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Marijuana Stocks Rally After Canopy Growth Buys U.S. Hemp Researcher to Help It Grow Marijuana Better

Canopy Growth told investors its purchase of ebbu will "complement and accelerate" its ambitions to expand into new types of consumer products.

Stock Market Gain Adobe Stock Credit Travis Resized

Marijuana stocks rallied Monday after one of the largest Canadian cannabis companies announced that it has agreed to acquire a U.S.-based hemp company.

Canopy Growth told investors its purchase of Evergreen, Colorado-based ebbu will "complement and accelerate" its ambitions to expand into new types of consumer products.

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RELATED: Canopy Growth to Acquire Assets of Colorado-Based Hemp Innovator ebbu

At closing, Canopy Growth will pay 25 million Canadian dollars in cash and issue 6,221,210 common shares to the research company in exchange for the assets being acquired.

"Intellectual property and research and development advancements achieved by ebbu's team apply directly to Canopy Growth's hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities," Canopy Growth said in a press release.

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Top Image: © Travis | Adobe Stock

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