Pot producer Canopy Growth to sell German medical marijuana business
A sign featuring Canopy Growth Corporation’s logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018. REUTERS/Chris Wattie/File Photo
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Dec 15 (Reuters) – Canopy Growth Corp (WEED.TO), said on Wednesday it would sell its German medical marijuana business, C3 Cannabinoid Compound Co GmbH, to a European pharmaceutical firm as the pot producer continues to cut costs and focus on its core Canadian market.
Canopy, which bought C3 in 2019 in an all-cash C$342.9 million ($266.52 million) deal, is selling the unit to Germany’s Dermapharm Holding SE (DMPG.DE).
The company will receive an upfront payment of about C$115.5 million once the deal closes, expected by Jan. 31, 2022, and up to C$61.4 million subject to the achievement of select milestones by the C3 business. (https://bit.ly/3snKymn)
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