Canopy Growth Is Said to Near Deal to Buy Acreage Holdings (1)

Canopy Growth Corp. is nearing a deal to buy Acreage Holdings Inc. in what would be the first major cross-border cannabis merger, according to people familiar with the matter.

The purchase could be announced as soon as this week, said the people, who asked not to be identified because the discussions are private. Talks are ongoing and may still fall apart, the people said. Canopy’s shares added 9 percent in post-market trading in New York. Acreage gained 15 percent in Toronto before the market closed.

The deal would be a major milestone for Canopy, the world’s largest cannabis company, and ...