The Tragically Hip backs Newstrike’s deal to be bought by CanniMed

Newstrike Resources Ltd. says the Tragically Hip is backing the company’s deal to be acquired by CanniMed Therapeutics Inc.

The band is a creative partner and shareholder in Newstrike, the company (TSXV:HIP) says.

In a statement on behalf of the band, guitarist Rob Baker said the combination “will create shareholder value and a formidable force in the Canadian cannabis market for many decades to come.”

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Saskatoon-based CanniMed (TSX:CMED) struck a friendly deal in November to acquire Newstrike in an all-stock transaction.

CanniMed shareholders would own approximately 65 per cent of the combined company, while Newstrike shareholders would hold the remaining 35 per cent.

However, Aurora Cannabis Inc. (TSX:ACB) is looking to stop the deal as part of its own hostile offer to buy CanniMed.