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.
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Canadian marijuana producer Aurora Cannabis Inc (ACB.TO) is in talks with rivals CanniMed Therapeutics Inc (CMED.TO) and Newstrike Resources Ltd (HIP.V) to buy both businesses in a friendly deal that would create the nation’s top weed company, people familiar with the matter told Reuters on Friday.
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.
A medical marijuana company in New York is looking to start the holiday shopping season off on a high note with a Cyber Monday deal on weed.
In his temporary budget-dealing with Democrats, President Trump has agreed to continue a ban on using federal funds to interfere in states’ legal cannabis practices, but as 2018 nears, a government stance is largely still up in the air.