Canadian cannabis firms agree to merge to create pot giant

Two Canadian cannabis companies announce a merger, the largest yet in the country hot cannabis industry

Canadian cannabis grower and seller Aurora Cannabis announced Wednesday a friendly acquisition of CanniMed Therapeutics in a deal valued at an estimated Can$1.1 billion (US$890 million) to create a global pot behemoth.

The deal is the largest yet in Canada’s hot cannabis industry, which has seen stocks soar in anticipation of the country’s legalization of marijuana for recreational use later this year, and creates one of the largest producers of cannabis in Canada alongside competitor Canopy Growth.

The move also ends months of friction between the two over Aurora’s earlier hostile attempts to swallow up its rival, while putting an end to CanniMed’s plans to acquire Newstrike Resources.

“We are very pleased to have come to terms with CanniMed on this powerful strategic combination that will establish a best-in-class cannabis…

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