Canadian Pot Giant Canopy Lines Up $300 Million Deal for U.S. Edibles Maker
- Canadian cannabis firm would pay $297.5 million upfront
- Deal would be triggered if marijuana becomes legal in U.S.
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Canadian cannabis firm Canopy Growth Corp. has a deal to buy a U.S.-based maker of marijuana gummies -- but only if pot becomes federally legal in the U.S.
The deal gives Canopy an option to buy all of Boulder, Colorado-based Wana Brands for $297.5 million in cash upfront and other provisions that will pay the company 15% of its market value at the time of the transaction, according to a statement. Canopy may make additional payments at the 2 1/2- and 5-year anniversaries of the transaction.