SASKATOON, Saskatchewan--(BUSINESS WIRE)--CanniMed Therapeutics Inc. (“CanniMed”) (TSX: CMED) today announced that Aurora Cannabis Inc. (“Aurora”) announced that it has received a No Action Letter from the Competition Bureau (Canada) regarding Aurora’s offer (the "Offer") to purchase all of the issued and outstanding common shares ("CanniMed Shares") of CanniMed that Aurora does not already own. This approval by the Competition Bureau (Canada) represents the final regulatory approval required before Aurora can begin its take-up of CanniMed Shares under the Offer.
Aurora also announced that it intends to begin to take-up CanniMed Shares once sufficient CanniMed Shares have been deposited under the Offer to meet the minimum tender condition of 66 2/3% of the issued and outstanding CanniMed Shares, calculated on a fully diluted basis. Aurora further announced that to date, 40% of CanniMed's Shares have been deposited to the Offer, with a number of additional CanniMed shareholders having advised Aurora that they were waiting for Aurora to clear regulatory approvals before tendering to the Offer.
How to Tender
CanniMed Shareholders who wish to accept the Offer must properly follow the procedures outlined in Aurora’s original offer and takeover bid circular dated November 24, 2017 (as amended by its notice of change dated January 12, 2018), Aurora’s Notice of Variation dated February 5, 2018 and accompanying offer documents (collectively, the "Offer Documents"). For assistance in depositing CanniMed Shares to the Offer, CanniMed shareholders should contact the Depository and Information Agent for the Offer, Laurel Hill Advisory Group at Phone: 1-877-452-7184 (North American Toll Free Phone) and 1-416-304-0211 (Outside North America); Facsimile: 416-646-2415; and E-mail: email@example.com.
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, CanniMed has an active plant biotechnology research and product development program focused on the production of plant-based materials for pharmaceutical, agricultural and environmental applications.
CanniMed, 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.
Forward-Looking Information Cautionary Statement
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Forward looking statements in release include statements regarding Aurora’s intention to take-up CanniMed Shares under the Offer. Various assumptions were made in making such forward looking statements, including assumptions based upon Aurora’s intent to take-up CanniMed Shares and CanniMed shareholders tendering to the Offer. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. CanniMed is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing CanniMed appears in its Annual Information Form and continuous disclosure filings, which are available at www.sedar.com.
Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.