Canopy Growth Corp. (TSX:WEED) has acquired AgriNextUSA in a deal designed to boost its business in the United States.
Financial terms of the deal were not disclosed. However, in a news release, Canopy Growth said AgriNextUSA Chief Executive Officer Geoff Whaling will join Canopy Growth USA as a strategic adviser. It also said that Whaling is considered a hemp pioneer and a leading advocate for the burgeoning sector in the U.S.
Earlier this year, Canopy Growth was granted a license by the State of New York to process and produce hemp, which is part of the cannabis plant family. The Smiths Falls, Ontario-based company has announced plans to invest between $100 million U.S. and $150 million U.S. in its New York hemp operations.
The U.S. legalized the cultivation of hemp late last year as a source of cannabidiol (CBD), one of the compounds found in cannabis. CBD is being used in the manufacture of everything from food products to dog treats and bath soaps, and many companies in both Canada and the U.S. are aggressively expanding the product
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