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Canopy Growth Corporation

Canopy Growth acquires German cannabinoid pharmaceutical company C3

C3 is Europe’s largest cannabinoid-based pharmaceutical company

Last puzzle put in a a gap that says 'acquisiton'
The C$342.9 million deal offers Ontario-based company an avenue into European prescription medicine

Canopy Growth Corporation (TSE:WEED) (NYSE:CGC) is extending its reach into Europe with the acquisition of German medical cannabis company C3.

The C$342.9 million deal offers Ontario-based company an avenue into European prescription medicine and gives it access to nearly 20 years of intellectual property and research.

The stock slipped 0.6% to US$50.33.

READ: The high holiday for smoking pot: 4/20 festivities held worldwide

C3 is Europe’s largest cannabinoid-based pharmaceutical company and is backed by herbal medicine giant Bioronica SE. It’s also a distributor of dronabinol, the first drug wit concentrations of THC that doctors in German could legally prescribe.

"What this boils down to is greater choice," Chairman and Co-CEO Bruce Linton said. "This acquisition will allow us to offer more options to physicians across Europe, accelerate our commercial sales and increase our economic footprint on the continent, and drive forward new innovations."

Dronabinol is used to treat nausea and vomiting that resists other treatments in oncology as well as for cancer pain. Adding the drug to Canopy’s portfolio allows its medical arm, Spectrum Cannabis, to expand its offerings.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Canopy Growth Corporation

Price: $37.25

Market: TSX
Market Cap: $12.65 billion
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