Aurora Cannabis to Buy Rival to Create World’s Most Valuable Weed Firm

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Aurora Cannabis to Buy Rival to Create World's Most Valuable Weed Firm

Pixabay / viganhajdari / CC0 Creative Commons

Canada’s No. 2 marijuana producer Aurora Cannabis Inc has agreed to buy smaller rival CanniMed Therapeutics Inc for C$1.1 billion ($852 million) as companies jostle to benefit from the country’s legalization of recreational marijuana use later this year.

The agreement to create the world’s top marijuana producer by market value follows months of tensions between the companies. Aurora had originally made a hostile bid capped at C$24 per share for CanniMed, and increased it to C$43 in the new offer.

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