Cannabis growers Aurora, CanniMed agree to a $1 billion merger

Canadian marijuana producer Aurora Cannabis agreed to acquire CanniMed Therapeutics in a sweetened C$1.23 billion ($1 billion) cash-and-stock deal that would be the largest yet in the country’s red-hot cannabis industry.

Investors will get 3.4 Aurora shares for each CanniMed share, or they can accept cash limited in aggregate to C$140 million, the companies said Wednesday in a joint statement after Bloomberg News first reported the agreement. The deal values CanniMed at about C$50.29 a share, based on Tuesday’s closing price for Aurora of C$14.79. CanniMed closed at…

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