Canadian medical marijuana firm keeps growing with pair of acquisitions

November 10, 2016 Facebook Twitter LinkedIn Google+ News,Press Releases

Canadian medical marijuana company Canopy Growth Corp. is stepping up its presence in the Quebec medical marijuana and hemp markets with a pair of acquisitions.

In two deals announced Nov. 1, Canopy said it will buy Vert Médical and Groupe H.E.M.P.CA Inc.—two affiliated companies with operations in Drummondville and nearby Saint-Lucien, Que.

The purchase agreement for Vert Médical, which is currently working to secure its Access to Cannabis for Medical Purposes Regulations (ACMPR) license, includes the lease of a 7,000 square foot indoor growing and office facility in Saint-Lucien. Canopy will assume $500,000 of the company’s debt immediately and issue up to approximately 350,000 shares to pay for the company, contingent on certain milestones.

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