|Bid||57.07 x 0|
|Ask||57.07 x 0|
|Day's Range||55.95 - 57.75|
|52 Week Range||27.00 - 76.68|
|Beta (3Y Monthly)||4.76|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
The deal would give Canada-based Canopy 100% ownership of Acreage and value the New York, NY-based group at around $3.4 billion. If completed and approved by shareholders, Acreage investors would be paid $2.55 per share upfront, valued at $300 million and a further consideration of 0.5818 Canopy shares once the deal is completed. The deal would also give Acreage access to Canopy's intellectual property and marketing in a move to drive growth in a business that already has licenses or agreements in 19 U.S. states.
Canada-based Canopy Growth Corp. confirmed Thursday a deal for the right to buy New York-based Acreage Holdings Inc. in a deal that valued at $3.4 billion, when the production and sale cannabis becomes federally legal in the U.S. Canopy's stock soared 8.7% in premarket trade. MarketWatch had reported Wednesday, citing a source familiar with the negotiations, that the deal for the rights to buy Acreage was "98% done." Canopy said the purchase price represents a 41.7% premium over the 30-day volume-weighted average price of Acreage's subordinate voting shares. The deal includes a $150 million termination fee, payable by Acreage. "Today we announce a complex transaction with a simple objective," said Canopy Chief Executive Bruce Linton. "Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists." Canopy's stock has run up 59.5% year to date through Wednesday and Acreage's stock has climbed 17.5%, while the ETFMG Alternative Harvest ETF has rallied 36.7% and the S&P 500 has gained 15.7%.
Constellation Brands is boosting its U.S. beer business while betting that marijuana products will deliver big sales.
Where are you putting your PINS in this market? Jim Cramer is breaking down the latest Wall Street action live.
Canadian marijuana producer Canopy Growth Corp said on Thursday it would buy U.S.-based pot firm Acreage Holdings in a deal valued at $3.4 billion. Acreage Holders will receive an immediate payment of ...
Marijuana stocks rose Thursday on reports that Canada's Canopy Growth is close to a deal to buy U.S. pot grower Acreage Holdings.
The deal would allow Canopy to gain a toe-hold in the U.S. ahead of regulatory or legalization changes that would open up the world’s biggest potential marijuana market to operators, Jefferies analyst Owen Bennett wrote in a note. “They are now using the $4 billion in cash they got due to Constellation to get a route to control in the world’s biggest market, and what’s more, in the U.S.’s biggest player,” wrote Bennett, who rates Canopy Growth hold with a price target of $64.
Canopy Growth Trades Higher on Talks with Acreage HoldingsCanopy Growth Canopy Growth (CGC) (WEED) has become the face of the cannabis industry as more and more analysts and investors take the sector more seriously. Just yesterday, Bank of America
U.S. stock futures declined Thursday and global stocks were lower as investors adopted a cautious stance ahead of the release of the Mueller report into allegations of Russian election and news of renewed weapons tests by North Korea that threatened to unravel Donald Trump's broader Asia strategy on trade and security. Contracts tied to the Dow Jones Industrial Average fell 29 points, futures for the S&P 500 declined 1.65 points, and Nasdaq futures were down 5.25 points. North Korea's state media said officials had conducted a "tactical" weapons systems test, the first since Trump and Kim Jong Un met in Hanoi earlier this year, although it didn't appear to be a long-range missile capable of carrying a nuclear warhead.
Canopy Growth Corp. is not outright acquiring Acreage Holdings Inc., as reports said Wednesday, but it is preparing to pay billions for the rights to buy the U.S.-based pot company.
Reuters reported that the potential deal, which could be worth around $880 billion, would give Canopy both the rights to Acreage's products and the potential to exchange stock should marijuana become legal in the United States. The deal would also give Acreage access to Canopy's intellectual property and marketing, Reuters reported, in a move to drive growth in a business that already has licenses or agreements in 19 U.S. states. Canopy Growth shares were marked 5.62% higher in pre-market trading Thursday, indicating an opening bell price of $45.26 each, a move that would extend the stock's year-to-date gain to around 56.5%.
Marijuana stocks have been a volatile but largely outperforming group in 2019. But an analyst warns that while some companies are living up to the hype, others have risen too far, too fast.
The big Canadian marijuana producer is reportedly in talks to buy U.S. cannabis operator Acreage Holdings in what would likely be a multibillion-dollar deal.
The deal is expected to fetch a premium of about 28 percent to Acreage's five-day average trading price - or roughly 25 percent of its closing price on Wednesday, the source said. Neither Acreage Holdings nor Canopy Growth immediately responded to requests for comment.
Canopy’s shares added 9 percent in post-market trading in New York. Acreage gained 15 percent in Toronto before the market closed. The deal would be a major milestone for Canopy, the world’s largest cannabis company, and New York-based Acreage, which boasts former U.S. House Speaker John Boehner and former Canadian Prime Minister Brian Mulroney as directors.
As the trend of marijuana legalization continues, cannabis-related stocks continue to proliferate. But fundamentals and technicals remain weak for many of the stocks in this space.
Canadian cannabis giant Canopy Growth is close to a deal to purchase Acreage Holdings, sources familiar with the deal told CNBC.
CGC, HEXO, CTST Moving Higher TodayCannabis sector gains Today, the Horizons Marijuana Life Sciences ETF (HMMJ) gained about 0.3% and the ETFMG Alternative Harvest ETF (MJ) gained about 0.3% in the first half of the trading session. However, the
BofA Merrill Lynch Initiated Coverage on Canopy Growth(Continued from Prior Part)Analysts’ ratings Early on April 17, Bank of America Merrill Lynch initiated coverage on three cannabis stocks. Aurora Cannabis (ACB) received a “buy”
BofA Merrill Lynch Initiated Coverage on Canopy GrowthBank of America Merrill Lynch With more investment firms joining the coverage on the cannabis industry, investors can gauge the consensus views on the stocks in the sector. Early on April 17,
Canopy Growth's next quarterly update might not be nearly as rosy as its last one. And the situation could be even worse for other marijuana producers.
Irwin Simon Says Aphria Will Hit 1 Billion in Sales by 2020(Continued from Prior Part)Analyst ratings The consensus analyst rating on Aphria (APHA) after its earnings were released remained unchanged compared to the previous month. As the chart
Canadian cannabis giant Canopy Growth is close to a deal to purchase Acreage Holdings. CNBC's Melissa Lee reports.
Bank of America initiates coverage on 3 pot stocks. Ben Kovler, Green Thumb Industries, on whether pot deals are about to heat up. With CNBC's Melissa Lee and the Fast Money traders, Brian Kelly, Karen Finerman, Dan Suzuki and Guy Adami.