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CGC

Canopy Growth

$42.83

1.08 (2.59%)

, ACRGF

Acreage Holdings

$0.00

(0.00%)

09:13
04/18/19
04/18
09:13
04/18/19
09:13

Canopy Growth announces deal for rights to acquire Acreage Holdings

Canopy Growth (CGC) announces a definitive arrangement agreement that grants Canopy Growth the right to acquire 100% of the shares of and Acreage Holdings (ACRGF), with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States, subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively, as well as the approval of the Supreme Court of British Columbia. Following the approval of Canopy Growth and Acreage shareholders as well as the Supreme Court of British Columbia, under the terms of the arrangement agreement, Acreage Holders will receive an immediate aggregate total payment of $300M or approximately $2.55 per Acreage Subordinate Voting Share based on the currently outstanding Subordinate Voting Shares of Acreage and conversion of certain convertible securities described below. In addition, upon the exercise of the Right, holders of subordinate voting shares of Acreage will receive 0.5818 of a common share of Canopy Growth for each Acreage Subordinate Voting Share held at the time of closing of the transaction. Upon exercise of the right, the total consideration payable pursuant to the transaction is valued at approximately $3.4B on a fully-diluted basis, represents a premium of 41.7% over the 30-day volume weighted average price of the Acreage Subordinate Voting Shares on the Canadian Securities Exchange ending April 16. "Today we announce a complex transaction with a simple objective. Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists. By combining Acreage's management team, licenses and assets with Canopy Growth's intellectual property and brands, there will be tremendous value creation for both companies' shareholders," said Bruce Linton, Chairman and co-CEO, Canopy Growth.

CGC

Canopy Growth

$42.83

1.08 (2.59%)

ACRGF

Acreage Holdings

$0.00

(0.00%)

  • 07

    May

CGC Canopy Growth
$42.83

1.08 (2.59%)

04/12/19
PIPR
04/12/19
NO CHANGE
Target $60
PIPR
Overweight
Canopy Growth Q4 revenue estimate lowered at Piper Jaffray
Piper Jaffray analyst Michael Lavery trimmed his Q4 revenue estimates for Canopy Growth to reflect a more conservative build, based on early quarter Health Canada data. Based on April channel checks, product supply to retailers has recently improved, and stores are now maintaining some product inventory, Lavery tells investors in a research note However, Health Canada January industry data show industry momentum ramping up a bit more slowly than expected, adds the analyst. As such, Lavery lowered his Q4 revenue estimate for Canopy Growth to C$96.8M from C$117.6M. Capacity, scale and execution will continue to matter for the next 12-24 months, as growing supply catches up with strong demand in both Europe and Canada, says the analyst. He considers Canopy well positioned relative to its peers on these measures. Lavery keeps an Overweight rating on Canopy Growth shares with a $60 price target.
04/17/19
BOFA
04/17/19
INITIATION
Target $70
BOFA
Buy
Canopy Growth initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Christopher Carey initiated Canopy Growth (CGC) with a Buy and $70 price target saying it is positioned to be a long-term leader in the global cannabis sector. Carey said Canopy has scale with 6M square feet of cultivation capacity, capital following the Constellation (STZ) $4B investment, and vision as it lays groundwork to excel in areas higher on the value chain.
04/17/19
04/17/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Organogenesis (ORGO) initiated with an Outperform at Oppenheimer. 2. Teladoc (TDOC) initiated with an Overweight at Stephens. 3. Solar Capital (SLRC) initiated with an Outperform at Raymond James. 4. Principia Biopharma (PRNB) initiated with a Buy at Stifel. 5. Aurora Cannabis (ACB), HEXO Corp (HEXO), Canopy Growth (CGC), and Performance Food Group (PFGC) initiated with a Buy at BofA/Merrill while Cronos Group (CRON) was initiated with an Underperform at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
04/18/19
JEFF
04/18/19
NO CHANGE
JEFF
Hold
Canopy acquisition of Acreage would be 'big positive,' says Jefferies
Canopy Growth, according to reports last night, is set to acquire the rights to acquire one of the largest U.S. multi-state operators, Acreage Holdings, Jefferies analyst Owen Bennett tells investors in a research note. While details of the locked in purchase price are still not known, with Canopy sitting on C$4B of cash and the U.S. being the world's biggest market, this move is a "big positive," says Bennett. If Canopy were to wait to acquire a U.S operator post its listing requirements permitting, the price paid would be "way ahead of whatever has been agreed right now," he points out. Bennett has a Hold rating on Canopy Growth with a C$64 price target. The stock in premarket trading is up 7%, or $2.91, to $45.76.
ACRGF Acreage Holdings
$0.00

(0.00%)

02/21/19
GHSC
02/21/19
INITIATION
Target $42
GHSC
Buy
Acreage Holdings initiated with a Buy at Seaport Global
Seaport Global analyst Brett Hundley initiated Acreage Holdings with a Buy rating and $42 price target, citing its market positioning as a U.S. multi-state operator, its dual strategy of wholesale and retail production, the strategic nature of its Form Factory acquisition and its "influential board of directors."

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NX

Quanex

$19.76

0.715 (3.76%)

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$2.85

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CVA

Covanta

$14.83

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GE

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