Canopy Growth Agrees To Acquire MTL Cannabis Valued At Approximately $125M On Fully-Diluted Equity Basis And Approximately $179M On An Enterprise Value Basis

Benzinga·12/15/2025 12:09:55

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Under the terms of the Arrangement Agreement, each shareholder of MTL (an "MTL Shareholder") will receive fixed consideration for each MTL Share equal to: (i) 0.32 of a common share of Canopy Growth (each whole share, a "Canopy Growth Share"), and (ii) $0.144 in cash.
Highly accretive business combination expected to generate significant run-rate synergies of approximately $10 million within 18 months
Strengthens Canopy Growth's presence in Québec with an opportunity to expand national distribution of MTL's high-quality, budtender-recommended product portfolio2
MTL's core management team is expected to join Canopy Growth to drive cultivation excellence and enhance the Company's product quality and operational performance
Implied consideration of $0.91 per MTL Share based on the closing price of Canopy Growth Shares on the TSX as of December 12, 2025. Represents a 45% premium to the average 20-day VWAP of MTL Shares on the CSE as of December 12, 2025