SMITHS FALLS, ON, Oct. 15, 2019 /CNW/ - PRESS RELEASE - Canopy Growth Corporation has sold its 42,087,639 shares in Australian cannabis company AusCann Group Holdings via an off market block trade at $0.15 per share for gross proceeds of $6.3 million. The trade was facilitated by Canaccord Australia.
The sale represents Canopy Growth's total 13.2-percent interest in AusCann.
"Canopy Growth remains optimistic about the future of the Australian medical cannabis market and will continue to collaborate with the team at Auscann to support greater physician understanding and patient access to high quality cannabis products throughout Australia," said Mark Zekulin, CEO of Canopy Growth. "The decision to divest our position in AusCann, which we obtained three years ago in exchange for support provided, will allow us to sharpen our focus on our wholly-owned operations in the market, while continuing to collaborate with our partners at AusCann."
Dr. Marcel Bonn-Miller, Canopy Growth's Global Senior Director of Clinical Science, will continue to sit on the AusCann Board of Directors to facilitate future collaboration.
