Canopy Growth Divests Its CBD Subsidiary To European Pharma Co. For 80M Euros

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced Wednesday that it is divesting its subsidiary business, C³ Cannabinoid Compound Company GmbH, to Dermapharm Holding SE, a European pharmaceutical company headquartered in Grünwald, Germany.

Deal Details

The transaction includes an upfront payment of EUR 80 million ($90.24 million), which will be made upon closing of the transaction in addition to an earnout payment of up to EUR 42.6 million, subject to the achievement of select milestones by the C³ business.

As part of the agreement, all C³ employees will be retained by Dermapharm following the transaction's closing.

The deal is expected to close by January 31, 2022.

What …

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