Canopy Growth hits four-year low, co to sell its German medical marijuana business

C3 Metals

15/12/2021 18:09

** U.S.-listed shares of pot producer  CGC.O   WEED.TO  fall
as much as ~5% to a four-year low of $8.69 
    ** Stock last down 3.7%, on course for fifth consecutive day
of losses
    ** Co is selling its German medical marijuana business C3
Cannabinoid Compound Co GmbH to Germany's Dermapharm Holding SE
 DMPG.DE   urn:newsml:reuters.com:*:nL4N2T03BB
    ** CGC bought C3 in 2019 in all-cash deal of C$342.9
mln($265.77 million) but will receive an upfront payment of
~C$115.5 mln once deal closes  urn:newsml:reuters.com:*:nPn2c8HWWa
    ** Co will also receive up to C$61.4 mln subject to the
achievement of select milestones by the C3 business 
    ** CGC continues to cut costs and focus on its core Canadian
market
    ** Stock down ~64% YTD 

($1 = 1.2902 Canadian dollars)

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))