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By Reuters Staff 2 Min Read Feb 25 (Reuters) - Pot producer Indus Holdings Inc said on Thursday it bought California-based rival Lowell Herb Co for $39 million, adding a brand backed by Miley Cyrus and Chris Rock to its offering of products. Consolidation is heating up in the cannabis sector as companies pursue scale to benefit from the coronavirus-driven surge in weed sales and likely relaxation of U.S. federal prohibitions after Joe Biden’s win in the presidential election. Canadian pot producer Aphria Inc said in December it would merge with rival Tilray Inc, creating the world’s largest cannabis producer by sales. ....
By Reuters Staff (Adds details on ticker change in fifth paragraph, share movement in sixth paragraph) Feb 25 (Reuters) - Pot producer Indus Holdings Inc said on Thursday it bought California-based rival Lowell Herb Co for $39 million, adding a brand backed by Miley Cyrus and Chris Rock to its offering of products. Consolidation is heating up in the cannabis sector as companies pursue scale to benefit from the coronavirus-driven surge in weed sales and likely relaxation of U.S. federal prohibitions after Joe Biden’s win in the presidential election. Canadian pot producer Aphria Inc said in December it would merge with rival Tilray Inc, creating the world’s largest cannabis producer by sales. ....