Canada: Medical Marijuana Companies Agree To Merge

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Canadian medical marijuana company Aurora Cannabis has agreed to buy rival CanniMed Therapeutics for around C$1.1 billion (US$892m), following a hostile takeover battle.

Why it’s a big deal: Because this is an expensive signal that the North American cannabis market isn’t too concerned about Jeff Sessions.

As part of the agreement, Cannimed will terminate its earlier agreement to buy smaller competitor Newstrike Resources.

Bottom line: “Share prices of Canadian growers have surged ahead of legalization, which is expected later this year. The country has at least 84 publicly traded companies tied to marijuana that trade on its exchanges, with a combined market valuation of C$36.9 billion.”