Advertisement
Canada markets closed

  • S&P/TSX

    21,969.24
    +83.86 (+0.38%)
     

  • S&P 500

    5,099.96
    +51.54 (+1.02%)
     

  • DOW

    38,239.66
    +153.86 (+0.40%)
     

  • CAD/USD

    0.7316
    -0.0007 (-0.10%)
     

  • CRUDE OIL

    83.66
    +0.09 (+0.11%)
     

  • Bitcoin CAD

    86,148.09
    -1,710.45 (-1.95%)
     

  • CMC Crypto 200

    1,304.48
    -92.06 (-6.59%)
     

  • GOLD FUTURES

    2,349.60
    +7.10 (+0.30%)
     

  • RUSSELL 2000

    2,002.00
    +20.88 (+1.05%)
     

  • 10-Yr Bond

    4.6690
    -0.0370 (-0.79%)
     

  • NASDAQ

    15,927.90
    +316.14 (+2.03%)
     

  • VOLATILITY

    15.03
    -0.34 (-2.21%)
     

  • FTSE

    8,139.83
    +60.97 (+0.75%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • CAD/EUR

    0.6838
    +0.0017 (+0.25%)
     

Pot producer Aurora gets final regulatory nod for CanniMed purchase

Reuters

(Reuters) - Canada's No.2 marijuana producer Aurora Cannabis Inc (:ACB.TO) on Wednesday received final regulatory approval for the purchase of smaller rival CanniMed Therapeutics Inc (Toronto:CMED.TO - News), which would make it the world's most valuable weed producer.

The approval of the C$1.1 billion ($857.37 million) deal from the Competition Bureau follows months of tensions between the companies and comes at a time when companies are jostling to gain from the country's legalization of recreational use of pot.

Aurora had initially made a hostile bid capped at C$24 per share for CanniMed in November and increased it to C$43 in the new offer.

Cannimed, which was already engaged in a friendly deal to buy Newstrike Resources (TSXV:HIP.V - News), canceled it in January in favor of the increased Aurora offer.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Arun Koyyur)