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Cannabis Watch: Cannabis stocks higher as Tilray unveils biggest acquisition yet

Cannabis shares were mostly higher Wednesday, with Tilray Inc. in focus after it unveiled a more than $300 million deal that is its biggest acquisition yet.

Tilray stock TLRY, +3.97% was up 4.5%, after the company announced a $317 million cash-and-stock deal for Manitoba Harvest, a company that claims to be the world’s biggest hemp food maker. Tilray said it expects to use the deal to launch CBD-derived products in the U.S. as early as this summer.

However, for now, the legality of CBD, a non-psychoactive ingredient that can be derived from cannabis or hemp plants, is unclear.

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