Analyst: Acreage Deal Part Of Canopy Growth’s ‘One Step Ahead’ Mentality

Canopy Growth Corp (NYSE: CGC) recently announced a deal to acquire U.S. cannabis company Acreage Holdings Inc (OTC: ACRGF) that is contingent on U.S. federal legalization of marijuana. On Friday, one analyst said Acreage will be a key part of Canopy’s long-term U.S. strategy.

The Analyst

Bank of America analyst Christopher Carey reiterated his Buy rating and $80 price target for Canopy.

The Thesis

Carey recently met with management from Acreage to discuss the deal with Canopy and what it means for the company’s U.S. strategy. Shareholders from both companies will vote to approve the deal in a special meeting scheduled for June 19. If the deal is approved, Canopy will pay $300 million in cash …

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