Just in time for 420, the annual celebration for cannabis users. The slang, in cannabis culture, refers to smoking cannabis at 4:20 p.m.
Now that that is cleared up….
It’s no surprised that cannabis was a hot topic on Cramer Live with Jim Cramer, TheStreet’s Founder and Action Alerts Plus Portfolio Manager.
A little background: Canopy Growth Corp. (CGC – Get Report) confirmed plans to buy U.S.-based Acreage Holdings (ACRGF Thursday (April 18, 2019) once and if cannabis is made federally legal in the United States in a deal that values the group at around $3.4 billion. TheStreet’s London Bureau Chief writes, Canopy Growth Makes $3.4 Billion Play for U.S Cannabis Group Acreage Holdings
“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,” said Canopy Growth CEO Bruce Linton. “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.”
Zev Fima, Action Alerts Plus Research Analyst stepped in today for host Katherine Ross. Watch the clip, Cramer discusses today’s deal, what to expect next in the cannabis sector and so much more.