and was not afraid to make a bold, somewhat risky, change. That is actually a bullish sign for CGC stock and should ultimately propel CGC stock price higher.Tom Taulli is the author of the upcoming book, Artificial Intelligence Basics: A Non-Technical Introduction. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Stocks That Should Be Every Young Investor's First Choice * 5 IPO Stocks to Buy -- According to Wall Street Analysts * The Top 10 Best Sectors in the Market for 2019 The post Where Is Canopy Growth Stock Headed After the Shocking Removal of Its Co-CEO? appeared first on InvestorPlace.
The market has been operating under the assumption there is no doubt Canopy Growth's (CGC) acquisition of Acreage Holdings is sure to enjoy the benefits of the U.S. government legalizing recreational pot.I've seen some people even suggest it could happen as soon as a year from now. In my opinion that outlook has no basis in reality. There's a reason, after all, the deal will expire after seven and a half years if it isn't consummated.This implies the participants, at best, believe it's going to take some time for legalization to transpire. It also points to the possibility it may take a long time to be legalized, if it ever is.Canada and the U.SOne of the problems as I see it is far too many people are equating the fairly easy legalization of recreational pot in Canada with the U.S. The assumption appears to be that the U.S. will rapidly follow in Canada's footsteps. The problem there is people aren't thinking deeper about what differentiates the two countries, and how difficult it'll be to gain acceptance of adult-usage pot in America.While the U.S. and Canada have some similarities, the underlying differences concerning social issues are vastly different, especially with conservatives in the U.S., which number in the multi-millions. Even among liberals there is some hesitancy in recreational legalizing pot.As with the last presidential election, the media and many polling agencies got it significantly wrong about Trump and his support among millions of Americans. I think it's the same with pot legalization. If and when a push is made for legalization, I think there will be a groundswell of grass roots resistance that will make it politically dangerous for many politicians to support.One thing to understand about the U.S. if you're not a resident, is there's a point-of-view that is represented by business and media elites living on the East and West coasts, against the outlook on life by those that live in what we identify as "flyover" country.In recent year this has resulted in a distortion of what the American people really believe. As it relates to legalization of recreational pot, I think it's highly unlikely there will be a change in sentiment that would make legalization happen at the federal level.A key there is it's believed by many that recreational pot is a gateway drug to more potent drugs. It would at best, take years to change the minds of Americans concerning that. I think the deal will be forced to expire before recreational marijuana is legalized in the U.S.Most likely U.S. cannabis scenarioWhat I think will probably play out in America is there will be a full legalization of cannabis, but it'll be on a state-by-state basis, and only on the medical side of the business. It would surprise me if all 50 states don't legalize medical marijuana.My reason for thinking that is medical cannabis, now with a growing body of research and proven results, is becoming more acceptable to a growing number of people. Educating the public on the benefits has been a key to that changing outlook.The general population also starting to understand the difference between THC (part of cannabis that makes people high) and CBD is important. That's why it was fairly easy to pass the 2018 Farm Bill.Another factor is many states in the U.S. are struggling under pension pressures, and they need more tax revenue to sustain them. The fast-growing CBD and medical pot market fits well into meeting those and other needs of the states.ConclusionA lot of media reporting on the Canopy Growth and Acreage Holdings deal has been based upon the assumption recreational pot will inevitably be legalized in the U.S., and in many cases, it's suggested it'll be sooner rather than later.While I understand, from the point of view of a Canadian-based company, that the U.S. is the most desirable international market, but it is highly unlikely the federal government will legalize recreational pot in the near future, if it ever does.For that reason, those interested in Canopy Growth shouldn't make investing decisions based upon expected results from Canopy acquiring Acreage Holdings. It would be a strong catalyst for Canopy Growth if it ever is allowed to happen, but the odds are far more against it than for it, for the reasons mentioned above.I believe it was a mistake for Canopy to target the U.S. market at this stage of growth. Instead it should have focused more on developing a meaningful presence in Europe and some places in South America. It of course has some presence there, but it's apparent to me, such as in Germany, that it hasn't given its full and undivided attention in other global markets.Instead, it has a headline non-deal that may never work out. I think it's a huge mistake to make an investing decision based upon the inevitability of recreational pot being legalized in the U.S. It's far from a sure thing, and if it ever does happen, I think it'll be a lot further out than the market is assuming at this time.To read more on the nitty gritty of what’s going on in the rising cannabis industry, click here.Read more on CGC: * Canopy Growth (CGC) Stock: Buy the Dip or Pump the Brakes? * Canopy: Recent Licence from Health Canada Ain’t Going to Help the Stock * Canopy Growth (CGC) Continues to Struggle to Find Its Identity * Top Cannabis Stocks Under Fire: What’s The Stock Market’s Message? More recent articles from Smarter Analyst: * Curaleaf Helping to Put U.S. Cannabis Sector on the Map * Netflix’s (NFLX) Original Content Strategy Is Failing; The Stock Is Overvalued * Marijuana Stock KushCo (KSHB): Potential Catalysts Vs. Risks * Evercore Continues to Hold a Bullish View on Bank of America (BAC) Stock
Cannabis stocks rose Thursday, led by Aleafia Health Inc., which rallied after announcing the closure of a $40. 25 million convertible debt offering that will bolster its balance sheet and help grow its business.
Canopy Growth stock (NYSE:CGC) is experiencing growing pains. The Canadian-based cannabis giant, which reported tepid earnings last week, is balancing long-term strategy against short-term performance.Source: Shutterstock Last week's earnings report dropped like a rotten egg. Gross recreational revenue fell from 71.6m CAD to 68.9m CAD quarter-over-quarter.Gross margins have also fallen, as the company continues to invest heavily in their production operations.InvestorPlace - Stock Market News, Stock Advice & Trading TipsWith short-term sales declines, an astronomical valuation, and the primary catalyst having an uncertain timeline (U.S. Federal legalization of marijuana), is Canopy stock a buy today? * 7 F-Rated Stocks to Sell for Summer Read on to see if CGC stock has additional runway! Weak Earnings Created a Dip in Canopy's Stock PriceAfter the company's earnings announcement on June 20, Canopy Growth stock saw an 8% decline (from $43.71 to $40.16). Since last week's report, shares have traded sideways, with CGC stock finding support at ~$40/share.Compare this with last fall, when Canada legalized recreational marijuana usage. The excitement from this announcement pushed CGC stock to its 52-week high of $59.25 per share on Oct. 16, 18.Since then, the Canadian cannabis gold rush has failed to meet investor expectations. But the story with Canopy Growth stock and its peers is not Canada, but opportunities when the U.S. marijuana market fully opens up to legal operators. America, Not Canada Is the Play In CGC StockBank of America Merrill Lynch estimates the global cannabis market to be worth $166 billion, with the USA making up one-third (~$55 billion) of that amount.While many states have taken the plunge and legalized recreational use, federal regulations make it difficult to build a scalable business. If and/or when Federal Laws against marijuana are repealed, whomever has first-mover advantage stands to become the American pot industry's dominant player.With their proposed deal to acquire Acreage Holdings (OTCQX:ACRGF) when the federal government repeals marijuana restrictions, Canopy has the strongest shot.Add in a $5 billion strategic investment by Constellation Brands (NYSE:STZ), and it is clear that Canopy Growth stock is the "smart money" play.But at the current valuation, is Canopy stock "smart" for your portfolio? CGC Stock Trades At a Sky-High ValuationInvestors who bought into CGC stock years ago have seen tremendous appreciation. While they sacrificed value for growth, as a path to legalization became clearer shares rapidly went up in value.But how about for investors entering the stock today? Is there any compelling thesis to justify the current valuation?Trading at 87 times sales, Canopy Growth stock is richly valued compared to many of its peers:* Aphria Inc. (NYSE:APHA): 32.88* Aurora Cannabis (NYSE:ACB): 55.11* Hexo Corp. (NYSEAMERICA:HEXO): 80.47* Tilray, Inc. (NASDAQ:TLRY): 207.88* Cronos Group (NASDAQ:CRON): 241.42While Canopy has many advantages over its smaller peers, I believe this "scale premium" is highly inflated. If and when marijuana is fully legalized in America, Canopy Growth will have a size advantage. But in that scenario, incumbent consumer products companies (the tobacco and alcohol industries) could easily put money to work and gain material market share.With all of this uncertainty, is it worthwhile to pay a sky-high valuation for Canopy Growth? Bottom Line: Is CGC Stock a Buy Today?As a business, Canopy Growth has strong potential to become a major U.S. Cannabis producer. As a stock, CGC remains overvalued, with investor expectations pushing its valuation to sky-high levels.Initial "smart money" may place their bets on Canopy Growth stock, but it could be years before large institutional investors pounce into the cannabis space.With the stock continuing to trade a high valuation, they may be waiting for a better entry point. Continued weakness in the cannabis space (delays in relaxed US restrictions, weak Canadian sales) could push all of the major cannabis names back to more reasonable valuations.Why pay more today when you can join the "smart money " when the time is right?Given the choice of buying Canopy Growth stock or waiting things out, I choose the latter. Much of the upside in CGC stock is already factored into the stock price. Add in a lack of immediate catalysts, and it is difficult to create a logical investing thesis that is bullish on CGC stock.It is tough to predict the unpredictable. It could be only a few years until federal legalization occurs, or it could be another decade. In the short-term, Canopy stock will likely see more dips and less rips.As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * The 7 Top Small-Cap Stocks Of 2019 * Critical Levels to Watch in 7 Marijuana Stocks * 5 Smaller Cloud Stocks That Have Plenty of Potential Compare Brokers The post Expect More Dips, Less Rips in Canopy Growth Stock appeared first on InvestorPlace.
Canopy Growth (WEED) (CGC) entered into an agreement to acquire Acreage Holdings. The agreement is contingent on the US legalizing marijuana.
SMITHS FALLS, ON and NEW YORK, June 27, 2019 /PRNewswire/ - Acreage Holdings, Inc. ("Acreage") (ACRG-U.CN) (ACRGF) (FSE:0ZV) and Canopy Growth Corporation ("Canopy Growth") (WEED.TO) (CGC) (together, the "Companies") are pleased to announce the implementation of Acreage's previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth (the "Arrangement"). Pursuant to the Arrangement, the Acreage articles have been amended to provide Canopy Growth with the option (the "Canopy Growth Call Option") to acquire all of the issued and outstanding shares in the capital of Acreage (each, an "Acreage Share"), with a requirement to do so, upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the "Triggering Event"), subject to the satisfaction of the conditions set out in the arrangement agreement entered into between Acreage and Canopy Growth on April 18, 2019, as amended on May 15, 2019 (the "Arrangement Agreement").
Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) is pleased to announce the implementation of its previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”) (WEED.TO) (CGC) (the “Arrangement”). Pursuant to the Arrangement, Canopy Growth received an option (the “Canopy Growth Call Option”) to acquire all of the issued and outstanding shares in the capital of Acreage (each, an “Acreage Share”), with a requirement to do so, upon a change in federal laws in the United States to permit the general cultivation, distribution and possession of marijuana (as defined in the relevant legislation) or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), subject to the satisfaction of certain conditions.
On June 21, 2019, Acreage Holdings, Inc. (“Acreage”) (ACRG-U.CN) (ACRGF) (FSE:0ZV) obtained a final order from the Supreme Court of British Columbia approving the previously announced arrangement under section 288 of the Business Corporations Act (British Columbia) with Canopy Growth Corporation (“Canopy Growth”) (WEED.TO) (CGC) (together with Acreage, the “Companies”) (the “Arrangement”). On June 19, 2019, each of Acreage and Canopy Growth received all necessary shareholder approvals in connection with the Arrangement at their respective special shareholder meetings.
Prior low-level convictions for marijuana possession will be pardoned. Amid this news, one would expect marijuana stocks to run higher, but that’s not happening. Just like a doctor does X-rays to see what is going on inside the human body, investors can do an X-ray of marijuana stocks to figure out what is really going on.
Cannabis stocks were mostly lower on Tuesday, as the broader markets faltered and investors awaited the next key catalysts for the sector.
The CEOs of the leading marijuana companies have their eyes set on two states to follow Illinois in legalizing recreational marijuana.