Canopy Growth introduces Canopy LATAM and acquisition of Spectrum Cannabis Colombia

|About: Canopy Growth Corporation (CGC)|By:, SA News Editor

Canopy Growth (CGC +1.8%) introduces Latin American subsidiary, Canopy LATAM, through which the company acquires Spectrum Cannabis Columbia and expand its focus on emerging Latin American medical cannabis market.

Spectrum will receive Canopy shares worth ~$34.8M and is eligible to receive up to $61.2M in milestone payment.

Furthermore, the company will issue shares worth $18.7M to Canindica, controlled by Antonio Droghetti, and is expected to pay $37.3M in milestone.

Additionally, completes a supply agreement with Alberta Gaming, Liquor & Cannabis Commission.

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