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19.06.2019 23:37:30

Canadian pot producer Canopy Growth details U.S. CBD plans after Acreage deal approval

Canopy Growth Corp. said late Wednesday that the company has U.S. operations related to hemp and cannabidiol, or CBD, in seven states and when at full capacity will cover more than 4,000 acres. Canopy Growth said that was the equivalent of 11,072 hockey rinks or nearly American 3,268 football fields. The company said that it was currently planting a mix of high-CBD hemp plants and industrialized hemp suitable for textiles, proteins and bioplastics. The update on its CBD operations arrived after the company announced that the landmark deal to acquire the right to buy U.S.-based weed producer Acreage Holdings Inc. for $3.4 billion in paper, pending the relaxation of U.S. federal prohibition on marijuana. Canopy Growth stock was up 0.8% in after hours trading. The stock closed up 1.74% during the regular session, as the S&P 500 index [spx] rose 0.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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