Canopy Growth stock climbs on news of U.K. skin-care deal; Hexo names COOPosted by On

Cannabis stocks were mostly higher Wednesday, as investors digested the latest deal in the sector, Canopy Growth Corp.’s acquisition of a U.K. skin care company.

Canopy, the biggest cannabis company by market cap, owed to a $4 billion investment from Constellation Brands Inc., said it’s paying 43 million pounds ($54 million) in cash to buy London-based This Works, which offers a range of skin-care and sleep-aid products.

The deal “is a key aspect of a multifaceted hemp and CBD strategy as Canopy Growth…

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