Aurora Cannabis stake in CanniMed rises to 2.7% after buying more shares

Aurora Cannabis Inc. (TSX: ACB) says it has increased its stake in competitor CanniMed Therapeutics Inc. (TSX:CMED) by buying 91,800 common shares, taking its total to 657,800 or about 2.7 per cent of the outstanding share pool.

Edmonton-based Aurora says its purchases were made in connection with its offer in November to purchase all of the common shares of CanniMed, a takeover that has been aggressively resisted by the target company.

READ MORE: CanniMed says hostile takeover bid by Aurora weighing on share value

It says the highest price paid for CanniMed shares on Thursday was $23.99 and it has paid an average price of $22.98 per share in the three purchases of its campaign starting last Friday.

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Aurora has said it’s allowed to buy up to about five per cent of the Saskatoon-headquartered CanniMed’s stock on the open market.

READ MORE: Aurora Cannabis purchases 116K common shares of CanniMed Therapeutics

On Wednesday, CanniMed urged shareholders not to sell, arguing Aurora’s hostile proposed all-stock deal has had a detrimental effect on its share price.

Watch below: On Nov. 23, 2017, David Boushy filed this report about Aurora Cannabis, a medical marijuana company, expanding with a new grow facility at the Edmonton International Airport.