SMITHS FALLS, ONT. – Canopy Growth Corp. says it has signed a deal to sell its C3 Cannabinoid Compound Company GmbH subsidiary to German company Dermapharm Holding SE.<\/p>\n
Under the agreement, Canopy will receive an upfront payment of $115.5 million.<\/p>\n
It will also receive up an additional $61.4 million, subject to the achievement of certain milestones by the business.<\/p>\n
Dermapharm is a European pharmaceutical company based in Gruenwald, Germany.<\/p>\n
The business being sold develops and manufactures pharmaceutical products and includes Spectrum Therapeutics GmbH, THC Pharm GmbH The Health Concept and Spectrum Therapeutics Austria GmbH.<\/p>\n
The deal, which requires regulatory approvals, is expected to close by Jan. 31, 2022 .<\/p>\n
This report by The Canadian Press was first published Dec. 15, 2021.<\/p>\n
Companies in this story: (TSX:WEED)<\/p>\n
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