Marijuana Stocks Sparked by Canopy Growth’s Potential U.S. Deal

Canopy Growth将收购Acreage Holdings,引发周四大麻股票早盘大幅上涨

2019-04-19 09:58:00


Marijuana stocks shot up Thursday morning after a report said Canada’s Canopy Growth was nearing a deal for the rights to acquire the U.S.’s Acreage Holdings. The gains could be sparked by rising sentiment that the U.S. will soon take steps toward legalizing weed. The back story. Canopy Growth (ticker: CGC) is one of the hottest pot stocks, gaining 60% in 2019 and nearly 80% from a year earlier. Its gains were helped by a multibillion-dollar investment last year from the brewer of Corona, Constellation Brands (ticker: STZ). Because marijuana isn’t legal at the federal level in the U.S., companies that sell it for recreational consumption in states where it is legal can’t list on major U.S. exchanges. They often go to the Canadian Securities Exchange in Toronto (and the OTC Markets Group in the U.S.). Canadian growers that sell only in their country can list in both Canada and the U.S. and attract investment from Fortune 500 companies. Canopy, for example, is dual-listed on the Toronto Stock Exchange and the New York Stock Exchange. What's new. CNBC reported Wednesday night that Canopy was nearing a deal to acquire Acreage Holdings and gain a foothold in the U.S. The report said both companies have been discussing a deal for two weeks, and looking to finalize an agreement. It also said Canopy had been looking at deals with other U.S. operators. Because Acreage has operations in the U.S., Canopy would have to wait until legalization to take an ownership position if management wants to stay on the New York Stock Exchange. Analysts speculated that the deal was a way for Canopy to lock in a price while U.S. companies are cheap. Neither company immediately responded to a request for comment. Cowen analyst Vivien Azer said in a note to clients on Wednesday that the news comes just as bipartisan legislation was reintroduced in Congress that would end federal interference in states that have legalized cannabis. One of the sponsors, Sen. Cory Gardner (R-Co.) had said President Trump “has been very clear to me that he supports our legislation.” Marijuana stocks lit up Thursday morning on the news. Canopy was up more than 8% to $46.32. Aurora Cannabis (ACB) was up 1.6% to $9.07, and Cronos Group (CRON) was up 4.1% to $16.57. Acreage stock (ACRGF) was up 9.1% to $22.34. Looking Ahead. Jefferies analyst Owen Bennett wrote in a note to clients Thursday morning that the potential deal is “a big positive in our view.” Based on Acreage’s current market cap, Bennett wrote, the deal could be worth between 2 billion and 3 billion Canadian dollars, or about US$1.49 billion to US$2.2 billion. “We understand the rights come into play should Canopy be allowed to have U.S. operations (they can’t at present).” “The U.S. is the world’s biggest market by far,” he wrote. “If Canada-based growers want to become large-cap stocks, they need a U.S. presence.”
周四早上,加拿大公布了一份报告,大麻库存飙升。 大麻生长 即将达成收购美国 Acreage Holdings 股权的协议。 这种增长可能是因为越来越多的人认为美国将很快采取措施使大麻合法化。 后面的故事。Canopy Growth (股票代码: CGC )是最热门的股票之一,2019年上涨60%,同比上涨近80%。去年,科罗纳啤酒公司投资数十亿美元,帮助该公司实现了盈利。 星座品牌 (股票代码: STZ )。 由于大麻在美国联邦层面上是不合法的,在合法的州出售用于娱乐消费的公司不能在美国主要交易所上市。他们经常去多伦多的加拿大证券交易所(以及美国的非处方药(OTC)市场集团)。 仅在加拿大销售的加拿大种植者可以在加拿大和美国上市,并吸引财富500强公司的投资。例如, Canopy 在多伦多证券交易所和纽约证券交易所双重上市。 什么是新的。CNBC 周三晚间报道, Canopy 即将达成收购 Acreage Holdings 并在美国站稳脚跟的协议。该报告称,这两家公司已经讨论了两周的交易,并希望敲定协议。该公司还表示, Canopy 一直在考虑与其他美国运营商达成的协议。 由于 Acreage 在美国有业务,如果管理层希望继续留在纽约证券交易所, Canopy 将不得不等到合法化后才能获得所有权。分析师们猜测,这笔交易是 Canopy 在美国公司价格便宜的情况下锁定价格的一种方式。 两家公司都没有立即回应置评请求。 Cowen 分析师 VivienAzer 周三在给客户的一份报告中表示,这一消息发布之际,美国国会重新出台了两党立法,结束了联邦政府对大麻合法化州的干预。其中一位赞助商,参议员。Cory Gardner ( R-##1##)曾说特朗普总统“我非常清楚他支持我们的立法。” 周四早上,大麻股票在新闻中被点燃。Canopy 股价上涨逾8%,至46.32美元。 奥罗拉(Aurora) Cannabis ( ACB )上涨1.6%,至9.07美元; Cronos 集团 ( CRON )上涨4.1%,至16.57美元。Acreage 股票上涨9.1%,至22.34美元。 向前看.杰富瑞( Jefferies )分析师欧文•贝内特( Owen Bennett )周四上午在给客户的一份报告中写道,潜在交易“在我们看来是一个巨大的利好”。 根据 Acreage 目前的市值, Bennett 写道,这笔交易的价值可能在20亿到30亿加元之间,约14.9亿到22亿美元之间。“我们明白,如果 Canopy 被允许在美国开展业务(目前他们无法做到),权利就会得到发挥。” “美国是迄今为止全球最大的市场,”他写道。“如果加拿大的种植者想成为大盘股,他们需要美国的存在。”