The Tragically Hip backing Newstrike deal with CanniMed Therapeutics
Canadian Press
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Published:
January 12, 2018
Updated:
January 12, 2018 8:48 AM EST
The Tragically Hip's Gord Downie, performs during the first stop of the Man Machine Poem Tour at the Save-On-Foods Memorial Centre in Victoria, B.C., Friday, July 22, 2016. Jim Cuddy shared the stage with fellow Canadian music star Gord Downie several times over their long careers, but it was a performance last February that was perhaps the most poignant. THE CANADIAN PRESS/Chad Hipolito ORG XMIT: CPT503
TORONTO — Newstrike Resources Ltd. says the Tragically Hip is backing the company’s deal to be acquired by CanniMed Therapeutics Inc.
The band is a creative partner and shareholder in Newstrike, the company (TSXV:HIP) says.
In a statement on behalf of the band, guitarist Rob Baker says the combination “will create shareholder value and a formidable force in the Canadian cannabis market for many decades to come.”
The Tragically Hip frontman Gord Downie, centre, leads the band through a concert in Vancouver, Sunday, July 24, 2016.THE CANADIAN PRESS/Jonathan Hayward
CanniMed (TSX:CMED) struck an friendly deal in November to acquire Newstrike in an all-stock transaction.
CanniMed shareholders would own approximately 65 per cent of the combined company, while Newstrike shareholders would hold the remaining 35 per cent.
However, Aurora Cannabis Inc. (TSX:ACB) is looking to stop the deal as part of its own hostile offer to buy CanniMed.
The Tragically Hip backing Newstrike deal with CanniMed Therapeutics | Toronto Sun