The acquisition streak in the marijuana industry just got a bit longer. Canadian producer Canopy Growth (NYSE: CGC) announced it has reached a deal to fully acquire a research joint venture it co-founded in 2018.
That business is Beckley Canopy Therapeutics, described by Canopy Growth as an entity designed “to research and develop clinically validated cannabis-based medicines, with a strong focus on intellectual property protection.” Canopy Growth disclosed neither the terms nor the price of its acquisition.
With the deal, Canopy Growth will also become the full owner of Spectrum Biomedical UK, an entity formed to distribute the company’s medicinal cannabis products. Currently, Spectrum Biomedical UK is a joint venture between Canopy Growth and Beckley Canopy Therapeutics that was formed in January.
– Read the entire article at Yahoo News.