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Canopy Growth to acquire private cannabis medical research company

Canopy Growth Corp. agreed to acquire cannabinoid medical researcher Beckley Canopy Therapeutics.

Under the agreement, Canopy Growth will also acquire outstanding shares in Spectrum Biomedical UK, the commercial arm of Canopy Growth.

Canopy Growth and 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 commercial activities of Spectrum Therapeutics.

Canopy Growth expects to close the transaction within the next 60 days subject to closing conditions, including regulatory approvals. The company did not disclose the financial terms of the transaction.