SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (“CanniMed” or the “Company”) (TSX:CMED) announces that it is continuing to discuss terms of a possible transaction with Aurora Cannabis Inc. (“Aurora”). Therefore, CanniMed and Aurora have each agreed to extend their previously announced standstill to expire at 5:00 pm (EST) today, and until such time (i) neither CanniMed nor Aurora will solicit any proxies of CanniMed shareholders, (ii) Aurora will not, directly or indirectly, acquire control or direction over any additional shares of CanniMed, (iii) neither CanniMed nor Aurora will make any announcement or public statements in respect of a potential transaction nor will Aurora make or publicly announce any changes to its offer dated November 24, 2017 (as amended) unless mutually agreed; and (iv) neither CanniMed nor Aurora will solicit an alternative transaction or enter into any discussions or negotiations with respect to an alternative transaction during the standstill period.
The Special Shareholders’ Meeting of CanniMed (the “Meeting”) will still be held on Thursday, January 25, 2018 at 10:00 am (EST). However, the cut off time for the deposit of proxies will be at 10:00 am (EST) on Wednesday, January 24, 2018. The Meeting has been called to consider an ordinary resolution of the shareholders of CanniMed approving the issuance or reservation for issuance of such number of common shares of CanniMed as may be required pursuant to the plan of arrangement relating to the acquisition of Newstrike, all as more particular described in the management information circular of CanniMed dated December 8, 2017 available at www.sedar.com. The Meeting will proceed on January 25, 2018 unless adjourned or postponed further. The Meeting will be held at the offices of Borden Ladner Gervais LLP, Bay Adelaide Centre East Tower, 22 Adelaide Street West, Toronto, ON M5H 4E3, 34th floor.
There is no certainty that any such discussion will result in an agreement among the parties in respect of a transaction or in any change to the terms of Aurora’s offer dated November 24, 2017 (as amended).
Kingsdale Advisors is acting as strategic shareholder and communications advisor. AltaCorp Capital Inc. is acting as financial advisor to the Board and Borden Ladner Gervais LLP is acting as legal advisor to the Board. Cormark Securities Inc. is acting as financial advisor to the Special Committee and Stikeman Elliott LLP is acting as legal advisor to the Special Committee.
About CanniMed Therapeutics Inc.
CanniMed is a Canadian-based, international plant biopharmaceutical company and a leader in the Canadian medical cannabis industry, with 17 years of pharmaceutical cannabis cultivation experience, state-of-the-art, GMP-compliant production process and world class research and development platforms with a wide range of pharmaceutical-grade cannabis products. In addition, the Company has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
The Company, through its subsidiaries, was the first producer to be licensed under the Marihuana for Medical Purposes Regulations, the predecessor to the current Access to Cannabis for Medical Purposes Regulations. It was the sole supplier to Health Canada under the former medical marijuana system for 13 years, and has been producing safe and consistent medical marijuana for thousands of Canadian patients, with no incident of product diversion or recalls.