Canopy Growth shares rose on Thursday after the marijuana company said it would buy Supreme Cannabis for C$435 million (US$346 million) of stock and cash. Earlier this month, Canopy said it had completed the acquisition of AV Cannabis, another prominent Ontario cannabis brand. Supreme Cannabis shares traded over the counter in the U.S. closed at 20.6 cents Wednesday, down 2.8%. Canopy Growth shares traded on Nasdaq recently changed hands at $30.04, up 0.3%. Under the terms, Canopy Growth, Smith Falls, Ontario, agreed to pay 0.01165872 share and C$0.0001 cash for each share of Supreme, Toronto.
Under the terms, Canopy Growth, Smith Falls, Ontario, agreed to pay 0.01165872 share and C$0.0001 cash for each share of Supreme, Toronto.
The transaction provides Supreme Cannabis holders with a 66% premium based on the Wednesday closing prices of the two companies on the Toronto Stock Exchange.
Canopy Growth shares traded on Nasdaq recently changed hands at $30.04, up 0.3%. They have nearly doubled (up 93%) over the past six months amid as investors were optimistic about the prospects of...
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