The U.S.-listed shares of Canopy Growth Corp. /zigman2/quotes/200603886/composite CGC -5.39% /zigman2/quotes/202205609/delayed CA:WEED -4.86% rose 2.0% in prmarket trading Thursday, after the Canada-based cannabis company announced an agreement to buy Wana Brands, which the company says is the number one edibles brand in North America by market share. The deal will go into effect once THC becomes federally permissable in the U.S. The deal is structured as three separate option agreements, with Canopy making an upfront cash payment of $297.5 million as consideration for entering into the agreements. When the rights to acquire each Wana entity is exercised, Canopy will make a payment equal to 15% of the fair market value of such entity at the time the option is exercised. " Wana'sleadership position and ongoing expansion across the U.S. bolsters Canopy Growth's product, brand, and geographic exposure to the U.S. cannabis market upon federal permissibility," the companies said in a statement. Canopy's stock has tumbled 35.7% over the past three months, while the Cannabis ETF /zigman2/quotes/213173823/composite THCX -2.45% has dropped 22.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.32% has eased 0.2%.