Why Canopy Growth Shares Are Moving Higher Today

Canopy Growth Corp CGC is trading higher Thursday after the company announced that it plans to acquire Wana Brands.

Wana manufactures and sells gummies in Colorado and licenses its intellectual property to partners, who manufacture, distribute and sell Wana's gummies across the U.S.

Wana is the number one cannabis edibles brand in North America by market share.

“As we establish Canopy Growth as the world’s leading cannabis company, acquiring the #1 cannabis edibles brand in North America will serve to strengthen our market position in both Canada and the United States,” said David Klein, CEO of Canopy Growth.

Klein continued, “The right to acquire Wana secures another major, direct pathway into the U.S. THC market upon federal permissibility, and in Canada we’ll be adding the top-ranked cannabinoid gummies to our industry-leading house of brands."

Canopy Growth cultivates and sells medicinal and recreational cannabis and hemp through a portfolio of brands.

CGC Price Action: Canopy Growth has traded as high as $56.49 and as low as $12.86 over a 52-week period.

The stock was up 6.43% at $14.14 at time of publication.

Photo: Elsa Olofsson from Flickr.