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Aurora’s hostile takeover bid for CanniMed goes before provincial regulators

An acrimonious takeover battle between two Canadian marijuana companies was in the regulatory spotlight Wednesday at a joint hearing involving the Saskatchewan and Ontario securities commissions.

Lawyers for both provincial regulators argued that Aurora Cannabis‘ request to lessen the consideration period for its all-stock offer be rejected but that CanniMed Therapeutics shareholders’ rights plan to push back against its suitor be removed.


READ MORE:
Aurora filing dissident circular against CanniMed’s acquisition of Newstrike

Kate McGrann, a lawyer representing staff at both the Ontario Securities Commission and the Financial and Consumer Affairs Authority of Saskatchewan, also told commissioners at the joint hearing that Aurora (TSX:ACB) should be able to buy up to five per cent of CanniMed’s outstanding shares on the open market.

Wednesday’s hearing in Toronto kicking off the joint proceedings comes roughly one month after Aurora launched an all-stock, unsolicited bid to acquire Saskatoon-based CanniMed, one of the first licensed marijuana producers in Canada, after both companies called on regulators to intervene.

CanniMed has said that Aurora’s offer is inferior to its own proposed acquisition of the Tragically Hip-backed Newstrike Resources (TSXV:HIP), and launched a shareholders’ rights plan to push back.


READ MORE:
CanniMed seeks regulatory action against hostile takeover bid by Aurora

CanniMed has alleged that Edmonton-based Aurora worked jointly with some of its shareholders and Aurora has disputed this, while launching a dissident circular in a bid to thwart the Newstrike acquisition.



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What is a Sativa?

Sativa strains of medicinal marijuana are usually uplifting and stimulating. If you’ve ever smoked or ingested cannabis that makes everything funny and puts you in a great mood, it was probably from a Sativa strain. It creates a feeling of comfort, non-drowsy, and usually introspective highs. The effects of smoking or ingesting a Sativa makes them particularly popular among artists and creatives. The most popular medicinal benefits range from treating mental and behavioral problems, to treating depression, stress and ADHD.

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The major difference between Sativa’s and Indica’s is while a Sativa can make you feel alert, active, and aware, an Indica will have a relaxing feel on the body. The physical effects of an Indica strain commonly include a drowsy and mellow mood with stress and pain relief. Indica’s are one of the more suggested strains when using it for medicinal purposes as it effectively treats sleeping disorders such as insomnia, fibromyalgia, body aches and pains. Indica’s are also commonly used for treating Multiple Sclerosis, Parkinson’s disease, Fibromyalgia and Lupus

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