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Jul 10, 2018

Canopy Growth acquires Hiku Brands in share swap

Canopy Growth pushes deeper into retail with Hiku Brands acquisition

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Canopy Growth Corporation took another step into the retail landscape by acquiring Hiku Brands in a stock swap on Tuesday.

Under the agreement, Hiku shareholders will receive 0.046 of a Canopy Growth (WEED.TO) share for every common share they hold in the company, equivalent to $1.91 per Hiku share.

Hiku's board of directors also unanimously determined on Tuesday to end the agreement reached with WeedMD Inc. on Apr. 19, citing the Canopy partnership as a "superior proposal."

Bruce Linton, Canopy’s CEO penned a haiku to praise the partnership:

"Hiku equals brands.
Canopy is built on brands.
So we combined them."

Hiku’s CEO Alan Gertner said the partnership “both realizes immediate benefits for our shareholders and at the same time provides an unparalleled opportunity to join forces with a preeminent global cannabis player.”

Canopy Growth is Canada’s largest licensed cannabis producer. Hiku is the parent company of the Tokyo Smoke cannabis retail brand.  



 

Canopy CEO hopes Hiku deal will lead to cannabis stores like that of Apple, Lululemon

BNN Bloomberg speaks with Bruce Linton, chairman and CEO at Canopy Growth, about the company's strategic takeover of Hiku Brands. Hiku is expected to have 21 cannabis retail locations this year across Manitoba, Alberta, and Newfoundland, among others.