Marijuana Business Magazine July 2019

July | mjbizdaily.com 23 Canopy Inks Deal to Buy Acreage and Germany’s C3, Makes S&P/TSX 60 Index Canopy Growth struck a deal to buy all the shares of New York-based Acreage Holdings —but only when the U.S. government legalizes marijuana. Under the terms of the agreement, Acreage will receive an immediate payment of $300 million (CA$399 million). If exercised, holders of Acreage’s subordinate voting shares will receive 0.5818 per Canopy common share, valuing the deal at $3.4 billion (CA$4.5 billion), which would make it the largest acquisition in the cannabis industry. Ontario-based Canopy also acquired Germany’s C3 Cannabinoid Compound Co. from Bionorica in an all-cash deal for $253 million (CA$343 million). C3 generated revenue of $30 million (CA$40 million) in 2018 from five products. The subsidiary of Bionorica manufactures both natural and synthetic THC and CBD and sells cannabinoids in Austria, Denmark, Germany and Switzerland. Meanwhile, the S&P/TSX 60 Index added Canopy Growth. Canopy is believed to be the first cannabis company included in the Canadian large-cap index. To be considered for the index, companies must meet certain market capitalization, liquidity and domicile requirements. Canopy, based in Smiths Falls, Ontario, trades on the Toronto Stock Exchange and New York Stock Exchange. Tantalus Labs Enters Extraction Services Agreement With Valens GroWorks Tantalus Labs , a British Columbia cannabis producer, entered into a marijuana extraction agreement with Valens GroWorks , an extraction specialist also located in British Columbia. Valens GroWorks will extract oil from Tantalus Labs’ sun-grown cannabis, allowing Tantalus Labs to expand its product range. CANADA DEVELOPMENTS Fast todry. First tomarket. . . . . . . . . . . . . . . . . . . . . . . . . . . bepex.com Maximize production and maintain product quality Continuously dry your freshly harvested cannabis and hemp in seconds to minutes. Or, dry and decarboxylate in a single step. Prevent decomposition and maximize product quality. Our proven technologies in drying solids help you get the job done quickly and efficiently. Find out how you can be first to market. 612-268-0320 Download our brochure: “Process Systems for Cannabis and Hemp” bepex.com/FAST DRYING DECARBOXYLATION SOLVENT RECOVERY MILLING BPX155-print-040419.indd 1 4/4/19 3:25 PM