Canadian cannabis company Canopy Growth to fast-track entry to U.S. market
Canopy Growth Corp. 's U.S.-listed shares CGC, -4.18% WEED, -2.78% rose 3.9% in premarket trades on Tuesday after the Canadian cannabis company announced a plan to consolidate its U.S. cannabis assets into a new holding company called Canopy USA. The holding company has an exchangeable share structure that is designed to trigger full ownership of U.S. cannabis investments and take advantage of U.S. cannabis market opportunities. Canopy USA will house Acreage Holdings Inc.
Wana and Jetty and allow Canopy to exercise rights to own 100% of the companies. Third-party investors will hold 100% of the common shares of Canopy USA, the company said. Canopy Chief Executive David Klein said the company expects the U.S. market to be worth more than $50 billion by 2026. Constellation Brands Inc. STZ, +2.
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