CanniMed Therapeutics Inc. (
TSX: CMED,
OTCQB: CMMDF,
Forum) announced on Friday that is acquiring Up Cannabis Inc. (via the acquisition of its parent company, Newstrike Resources Ltd. TSX: V.HIP).
CanniMed describes Up Cannabis as “a high profile recreation brand”. Newstrike is a licensed cannabis producer under Health Canada’s ACMPR regulations. Newstrike shareholders will receive 0.033 CanniMed shares in exchange for each share held by HIP’s shareholders. Subsequent to closing, Cannimed shareholders will own approximately 65% of the combined entity with Newstrike shareholders holding the remaining 35%.
Included in the deal is a partnership between Up Cannabis and the rock band “The Tragically Hip” to promote Newstrike’s recreational cannabis products. The Tragically Hip will remain as shareholders and active participants in the new entity. Further information can be found
here.
CanniMed was recently in the news last week when it
responded to a press release from Aurora Cannabis Inc with respect to Aurora’s unsolicited offer to acquire CanniMed