Cannabis Watch: Cannabis stocks rally as Canopy secures future foothold in the U.S.

Cannabis stocks rallied on Thursday, boosted by the news that the biggest company in the sector by market cap has bought the rights to acquire a U.S. multistate operator as soon as the federal ban on cannabis has been lifted.

Canada’s Canopy Growth Corp., with its $4 billion treasure chest courtesy of an investment from Corona beer distributor Constellation Brands Inc. STZ, +3.95% said it has bought the rights to acquire New York-based Acreage Holdings as soon as cannabis has been fully legalized in the U.S. in a mostly stock deal.

“Today we announce a complex transaction with a simple objective,” Canopy Chief Executive Bruce Linton said in a statement.

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