Australia’s TW Holdings has completed its acquisition of AusCann Group Holdings, the latest shakeup in the nation’s legal medical cannabis industry, bolstering the Canopy Growth Corp. family of companies.
According to a Proactive Investors report, TW Holdings will be rebranded AusCann Group Holdings as part of the reverse takeover; their Australian Securities Exchange symbol will be changed to AC8 and shares are expected to be reinstated to trading next month.
The Canopy Group family now includes AusCann Group, Tweed, Bedrocan, Cann Science, DNA Genetics, and Chilean medical cannabis cultivator Fundación Daya. Canopy announced earlier this month that they reached a $320 million takeover agreement with Mettrum Health Corp. and special shareholder meetings for both Canopy Growth and Mettrum are scheduled for Friday to approve the deal, according to an announcement by Canopy Growth. Last month, TW Holdings completed its prospectus offering, raising $5 million through issuance of 25 million shares at .20 cents.
As part of the deal with Canopy, AusCann will issue shares equal to 15 percent to the company in exchange for access to their cultivation intellectual property, manufacturing, and medicinal cannabis supply.
Canopy is listed on Canada’s TSX Venture Exchange and has a reported market capitalization of nearly $200 million.
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