Canopy Growth Corp. (WEED.T) said the company planned to enter the U.S. hemp sector following the passage of the farm bill Thursday that legalized industrial hemp (http://www.marketwatch.com/story/cbd-and-hemp-are-now-legal-in-the-us-so-what-does-that-mean-for-pot-companies-2018-12-20). Canopy stock is up 7.8% after hours. "Canopy Growth will participate in the American market now that there is a clear federally-permissible path to the market," Chief Executive Bruce Linton said in a statement. Canopy said its investment in intellectual property from U.S.-based Ebbu Inc. and the $4 billion investment from Constellation Brands Inc. (STZ) positioned it well to enter the U.S. hemp market. Like much of the cannabis sector, Canopy closed down, dropping 1.8% during regular trading. ETFMG Alternative Harvest ETF closed down 2.2% Thursday and the S&P 500 index fell 1.6%.
-Max A. Cherney; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 20, 2018 17:23 ET (22:23 GMT)
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