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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

Quick facts: Canopy Growth Corporation

Price: 27.28 CAD

TSX:WEED
Market: TSX
Market Cap: $9.5 billion
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