Canopy Growth Corporation (NYSE: CGC) announced on December 6th that the company has finalized an all-cash transaction to acquire the manufacturer of Volcano® Vaporizers and all of the company’s IP (Intellectual Property).
The transaction agreement between Canopy Growth and the manufacturers of Volcano® vaporizers, Storz & Bickel GmbH & Co. KG, totaled to €145 million or approximately $165.4 million USD. Chairman and Co-Chief Executive Officer of Canopy Growth, Bruce Linton, said, “We view this as a marquee acquisition of the most recognized technology company in the industry.”
Storz & Bickel has a distinguished track record with innovative and medically approved vaporizer production that spans over two decades. The company is mostly known for its popular medical vaporizer the Volcano® Medic and the Mighty® Medic.
Jürgen Bickel, the Chief Executive Officer of Storz & Bickel, stated, “Joining Canopy will enable S&B to take the next significant development step forward. Access to Canopy Growth’s extensive portfolio of test laboratories as well as pharmaceutical and medical-scientific know-how opens up entirely new product development opportunities.”