New York - Paul Hastings LLP, a leading global law firm, announced today that the firm is advising Canopy Growth Corporation on an agreement to acquire the assets of ebbu, Inc., a Colorado-based hemp research leader.
The combined cash-and-stock transaction will include an initial cash payment of CDN$25 million and 6,221,210 common shares of Canopy Growth issued to ebbu. Up to an additional CDN$100 million in shall be payable if certain scientific related milestones are achieved within two years following closing.
The transaction will complement and accelerate a number of core verticals for Canopy Growth, including its hemp and cannabis genetic breeding program. ebbu’s IP portfolio is expected to contribute to the clinical formulations program being executed by Canopy Health Innovations, a wholly owned subsidiary.
The Paul Hastings team was led by M&A and Emerging Growth Companies partner Samuel Waxman, and also included partners David Shine, Andrew Short, Charles Patrizia and Yariv Katz.
The transaction is subject to customary regulatory approval in Canada and the United States and is anticipated to close in November 2018.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.