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Canopy buys German vaporizer company Storz & Bickel for $220 million
SMITHS FALLS, Ont. – Marijuana company Canopy Growth Corp. has signed a deal to buy a German firm that specializes in vaporizer design and manufacturing for about $220 million in cash.
Under the deal, Canopy will pay 145 million euros for Storz & Bickel GmbH & Co. KG.
Based in in Tuttlingen, Germany, the company designs and manufactures of medically approved vaporizers.
Canopy says the German firm has a portfolio of 17 filed patents that will improve its existing vaporizer design operations.
Founders Markus Storz and Jürgen Bickel are expected to remain part of the organization.
Companies in this story: (TSX:WEED)
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