May 22, 2019 / 2:36 PM / 5 months ago

BUZZ-Canopy Growth high on This Works acquisition

** Shares of Canadian marijuana producer Canopy Growth Corp up 2.1% at C$61.5

** Co buys skincare company This Works for C$73.8 million ($55.13 million) in an all-cash transaction

** Co adds beauty and sleep products to its portfolio of cannabis oil, hemp and medical capsules

** Co said the deal fits with its strategy of expanding internationally and would help develop CBD-infused products and brands for the global beauty and wellness space

** 11 of 18 brokerages rate the stock “buy” or higher, 6 “hold” and 1 “sell”; median PT is $78.5

* U.S.-listed shares of Tilray up 5.7%, Cronos Group up 3.2%

** U.S.-listed shares of Canopy Growth up 71.4% YTD, Toronto-listed shares up 68.5% ($1 = 1.3387 Canadian dollars) (Reporting By Arundhati Sarkar in Bengaluru)

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