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Canopy Growth closes deal for cannabis research firm, sells 13% stake in AusCann

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Canopy Growth closes deal for cannabis research firm, sells 13% stake in AusCann

Canopy Growth Corp. completed the acquisition of cannabinoid medical research company Beckley Canopy Therapeutics, including the joint venture Spectrum Biomedical UK.

Canopy Growth, in partnership with Beckley Research & Innovations, started a joint venture in January 2018 to form Beckley Canopy.

Ontario-based Canopy Growth will combine Beckley Canopy with its wholly owned research program that will support the commercial activities of Spectrum Therapeutics.

Canopy Growth did not disclose the financial terms of the transaction.

Additionally, Canopy Growth sold all owned shares of AusCann Group Holdings Ltd. for gross proceeds of C$6.3 million. The company sold 42,087,639 shares of the Australian Cannabis firm, representing a 13.2% stake.

Canaccord Australia facilitated the sale of shares that were sold through an off-market block at 15 Canadian cents apiece.

Canopy Growth's global senior director of clinical science, Marcel Bonn-Miller, will remain on AusCann's board.