Aurora Cannabis Opposes CanniMed’s Bid for Newstrike Resources

Aurora Cannabis Opposes CanniMed's Bid for Newstrike Resources

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Medical marijuana company Aurora Cannabis Inc said on Monday its acquisition-target CanniMed Therapeutics Inc’s plan to buy smaller rival Newstrike Resources Ltd was a “terrible deal” for CanniMed shareholders.

Aurora said it would file a dissident circular and solicit votes against CanniMed’s decision to issue shares in connection with the proposed acquisition.

Newstrike has no revenues, sales license and patients, Aurora said, adding that CanniMed is paying a significant premium to bail out the company.

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