Canopy buys German vaporizer company Storz & Bickel for $220M

Bruce Linton, chief executive officer of Canopy Growth Corp., stands for a photograph in the Mother Room at the Canopy Growth Corp. facility in Smith Falls, Ontario, Canada, on Tuesday, Dec. 19, 2017. , Chris Roussakis/Bloomberg

The Canadian Press

Dec 6, 2018

Share

SMITHS FALLS, Ont. -- Marijuana company Canopy Growth Corp. has signed a deal to buy a German firm that specializes in vaporizer design and manufacturing for about $220 million in cash.

Under the deal, Canopy will pay 145 million euros for Storz & Bickel GmbH & Co. KG.

Based in in Tuttlingen, Germany, the company designs and manufactures of medically approved vaporizers.

Canopy says the German firm has a portfolio of 17 filed patents that will improve its existing vaporizer design operations.

Founders Markus Storz and Jurgen Bickel are expected to remain part of the organization.