This week, cannabis news was dominated by two big acquisitions. The largest was announced by U.S. vertically integrated multistate cannabis operator Curaleaf Holdings, Inc. (OTC: CURLF), which said it would buy Cura Partners, owners of the Select cannabis brand, for approximately $950 million in stock.
The other big transaction was announced by Canopy Growth Corp (NYSE: CGC), which acquired the German C3 Cannabinoid Compound Company, which manufactures synthetic cannabinoids, for roughly $254 million in cash — an unusual development in the cannabis industry .
“The Curaleaf deal unlocks the west coast for this east coast company,” Green Market Report CEO Debra Borchardt told Benzinga. “While it may seem to be a lot of money for the Select brand, the entry into the market is the key thing.”
The deal means that Canopy Growth is essentially buying the European version of Marinol, she said.
“What they are getting is a quick foot in the door to the German market. That’s what I think these two deals are really about — opening a market door.”
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Marijuana Stocks & ETFs
Over the last five trading days:
• The Horizons Marijuana Life Sciences Index ETF (OTC: HMLSF) (TSE:HMMJ) lost 0.65 percent.
• The ETFMG Alternative Harvest ETF (NYSE: MJ) gained 0.34 percent.
• The AdvisorShares Pure Cannabis ETF (NYSE: YOLO) lost 2.18 percent.
• The SPDR S&P 500 ETF Trust (NYSE: SPY) closed the period up 0.21 percent.
Top marijuana stocks (with a market cap above $500 million) trading on U.S. exchanges performed as follows over the last five trading days:
• Acreage Holdings (OTC: ACRZF):