Canopy Growth extends reach in US with acquisition of hemp company AgriNextUSA
Canopy Growth Corporation (NYSE:CGC) (TSE:WEED) announced Thursday the acquisition of hemp company AgriNextUSA for an undisclosed sum.
The Smith Falls, Ontario-based company said in a statement that it hopes the new addition will help navigate a US market ripe for expansion after 2018′s Farm Bill legalized hemp as a crop. Hemp is a source of cannabidiol, the non-psychoactive component of cannabis.
AgriNextUSA CEO Geoff Whaling, a longtime US hemp advocate, will join Canopy as a strategic adviser.
“The United States is the next stop on Canopy Growth’s desired path to becoming a leading, revenue-generating company focused on all aspects of cannabinoids and their potential,” said Canopy co-CEO and Chairman Bruce Linton in a statement.
The cannabis grower plans to build a facility in southern New York, calling it a Hemp Industrial Park. There are commercial applications for all parts of the plant, which the company hopes to maximize.
Canopy received a hemp license from the state earlier this year and plans to invest between $100 million and $150 million in the project, which it previously said will source hemp exclusively from US farmers.
The stock dropped 1.7% to US$46.09 in New York and 1% to C$61.67 in Toronto.
Contact Andrew Kessel at [email protected]
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Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/216969/canopy-growth-extends-reach-in-us-with-acquisition-of-hemp-company-agrinextusa-216969.html
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