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Canadian cannabis company Canopy is positioning itself to be a prime mover in the U.S. legal marijuana market, last week announcing an agreement to acquire Acreage Holdings in a deal valued at $3.4 billion.

The deal, the first between two cannabis companies on either side of the U.S.-Canada border, gives Canopy the right to acquire 100 percent of New York-based Acreage when marijuana is legalized on a federal level by the U.S. government. The agreement can be called off if that does not occur within 90 months of the cash payment, which would be sometime in 2027.

Canopy Growth press release can be found here.

Acreage Holdings press release can be found here.