Market Overview

Canopy Growth's Bruce Linton 'Is Always One Step Ahead,' Says Harvest Health CEO

Canopy Growth's Bruce Linton 'Is Always One Step Ahead,' Says Harvest Health CEO

On Thursday at Benzinga's Cannabis Capital Conference in Toronto, the room buzzed over Canopy Growth Corp (NYSE: CGC) and its acquisition of Acreage Holdings Inc (OTC: ACRGF).

During the morning’s keynote, Harvest Health and Recreation (OTC: HRVSF) CEO Steve White said, "Bruce [Linton] is always one step ahead."

White heaped additional praise on Linton, saying, “at some point, he’s going to do something. You don’t know what it’s going to be. They do everything they possibly can to get in front of their competitors and they did it again.”

Linton serves as CEO of Canopy Growth, the company he co-founded in 2013 under its original name Tweed Marijuana Inc.

Why It Matters

The acquisition of Acreage marks another standout move for Linton and Canopy, one of the premier names in the global cannabis market.

“Having a U.S. presence has been top of mind for all the LPs and a very difficult problem to solve because of federal illegality,” said Alan Brocshtein of the 420 Investor and New Cannabis Ventures. “Canopy has once again opened the door by leading the way.”

White said the Acreage acquisition falls in line with some of the company's other recent moves.

Canopy + Acreage

Canopy explained in a press release how the acquisition allows the company to complement its CBD strategy in the U.S. with "an accelerated pathway into U.S. cannabis markets, once federally permissible." The deal is expected to provide improved access to capital for Acreage, clearing the way for accelerated expansion.

Linton expanded on the news of the acquisition.

“Today we announce a complex transaction with a simple objective. Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists,” Linton said in the press release. “By combining Acreage’s management team, licenses and assets with Canopy Growth’s intellectual property and brands, there will be tremendous value creation for both companies’ shareholders.”

Canopy Growth's stock traded higher by 4.1 percent at $44.57 per share Thursday afternoon.

Related Links:

'It Will Accelerate': Multistate Operators Talk Rising Cannabis M&A Activity

Canopy Growth Announces Acquisition of AgriNextUSA, Expanding Hemp Business

Photo credit

Posted-In: Alan BrochsteinCannabis News Management Events Top Stories Markets Interview Best of Benzinga


Related Articles (CGC + ACRGF)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

E*Trade's Analyst Says Revenue, EPS Growth Will Remain Healthy Even In Less Favorable Interest Environment

After Crashes, 737 MAX Could Take Center Stage As Boeing Reports