Canopy Growth to Acquire Assets of ebbu
October 15, 2018
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 transaction is subject to customary regulatory approval in Canada and the United States and is anticipated to close in November 2018.
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