Canopy Growth to acquire assets of Colorado-based hemp company Ebbu
Canopy Growth has entered into an agreement to acquire the assets of ebbu, an Evergreen, Colorado-based hemp research company. Intellectual Property and R&D advancements achieved by ebbu's team apply directly to Canopy Growth's hemp and THC-rich cannabis genetic breeding program and its cannabis-infused beverage capabilities. In addition, ebbu's IP portfolio will contribute to the clinical formulations program being executed by Canopy Health Innovations, a wholly owned subsidiary of the company. At closing, Canopy Growth will pay C$25M in cash and issue 6,221,210 company common shares to ebbu in exchange for the assets being acquired. Up to a further C$100M in purchase price shall be payable if certain scientific related milestones are achieved within two years following closing. The asset acquisition is anticipated to close in November.