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Canopy Growth acquires hemp company AgriNextUSA to expedite entry into US

Canopy Growth Corp. acquired hemp company AgriNextUSA as part of its plan to expedite its entry into the U.S. market.

The decision to acquire AgriNextUSA arrives in the advent of the 2018 U.S. Farm Bill — officially called the Agriculture Improvement Act of 2018 — which implements regulations surrounding the full use of hemp as a crop.

The terms of the transaction and the value of the deal were not disclosed.

Canadian cannabis company Canopy Growth said in its March 21 news release that the transaction is not material to its current cash position.