Canopy Growth (CGC) has acquired Beckley Canopy Therapeutics, a research firm it co-founded in 2018, the Motley Fool reports. The deal will also see Canopy acquire Spectrum Biomedical UK, a joint venture formed in January between Canopy and Beckley that distributes the company’s products.
Canopy indicated Beckley — which was co-founded last year with Beckley Research Innovations — will be merged with Canopy’s in-house research program. The project had focused its research on cancer pain, opioid sparing, and smoking cessation, and Canopy said that research would continue following the acquisition.
The deal still needs regulatory approval for the parts of the company Canopy did not already own; those approvals are expected within 90 days.
It’s the latest acquisition for Canopy this year who announced in April that they had reached a deal to buy Acreage Holdings for $3.4 billion once cannabis is legalized federally in the U.S. — a