Health Care

Cannabis growers in marijuana mega-merger

Cannabis growers in marijuana mega-merger”

"We are very pleased to have come to terms with CanniMed on this powerful strategic combination that will establish a best-in-class cannabis company with operations across Canada and around the world", said Aurora CEO Terry Booth. Last year, Canadian Prime Minister Justin Trudeau pledged to "legalize regulated marijuana access to reduce access of young people to the illicit cannabis market".

The deal follows months of tensions after Aurora made a hostile bid of C$24 per share for CanniMed, who was in the middle of a deal to buy Newstrike Resources Ltd.

Aurora Cannabis and CanniMed Therapeutics have found a $1.1 billion-dollar solution to their bitter takeover fight. "Aurora now invites CanniMed shareholders to share in Aurora's ongoing growth, as we continue to create superior shareholder value, by joining with the CanniMed board of directors and tendering their shares to our amended offer". It also seeks to improve its distribution network around the world as more countries approve marijuana use. "CanniMed has patents, they have relationships with different universities, research and clinical trials, and export relations with other countries, and Aurora wants to add to their own relationships in Europe".

After the news of the purchase was released, shares in CanniMed went up 23 percent at times to $43.80 CAD. The stock fell 17 percent on Tuesday. "It has been quite a long road but it's been well worth it", Cam Battley, the chief corporate officer at Aurora, said in a phone interview. "Newstrike wasn't really on our radar screen".

The deal would give the combined entity a market value of C$7.4 billion, overtaking current world leader Canopy Growth Corp's C$6.7 billion. CanniMed closed at C$37.51.

Still, Canopy will retain its leading position, with capacity at existing and planned facilities exceeding those of both Aurora and CanniMed.

Investors will get 3.4 Aurora shares for each CanniMed share, or they can accept cash limited in aggregate to C$140 million, the companies said Wednesday in a joint statement after Bloomberg News first reported the agreement.

Stanley this is a good deal for CanniMed shareholders.

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