Canopy Growth Corp. intends to open hemp processing facilities in seven states within the next 12 months but is otherwise done with the U.S. until its acquisition of Acreage Holdings Inc. can close.
To date, Canopy has only tentatively dipped a toe into the U.S. cannabis market because marijuana is federally illegal and it doesn’t want to jeopardize its listing on the New York Stock Exchange. It’s building a plant in Kirkwood, New York for extraction and processing of hemp-derived CBD, which was legalized in December, and has a complex arrangement with Acreage that will see it acquire the company if cannabis becomes federally permissible. Until then, Acreage can access Canopy’s brands and intellectual property and can issue up to 58 million shares to do acquisitions.
