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Canopy Growth buys German medical cannabis company for $343M

C3 Cannabinoid Compound Co. has two manufacturing facilities specializing in natural extraction and synthetic cannabinoid production.

May 2, 2019   by CP STAFF

SMITHS FALLS, Ont.—Canopy Growth Corp. has signed a deal to buy a German company that specializes in cannabinoid-based medical therapies used by European physicians for roughly $342.9 million.

Under the deal, the Ontario-based company has acquired C3 Cannabinoid Compound Co.

C3’s main medicinal offering is dronabinol, a compound with standardized concentrations of THC (tetrahydrocannabinol), the main psychoactive compound in cannabis.

Dronabinol is available in Austria, Denmark and Germany.

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C3 has two manufacturing facilities specializing, respectively, in natural extraction and synthetic cannabinoid production.

The company’s senior management team is expected to continue with the business.