Canopy Growth (TSX: WEED) To Increase Stake In TerrAscend, Dissolve Stake In Canopy Rivers (TSX: RIV)

2 min read | December 21, 2020 11:42 AM EST | By Team Kalkine Media

Google News:

Recent News

Centerra Gold Pipeline Growth Fuels Fresh Valuation Debate Today

Manulife’s TSX Composite Index Story Tests Asia Growth Confidence

Sprott Valuation Check Deepens After Multi Year Market Run

Neo Performance Valuation Debate Deepens After Strong Market Rally

Make Kalkine Media
My Trusted Source

Canopy Growth Corporation on Monday, December 21, announced that it is selling its stake in Canopy Rivers in exchange for a stake in TerrAscend and other cannabis assets.
Canopy Growth announced that it has entered into an agreement with its subsidiary The Tweed Tree Lot Inc., Canopy Rivers Inc. (TSX:RIV), and its subsidiary Canopy Rivers Corporation. As per the deal, Canopy Growth will fully withdraw its ownership in Canopy Rivers, which is currently at 27 per cent stake, nearly 84 per cent of voting rights. Canopy Rivers will receive a cash payment of C$ 115 million and 3.75 million shares in Canopy Growth. The agreement terminates the ties between the two companies.
Canopy Growth will obtain exchangeable stocks, warrants, and debt in global cannabinoid company TerrAscend. It will raise its stake in TerrAscend from nearly 13 per cent to almost 21 per cent. Canopy Growth also plans to raise its stake in cannabis firm Vert Mirabel from 41 per cent to nearly 67 per cent.
In cannabis-related news, after creating a lot of buzz, Canadian marijuana producer, Aphria Inc (TSX:APHA) and Tilray Inc (NASDAQ:TLRY) confirmed their merger news. In a joint statement on December 16, both cannabis industry leaders stated that they will be joining hands to create the world’s largest marijuana company.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Incorporated (Kalkine Media), Business Number: 720744275BC0001 and is available for personal and non-commercial use only. The advice given by Kalkine Media through its Content is general information only and it does not take into account the user’s personal investment objectives, financial situation and specific needs. Users should make their own enquiries about any investment and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media is not registered as an investment adviser in Canada under either the provincial or territorial Securities Acts. Some of the Content on this website may be sponsored/non-sponsored, as applicable, however, on the date of publication of any such Content, none of the employees and/or associates of Kalkine Media hold positions in any of the stocks covered by Kalkine Media through its Content. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used in the Content are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used in the Content unless stated otherwise. The images/music that may be used in the Content are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.