Canopy Growth buys German medical cannabis company for $343M
The U.S. Customs and Border Protection agency says in an updated statement that someone working in the legal pot industry in Canada will "generally be admissible" as long as their travel is not related to the industry. Workers process medical marijuana at Canopy Growth Corporation's Tweed facility in Smiths Falls, Ont., on Monday, Feb. 12, 2018. (THE CANADIAN PRESS/Sean Kilpatrick)
The Canadian Press
Published Thursday, May 2, 2019 7:36AM EDT
SMITHS FALLS, Ont. - Canopy Growth Corp. has signed a deal to buy a German company that specializes in cannabinoid-based medical therapies used by European physicians for roughly $342.9 million.
Under the deal, the Ontario-based company has acquired C3 Cannabinoid Compound Co.
C3's main medicinal offering is dronabinol, a compound with standardized concentrations of THC (tetrahydrocannabinol), the main psychoactive compound in cannabis.
Dronabinol is available in Austria, Denmark and Germany.
C3 has two manufacturing facilities specializing, respectively, in natural extraction and synthetic cannabinoid production.
The company's senior management team is expected to continue with the business.