Canopy Growth Completes Acquisition of MTL Cannabis

MT Newswires Live03-16 22:20

Canopy Growth (CGC) said Monday that it completed its previously announced acquisition of MTL Cannabis.

In aggregate, Canopy Growth said it issued 41.2 million shares and made 18.5 million Canadian dollars ($13.5 million) cash payment, related to the arrangement to Odyssey Trust Company in trust for MTL shareholders.

The acquisition is estimated to yield about CA$10 million in run-rate synergies within 18 months, Canopy Growth said.

MTL has become a unit of Canopy Growth after the transaction and its shares are expected to be delisted from the Canadian Securities Exchange on or about Monday.

Shares of Canopy Growth were up nearly 3% in Monday morning trading.

Price: 1.05, Change: +0.02, Percent Change: +2.45

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