Canopy Growth Corporation (NYSE: CGC) announced on May 30th that the company has officially acquired Daddy Cann Lesotho PTY Ltd. (Highlands). Canopy Growth has paid for the acquisition through the issuance of 666,362 common shares to the sole shareholders of Highlands.
Highlands will have to meet milestone requirements to receive an up to additional 333,281 common shares. The total amount of common shares issued by Canopy Growth to Highlands is up to 999,643. The total acquisition cost for the African company will total to an estimated $28.8 million.
Highlands is based in the Kingdom of Lesotho and holds a license to legally cultivate, manufacture, supply, import, export, and transport cannabis and cannabis resins. The kingdom is located high in the mountains and is said to have 300 days of sunshine a year.