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Weed giant Canopy Growth closing in on deal to buy Acreage Holdings

Thomas Franck

Shares of Canopy rallied more than 10% in after hours trading Wednesday following the news. Canadian cannabis giant Canopy Growth CGC is close to a deal to purchase Acreage Holdings — the latest in a string of deals in the fast-growing industry. The two companies have been in talks for about two weeks and were scheduled to speak on the phone Wednesday evening to finalize the agreement, sources familiar with the matter told CNBC's Melissa Lee .

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