And you thought today would be yet another mid-April day? Big news from Canada: Cannabis cannabis giant Canopy Growth has agreed to acquire U.S. based medical cannabis firm Acreage Holdings for $3.4 billion. Experts say the deal might be great for the industry and but less so for startups.

Still, news of the deal had an immediate positive effect on the stock market as shares of Canopy Growth surged 7.5 percent, reported Reuters. Of course, the real implication of this transaction is that it will usher in Canopy Growth's foray into the significantly larger although still fragmented U.S. market. Recent estimates from marijuana researchers The ArcView Group and BDS Analytics, projected $22.2 billion for both the U.S. recreational and medical markets by 2022 while Canada was projected to generate $5.4 billion for the same time period. Currently, 33 states and Washington, D.C. have legalized medical marijuana while 10 states (plus D.C.) permit recreational cannabis.

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