|Bid||44.77 x 1000|
|Ask||44.73 x 1200|
|Day's Range||44.16 - 47.71|
|52 Week Range||20.99 - 59.25|
|Beta (3Y Monthly)||3.99|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Investor interest in marijuana stocks led Jefferies to hold its first cannabis conference, featuring 30 companies and 260 investors. Here are a few things that marijuana companies are thinking about for the long-term.
The stocks of Canada’s Canopy Growth and the U.S.’s Acreage Holdings rose Thursday after Canopy announced a deal for the rights to acquire Acreage.
The deal is for the right to purchase Acreage if pot is legalized in U.S. If Canopy were to make the purchase now, it would be acquiring an illegal U.S. asset and its shares would be delisted.
Canopy Growth will probably purchase the rights to buy Acreage Holdings to tap the growing potential of the U.S. marijuana market. This should bolster the ETF MJ.
Canopy, which was sitting on a pile of cash after a high-profile investment last year from alcohol giant Constellation Brands Inc., has agreed to buy the New York-based marijuana company Acreage Holdings Inc. for $3.4 billion in a cross-border deal that may usher in wave of consolidation in the burgeoning industry. “They know the U.S. is the biggest prize of all,” he said.
FRANKFURT, Germany, April 18, 2019 -- Acreage Holdings, Inc. (“Acreage”) (CSE:ACRG.U) (OTC:ACRGF) (FSE:0VZ) and Canopy Growth Corporation (“Canopy Growth”) (TSX:WEED).
Shares of Canopy Growth surged 7.5 percent to C$61.40 after the two companies said the deal value was at a premium of 41.7 percent over the 30-day volume weighted average price of Acreage subordinate voting shares ending April 16. "Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists," Canopy Chairman and co-Chief Executive Officer Bruce Linton said. A growing number of companies are trying to push into the U.S. cannabis industry, with the recreational use of cannabis now legal in 10 states and the District of Columbia and medical marijuana legal in 23 states.
Constellation Brands, Inc. (NYSE:STZ and STZ.B), a leading beverage alcohol company, today announced that it plans to enter into an agreement with Canopy Growth Corporation (“Canopy”) (TSX: WEED, NYSE: CGC), a leading diversified cannabis company, to modify certain warrants and other rights. These changes are the result of Canopy’s intentions to acquire Acreage Holdings, Inc. (“Acreage”) upon U.S. Federal cannabis legalization. Earlier today, Canopy announced (see Canopy press release “Canopy Growth Announces Option to Acquire Leading U.S. Multi-state Cannabis Operator, Acreage Holdings”) it has entered into an agreement with Acreage, a U.S. multi-state cannabis operator, where Canopy plans to acquire the shares of Acreage upon U.S. Federal cannabis legalization (the “Triggering Event”), subject to certain conditions. This transaction, as well as proposed modifications to certain Constellation warrants, are subject to approval by Canopy shareholders.
Proposed Deal Complements Canopy Growth's U.S. CBD Strategy With An Accelerated Pathway Into U.S. Cannabis Markets, Once Federally Permissible Deal Structure Expected to Provide Improved Access to Capital ...
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.
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.
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 .
Back in 2018 Sweden's government-run AP7 pension fund acquired shares of Aurora and Canopy Growth, according ...
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.
One industry that is often overlooked but could play a huge role in the cannabis industry is energy. The U.S. cannabis industry is currently eating up more than 1% of all electricity each year. The need to reduce greenhouse emissions created by the weed industry, as well as lower electric load and expenditures, makes the energy sector a clear beneficiary of a budding cannabis industry.
NEW YORK, NY / ACCESSWIRE / April 17, 2019 / Stock Market Press (SMP) is excited about the huge growth in the cannabis industry seen in 2018 and Q1 2019. DirectView Holdings, Inc (OTC PINK: DIRV) released ...
DENVER, April 17, 2019 /CNW/ -- Ever since the Farm Bill was signed into law, farmers across the United States have rushed into hemp cultivation, driving demand for the supplies needed to grow the crop necessary to meet surging CBD use. Global hemp industry to reach $22 billion in 2022. Hemp is booming across the country, and nowhere more so than in Kentucky, where the applications to grow hemp are expected to increase fivefold, and acreage dedicated to growing the crop is set to more than triple this year.
Stifel upgraded Qualcomm to buy from hold Evercore ISI upgraded Qualcomm to outperform from in line J.P. Morgan upgraded Qualcomm to overweight from neutral Bernstein initiated Tiffany as outperform ...