On Thursday, England-based tobacco company Imperial Brandsadded to its marijuana exposure thanks to a new C$123 million investment in Auxly Cannabis Group. Imperial will obtain a 19.9 percent stake in the company since the deal is structured as a debenture. The price per share was set at C$0.81 for the transaction, which represents an 11 percent premium for Auxly’s closing price on Wednesday. “Auxly’s unique assets and capabilities, including strong science and product development credentials, make it an ideal partner for Imperial in the legal Canadian cannabis market,” Matthew Phillips, Imperial’s chief development officer, said in a press release. We’ve selected @AuxlyGroup as our partner of choice in the legal Canadian cannabis market because of the high caliber of its assets, people, and capabilities: https://t.co/D9WXAO2S7t #ImperialBrands — Imperial Brands PLCJuly 25, 2019, The transaction will be set in a three-year term with a fixed annual interest rate of four percent.

Hemp Land, Cannabis Hemp Blog, 01/27/2021 02:39:00

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