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2 Min Read (Reuters) -Canada’s Canopy Growth Corp said on Thursday it will buy rival Supreme Cannabis Co Inc for C$323.3 million ($256.85 million), as the world’s biggest cannabis producer bolsters its portfolio to tap surging demand. FILE PHOTO: A sign featuring Canopy Growth Corporation s logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 . REUTERS/Chris Wattie/File Photo Shares of Canopy, up 15% this year, fell around 4.6% to C$36 after it announced the cash-and-stock deal for Supreme, which owns pot brands including 7ACRES and Blissco. Supreme shares surged 50% to C$0.40. The opening of more retail stores and a rise in weed use during the pandemic has brought back investor dollars for cannabis producers after years of underperformance. Hopes of U.S. reforms allowing cross-border commerce are also boosting investments in the sector.

Devika syamnathArunima kumarShariq khanArun koyyurThomson reuters trust principlesCanada canopy growth corpSupreme cannabis co incCanopy growth corpSupreme cannabisThomson reuters trustஅருணிமா குமார்ஷரிக் காந்அருண் கொய்யுர்தாம்சன் ராய்ட்டர்ஸ் நம்பிக்கை ப்ரிந்ஸிபல்ஸ்கனடா விதானம் வளர்ச்சி கார்ப்உச்ச கஞ்சா இணை இன்க்