Tragically Hip backs sale of Brantford-based marijuana producer
The Canadian Press
Published Friday, January 12, 2018 12:26PM EST
Newstrike Resources Ltd. says the Tragically Hip is backing the Brantford-based company's deal to be acquired by CanniMed Therapeutics Inc.
The band is a creative partner and shareholder in Newstrike, the company says.
In a statement on behalf of the band, guitarist Rob Baker says the combination "will create shareholder value and a formidable force in the Canadian cannabis market for many decades to come."
CanniMed struck a friendly deal in November to acquire Newstrike in an all-stock transaction.
CanniMed shareholders would own approximately 65 per cent of the combined company, while Newstrike shareholders would hold the remaining 35 per cent.
However, Aurora Cannabis Inc. is looking to stop the deal as part of its own hostile offer to buy CanniMed.