FILE PHOTO: A sign featuring Canopy Growth Corporation’s logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 . REUTERS/Chris Wattie/File Photo

(Reuters) – Canada’s Canopy Growth Corp said on Thursday it will buy rival Supreme Cannabis Co Inc for C$323.3 million ($256.85 million), as the world’s biggest cannabis producer bolsters its portfolio to tap surging demand.

U.S.-listed shares of Canopy rose 1.3% to $30.33 after it announced the cash-and-stock deal for Supreme, which owns pot brands including 7ACRES and Blissco.

Easing regulatory hurdles and a rise in weed use during the pandemic has brought back investor dollars for cannabis producers after years of underperformance.

Canada saw legal recreational weed sales surpass illicit channels for the first time in the fourth quarter of…



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