We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Canopy Growth Set to Acquire Beckley Canopy Therapeutics
Read MoreHide Full Article
Canopy Growth Corporation (CGC - Free Report) recently signed an agreement to acquire global cannabinoid-based medical researcher Beckley Canopy Therapeutics. The acquisition will integrate Canopy Growth’s wholly-owned research program with the Beckley Canopy research platform, which is partly owned by Canopy Growth. As part of the acquisition, Canopy Growth will be acquiring the outstanding shares in Spectrum Biomedical UK, the commercial arm of the company in the United Kingdom.
With this acquisition, Canopy Growth’s research and development endeavors would be expanding worldwide, thereby making the company a global pioneer in cannabinoid research.
For investors’ note, Beckley Canopy was formed as a joint venture between Beckley Research & Innovations (“BRI”) and Canopy Growth in January 2018 to research and manufacture clinically-tested cannabis-based medicines, with focus on intellectual property protection.
More on the Acquisition
Once the acquisition is closed, Beckley Canopy will be fully incorporated into the current Spectrum Therapeutics platform and management team in Europe. The acquisition remains subject to certain regulatory clearances and closing conditions, and is anticipated to close within the next two months. However, financial terms of the deal have been kept under wrap.
This acquisition would result in combining the most proficient teams, programs and clinical research work under the territory of a singular strategic plan.
The acquisition of Beckley Canopy will enable Spectrum Therapeutics to strengthen its status as a medical cannabis leader around the world, by establishing its foothold in the United Kingdom and the rest of Europe. Spectrum Therapeutics will make use of Beckley Canopy’s intellectual property, accelerate innovation, enhance its comprehensive research programs, and clinically verify the latter’s products and formulations. This would enable easier patient access to cannabinoid-based medicines all over the world.
Market Prospects
Per a report by imarc, the global medical cannabis market size is anticipated to reach a value of $13.4 billion in 2018. The market is further expected to reach a value of $44.4 billion by 2024, at a CAGR of 22.9% during 2019-2024. Hence, this acquisition is well-timed.
Recent Acquisitions
Recently, Canopy Growth has been on an acquisition spree.
In June 2019, Canopy Growth took over Saskatoon-based bio-product extractor KeyLeaf Life Sciences.The transaction is expected to support the company’s U.S. cannabidiol (CBD) expansion.
In May 2019, Canopy Growth announced the acquisition of German-based, Bionorica SE-founded C3 Cannabinoid Compound Company. This was one of the most crucial deals that resulted in the integration of some of the most established single cannabinoid medicines with the world’s leading portfolio of medical cannabis.
In April 2019, Canopy Growth closed the acquisition of Spain-based licensed cannabis producer Cáñamo y Fibras Naturales, S.L. (“Cafina”).The acquisition is expected to boost Canopy Growth’s presence in European markets.
Price Performance
In the past year, the stock has risen 33.4% compared with the broader industry’s rally of 7.5%.
Zacks Rank and Key Picks
Canopy Growth currently carries a Zacks Rank #3 (Hold).
Medtronic’s long-term earnings growth rate is expected at 7.13%.
Baxter’s long-term earnings growth rate is projected at 12.8%.
NuVasive’s long-term earnings growth rate is expected to be 12.75%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Canopy Growth Set to Acquire Beckley Canopy Therapeutics
Canopy Growth Corporation (CGC - Free Report) recently signed an agreement to acquire global cannabinoid-based medical researcher Beckley Canopy Therapeutics. The acquisition will integrate Canopy Growth’s wholly-owned research program with the Beckley Canopy research platform, which is partly owned by Canopy Growth. As part of the acquisition, Canopy Growth will be acquiring the outstanding shares in Spectrum Biomedical UK, the commercial arm of the company in the United Kingdom.
With this acquisition, Canopy Growth’s research and development endeavors would be expanding worldwide, thereby making the company a global pioneer in cannabinoid research.
For investors’ note, Beckley Canopy was formed as a joint venture between Beckley Research & Innovations (“BRI”) and Canopy Growth in January 2018 to research and manufacture clinically-tested cannabis-based medicines, with focus on intellectual property protection.
More on the Acquisition
Once the acquisition is closed, Beckley Canopy will be fully incorporated into the current Spectrum Therapeutics platform and management team in Europe. The acquisition remains subject to certain regulatory clearances and closing conditions, and is anticipated to close within the next two months. However, financial terms of the deal have been kept under wrap.
This acquisition would result in combining the most proficient teams, programs and clinical research work under the territory of a singular strategic plan.
The acquisition of Beckley Canopy will enable Spectrum Therapeutics to strengthen its status as a medical cannabis leader around the world, by establishing its foothold in the United Kingdom and the rest of Europe. Spectrum Therapeutics will make use of Beckley Canopy’s intellectual property, accelerate innovation, enhance its comprehensive research programs, and clinically verify the latter’s products and formulations. This would enable easier patient access to cannabinoid-based medicines all over the world.
Market Prospects
Per a report by imarc, the global medical cannabis market size is anticipated to reach a value of $13.4 billion in 2018. The market is further expected to reach a value of $44.4 billion by 2024, at a CAGR of 22.9% during 2019-2024. Hence, this acquisition is well-timed.
Recent Acquisitions
Recently, Canopy Growth has been on an acquisition spree.
In June 2019, Canopy Growth took over Saskatoon-based bio-product extractor KeyLeaf Life Sciences.The transaction is expected to support the company’s U.S. cannabidiol (CBD) expansion.
In May 2019, Canopy Growth announced the acquisition of German-based, Bionorica SE-founded C3 Cannabinoid Compound Company. This was one of the most crucial deals that resulted in the integration of some of the most established single cannabinoid medicines with the world’s leading portfolio of medical cannabis.
In April 2019, Canopy Growth closed the acquisition of Spain-based licensed cannabis producer Cáñamo y Fibras Naturales, S.L. (“Cafina”).The acquisition is expected to boost Canopy Growth’s presence in European markets.
Price Performance
In the past year, the stock has risen 33.4% compared with the broader industry’s rally of 7.5%.
Zacks Rank and Key Picks
Canopy Growth currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Medtronic (MDT - Free Report) , Baxter (BAX - Free Report) and NuVasive Corporation . Each of these companies carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Medtronic’s long-term earnings growth rate is expected at 7.13%.
Baxter’s long-term earnings growth rate is projected at 12.8%.
NuVasive’s long-term earnings growth rate is expected to be 12.75%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>