Cannabis Watch: Cannabis stocks lower as activist investor takes aim at Canopy’s planned U.S. deal


Cannabis stocks were mostly lower Monday, with market leader Canopy Growth Corp. under pressure from an activist shareholder that said it would vote against a key deal aimed at securing Canopy a foothold in the U.S.

Activist shareholder Marcato Capital Management LP said Monday it plans to vote against Canopy’s CGC, +0.90% WEED, +0.98% plan to acquire Acreage Holdings Inc. ACRGF, -0.50% for $3.4 billion, as soon as weed has been fully legalized in the U.S. That news was greeted with much ballyhoo when it was announced in April with Canopy buying the rights to acquire the multi-state operator at a future date.

In an open letter to Acreage’s board, Marcato described the deal as “value destructive” and said the price is “substantially lower than the fair value of

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