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Canopy Growth acquires cannabis company in Lesotho

Canopy Growth Corp. acquired a South African cannabis company for about C$28.8 million.

Under the deal, Canopy Growth issued 666,362 common shares to the sole shareholder of Daddy Cann Lesotho Pty Ltd., with up to an additional 333,281 common shares payable based on the achievement of certain milestones.

Smiths Falls, Ontario-based Canopy Growth said the acquisition enables it to produce large quantities of cannabis at a low cost.

Daddy Cann, which trades as Highlands, has license to cultivate, manufacture and supply cannabis and its resin in Lesotho — the first African nation to legalize medical cannabis.

Canopy Growth said it now has a market presence North and South America, Oceania, Europe and Africa.