FROM THE POT PIT
Current events of THC cannabis and CBD hemp companies
Canopy Growth (CGC) acquires C3 Cannabinoid Compound Company for EUR 225.9 mln in cash (50.68)
Canopy Growth has acquired German-based, Bionorica SE-founded C3 Cannabinoid Compound Company in a transformative deal that will see established single cannabinoid medicines brought together with a full-spectrum medical cannabis offering. C3 is a manufacturer and distributor of dronabinol, a registered pharmaceutical drug in Germany, Austria, Switzerland, and Denmark. C3 operates two manufacturing facilities specializing, respectively, in natural extraction and synthetic cannabinoid production. C3 has a total of five medicines in the market and its commercial operations generated €27.1 mln (CDN $41.5 mln) in 2018. The all cash-acquisition for €225.9 mln (CDN $342.9 mln) furthers Canopy Growth's expansion into European markets with prescription medicines and gives the company access to knowledge and intellectual property that C3 has developed in its nearly 20 years of research and development into synthetic and natural cannabis medical products. C3's founding company, Bionorica SE, and Canopy Growth have also entered into a separate cooperation agreement and will be collaborating in areas spanning clinical research, IP development, and distribution opportunities.
Canopy Growth to acquire 100 percent of the shares of Acreage for $300 million or approximately $2.55 per Acreage Subordinate Voting Share (42.85). CGC to acquire 100 percent of the shares of Acreage, with a requirement to do so at such time as cannabis production and sale becomes federally legal in the United States, subject to obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively, as well as the approval of the Supreme Court of British Columbia. The Companies will also execute a licensing agreement granting Acreage access to Canopy Growth's award-winning line-up of brands such as Tweed and Tokyo Smoke, along with other intellectual property. Once the Right is exercised, Acreage will become part of a leading global cannabis company with access to markets beyond the U.S. Until then, the two companies will continue to operate independently.
Canopy Growth (CGC) has completed an all-cash acquisition of Spain-based licensed cannabis producer Cáñamo y Fibras Naturales, S.L., also known as "Cafina." Cafina is one of three companies in Spain authorized to cultivate, distribute, and export cannabis containing more than 0.2% of tetrahydrocannabinol for medicinal and research purposes; it does so today in a 1,600 sq. ft. greenhouse. It is also licensed to conduct hemp cultivation.