Canada’s Canopy Growth said Thursday it will purchase rival Supreme Cannabis for C$323.3 million ($256.85 million), as the world’s greatest cannabis maker reinforces its portfolio to tap flooding interest.

US-recorded shares of Canopy rose 1.3 percent to $30.33 after it reported the money and-stock arrangement for Supreme, which possesses pot brands including 7ACRES and Blissco.

Facilitating regulatory hurdles and an ascent in weed use during the pandemic has brought back financial backer dollars for cannabis makers following quite a while of underperformance.

Canada saw legitimate recreational weed deals outperform illegal channels without precedent for the final quarter of a year ago.

The arrangement makes Canopy the proprietor of four out of the main 10 cannabis brands in Canada, with an expected 13.6 percent of the all out recreational market share in the country, the organizations said.

Under the terms of arrangement, Supreme Cannabis shareholders will get 0.01165872 of a Canopy common share and C$0.0001 in real money in return for each Supreme Cannabis share held.

Counting obligation, the arrangement is esteemed at C$435 million.

($1 = 1.2587 Canadian dollars)