🎁 💸 Warren Buffett's Top Picks Are Up +49.1%. Copy Them to Your Watchlist – For FreeCopy Portfolio

Up Cannabis-parent Newstrike's shareholder approve sale to CanniMed

Published 2018-01-17, 04:47 p/m
© Reuters.  Up Cannabis-parent Newstrike's shareholder approve sale to CanniMed
HIP
-
ACB
-
CMED
-

Jan 17 (Reuters) - Newstrike Resources Ltd 's HIP.V shareholders approved the sale of the Canadian cannabis producer to CanniMed Therapeutics Inc CMED.TO , which is fighting off a hostile takeover bid from fellow medical marijuana company Aurora Cannabis Inc ACB.TO .

CanniMed has a shareholder meeting on Jan. 23 to vote on the Newstrike acquisition, which Aurora has called a "terrible deal". this month, CanniMed signed a deal with Up Cannabis, which is owned by Newstrike, for the supply of raw materials in the face of rising demand as Canada prepares to legalize recreational pot.

CanniMed has filed a $725 million lawsuit as it tries to fend off Aurora's hostile takeover.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.