Canadian cannabis-producing giant Aurora Cannabis Inc. announced an agreement today to acquire CanniMed Therapeutics in a $1.1 billion deal.
According to a press release: “The deal marked the world’s biggest marijuana industry transaction and topped a merger frenzy among cannabis companies ahead of Canada’s legalization of recreational use of marijuana by mid-2018.”
The Aurora-CanniMed deal also establishes Aurora as “the globe’s largest weed producer by market value,” overtaking that of rival, Canopy Growth.
“This is an excellent outcome for both Aurora’s and CanniMed’s shareholders after a hard-fought and diligently negotiated process,” said Cam Battley, Aurora’s Chief Corporate Officer.
“We now look forward to warmly welcoming CanniMed’s employees and forging one unified team. Together, under the Aurora banner we’ll continue to invest in domestic and international growth, and continue executing on our strategy of building the most dynamic, innovative integrated cannabis company in the world.”