Canopy Growth to acquire Supreme Cannabis in latest tie-up in busy weed sector

By Ciara Linnane

Canopy Growth Corp. said Thursday it has reached an agreement to acquire Toronto-based Supreme Cannabis Co. Inc. in the latest M&A deal in a cannabis sector that is seeing a burst of activity amid hopes for reform of strict U.S. laws.

Canopy CGC CA:WEED said the stock-and-cash deal is valued at about C$435 million ($345.6 million). Supreme Cannabis SPRWF CA:FIRE shareholders will receive 0.01165872 of Canopy stock for each share owned, plus C$0.0001 in cash. That is equal to a premium of about 66% for Supreme Cannabis shareholders based on the closing prices of both stocks on the Toronto Stock Exchange on Wednesday.

To read more:

Leave a Reply

Your email address will not be published. Required fields are marked *