Shareholders finally approved Canopy Growth ’s deal to buy the U.S. marijuana company Acreage Holdings. The acquisition won’t happen until Congress makes the growth, sale, and possession of pot federally legal, or at least permissible in states that allow the drug.
But when that time comes, Canopy will have a “significant competitive advantage” over its Canadian peers, according to an analyst at Stifel.
The back story. Canopy (ticker: CGC) was already one of Canada’s biggest cannabis growers. It has received significant investment from Constellation Brands (STZ), and has a market value is north of $14 billion. The stock has gained 60% in 2019.