Canopy Growth Acquires Supreme Cannabis in $346 Million Deal (1)

Canopy Growth Corp. agreed to buy Supreme Cannabis Co., one of Canada’s leading brands of marijuana, in the latest large deal to reshape the rapidly growing industry.

Canopy will acquire all of the company’s shares in a largely stock-based deal valued at C$435 million ($346 million), according to a statement Thursday. The transaction, expected to close by the end of June, represents a 66% premium over Supreme’s Wednesday closing price, the companies said.

Supreme’s shares soared as much as 60% Thursday in Toronto, while Canopy fell as much as 2.3%.

The agreement adds to a flurry of deal activity ...