(Reuters) – Canadian marijuana producer Canopy Growth Corp is close to a deal to buy U.S.-based pot firm Acreage Holdings, a source familiar with the matter told Reuters on Wednesday.
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.
Transaction - Wednesday - Source - Certainty - Parties
The transaction could be announced as soon as later on Wednesday, the source said, but cautioned there is no certainty that the two parties will agree to any deal.
The person asked not to be identified because the matter is still confidential.
Cannabis - Companies - Canada - Cash - Businesses
Cannabis companies in Canada have been pouring cash into their businesses to fend off competition and develop new products, especially after the country approved the use of recreational marijuana in October. They have also been...
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