Proactive Investors - Run By Investors For Investors

Canopy Growth soars on GMP upgrade following Acreage deal

Analyst Martin Landry raised the stock’s rating to Buy from Hold and increased its price target to C$72 from C$65
Cannabis plants
Last week, the Canadian marijuana producer agreed to a US$3.4 billion deal to acquire Acreage Holdings as soon as federal legalization occurs

Canopy Growth Corporation (TSX:WEED) (NYSE:CGC) stock was on the rise following an upgrade Monday from GMP Securities.

Analyst Martin Landry raised the stock’s rating to Buy from Hold and increased its price target to C$72 from C$65. That’s more than 20% higher than its Thursday close.

Shares jumped 7.1% to C$63.88 in Toronto and 7.5% to US$47.90 in New York.

Last week, the Canadian marijuana producer agreed to a US$3.4 billion deal to acquire Acreage Holdings (OTCMKTS:ACRGF) (CSE:ACRG.U), a US cannabis operator licensed in 20 states, as soon as federal legalization occurs.

“This transaction should boost Acreage’s ability to consolidate the US market,” Landry wrote, per MarketWatch. “Hence, when Canopy officially takes ownership of Acreage, it could me much larger than currently.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full WEED profile View Profile

Canopy Growth Corporation Timeline

Related Articles

A WeedMD greenhouse
January 21 2019
WeedMD produces cannabis and cannabis oil for both the medical and adult-use markets
Placeholder
Thu
RYAH is the first cannabis vaporizer that lets users precisely regulate dose and temperature
1542134062_Harvesting-hemp.jpg
November 13 2018
Ascent, viaThirty Eight Hemp Corp, will exploit the hemp market via its strategic relationship with AgTech Scientific
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use