Canopy Closes Acquisition of MedCannAccess

- October 2nd, 2015

Canopy Growth Corp. (TSXV:CGC) announced that it has officially closed the acquisition of MedCannAccess in an all-equity transaction.

Canopy Growth Corp. (TSXV:CGC) announced that it has officially closed the acquisition of MedCannAccess in an all-equity transaction.
As quoted in the press release:

The acquisition was completed by way of an amalgamation with a wholly-owned subsidiary of the Company pursuant to the terms of an Amalgamation Agreement dated September 3, 2015 (the “Amalgamation Agreement”).
Pursuant to the Amalgamation Agreement, 3,316,902 common shares in the capital of the Company (the “Common Shares”) were issued to former shareholders of MCA, of which 2,449,887 are being held in escrow and will be either (i) released to the former shareholders of MCA upon the satisfaction of specific milestones, or (ii) released to the Company for cancellation. The Common Shares were deemed to have been issued at a price of $1.73 per share.
In addition to the Common Shares, 924,998 common share purchase warrants (the “Warrants”) were issued to the former holders of common share purchase warrants of MCA.  The Warrants have an exercise price between $3.68 and $5.70 and expire on May 6, 2016.

Click here to read the full Canopy Growth Corp. (TSXV:CGC) press release.

Get the latest Cannabis Investing stock information

Leave a Reply