Canopy Growth (TSX: WEED) (NASDAQ: CGC) appears to have a particular affinity for that of TerrAscend Corp (CSE: TER). The company this morning announced that it has acquired the option to acquire an additional 1,072,450 common shares of the company upon a federal legalization event in the United States.
The company reportedly acquired the option yesterday, by entering an agreement with an existing shareholder to acquire the option for aggregate consideration of US$10.5 million. As a result, the firms interest in the company has risen by 0.7% on a partially diluted basis.
The company also took the time this morning to reveal that since the filing of its last early warning report, Canopy has acquired beneficial control or ownership over 22.5 million common share purchase warrants, which increases the firms stake in the company by 10.9% on a partially diluted basis. Following the two transactions, Canopy Growth now effectively has a 26.8% ownership stake in TerrAscend on a partially diluted basis.
Canopy Growth last traded at $32.18 on the Nasdaq.
Information for this briefing was found via Sedar and Canopy Growth. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.