OGI - Canopy Growth closes down nearly 5% as investors digest Supreme Cannabis deal

Although it announced it would acquire Supreme Cannabis this morning (SPRWF) for ~$435M, Canopy Growth (CGC) closed the trading day down 4.8% to $28.50.Jefferies analyst Owen Bennett, who has an underperform rating on shares, says the acquisition isn't that transformational for the company though it will help it with cost savings.Piper Sandler analyst Michael Lavery said in a note that the acquisition helps fill a void in the Canopy's product line with a premium brand in Canada, but noted he wasn't expecting the deal to help with profitability.Other Canadian cannabis names today: Tilray (TLRY) unchanged; Cronos (CRON) +0.9%; Aurora Cannabis (ACB) +1.1%; Aphria (APHA) +0.5%; Sundial Growers (SNDL) +1%; OrganiGram Holdings (OGI) -0.3%; and HEXO Corp (HEXO) +2.9%

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Canopy Growth closes down nearly 5% as investors digest Supreme Cannabis deal