Canopy Growth Corp. to Buy Ebbu’s Hemp Research Assets

Canopy Growth Corporation (CPC) announced on October 15 that the company would purchase the intellectual property and assets of Ebbu Inc for CAD 25 million plus 6.2 million shares. Canopy Growth is a Canadian pot company, and Ebbu is a Colorado-based hemp research company. CPC hopes to reduce its production costs by implementing technology developed by Ebbu. Canada plans to fully legalize cannabis on October 17.

 

Sonal sent out an alert at 7:00 am, and the next trade took place for $50.85. The stock opened lower at $50.44. Following a spike at the market open, the stock price faded lower before continuing its rise upward to a closing price of $56.89. That makes an event day gain of 12.8%.

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