SMITHS FALLS, Ont. — Marijuana company Canopy Growth Corp. has signed a deal to buy a German firm that specializes in vaporizer design and manufacturing for about $220 million in cash.
Under the deal, Canopy will pay 145 million euros for Storz & Bickel GmbH & Co. KG.
Based in in Tuttlingen, Germany, the company designs and manufactures of medically approved vaporizers.
Canopy says the German firm has a portfolio of 17 filed patents that will improve its existing vaporizer design operations.
Founders Markus Storz and Jürgen Bickel are expected to remain part of the organization.
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The Canadian Press