Canadian marijuana firm Canopy pledges to enter US market with Farm Bill passage

Canadian cannabis giant Canopy Growth announced it will make forays into the U.S. market after the United States government passed the Farm Bill.

“Canopy Growth will participate in the American market now that there is a clear, federally permissible path to the market,” Bruce Linton, chair and co-CEO of Ontario-based Canopy Growth (TSX: WEED; NYSE: CGC) said in a news release.

In October, Canopy acquired Colorado-based research firm Ebbu for 25 million Canadian dollars ($19.3 million) and 6.2 million shares for a total upfront value of more than CA$320 million.

Ebbu is working on developing THC-free hemp cultivars.

That deal followed an industry-record CA$5 billion ($3.8 billion) investment into Canopy Growth by global liquor behemoth Constellation Brands.

The two recent deals position Canopy to enter the U.S. market quickly, with more details to follow in 2019, the company said.