Canopy Growth acquires hemp company AgriNextUSA in a move to boost US

Companies in this story: (TSX:WEED)The Canadian Press SMITH FALLS, Ont. — Canopy Growth Corp. has acquired AgriNextUSA, in a move to boost its hemp business in the United States.Financial terms of the deal were not immediately available.Canopy says AgriNextUSA chief executive Geoff Whaling will join Canopy Growth USA as a strategic adviser. It says Whaling is considered a hemp pioneer and a leading advocate for the sector in the United States.Earlier this year, Canopy was granted a licence by the state of New York to process and produce hemp, a member of the cannabis plant family.The Ontario-based company has announced plans to invest between US$100 million and US$150 million at its proposed 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 also found in cannabis.

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