Curaleaf is leading cannabis stocks higher, after unveiling its latest all-stock deal
Curaleaf Holdings Inc. shares soared Wednesday to lead the cannabis sector higher, after the company announced it is acquiring Cura Partners, the parent of the Select brand, in an all-stock deal valued at C$1.27 billion, or about $949 million.
To avoid any appearance of conflict of interest, the deal was negotiated by management and advisers under a special committee, which paid for a fairness opinion from Beacon Securities Ltd. On closing, Cura’s Founder Cameron Forni will join Curaleaf as president of Select.Hexo Corp. shares HEXO, +0.90% HEXO, +1.68% rose 1.8%, recovering some of their prior-day losses that came amid concerns about heavy flooding near its production facility in Gatineau, Quebec.
The FDA is concerned that some medications lead patients to engage in life-threatening activities while not fully awake. Piper rates Canopy and Tilray as overweight, the equivalent of buy. Canopy shares were up 2.1% and Tilray was up 1.0%. Elsewhere in the sector, Green Organic Dutchman Holdings Ltd. TGOD, +1.56% TGOD, +1.56% was up 1.8%. The company said it would open a second legal cannabis store in Jamaica in cooperation with Epican Medicinals on May 4. Three further outlets are planned.
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