Canopy Growth Corp. (WEED) has signed a deal to sell its German medical cannabis subsidiary for $115.5 million.
Under the agreement, Canopy Growth is selling its C3 Cannabinoid Compound Company GmbH subsidiary to German company Dermapharm Holding SE for an upfront payment of $115.5 million.
Canopy Growth will receive an additional $61.4 million, subject to the achievement of certain milestones by the business.
Dermapharm is a European pharmaceutical company based in Gruenwald, Germany.
The business being sold develops and manufactures pharmaceutical products and includes Spectrum Therapeutics GmbH, THC Pharm GmbH, the Health Concept and Spectrum Therapeutics Austria GmbH.
The deal, which requires regulatory approvals, is expected to close by January 31, 2022.
