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 (ETFMG Alternative Harvest ETF closed down 2.2% Thursday and the S&P 500 index fell 1.6%.). 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.
-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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