CanniMed Files $725M Lawsuit Against Aurora, Others Over Takeover Bid

Article by The Canadian Press via Saskatoon StarPhoenix

CanniMed files $725M lawsuit against Aurora, others over takeover bid. An acrimonious takeover battle between two Canadian marijuana companies is in the regulatory spotlight. RYAN REMIORZ / THE CANADIAN PRESS

Saskatoon-based CanniMed Therapeutics Inc. has filed a lawsuit against Aurora Cannabis Inc., alleging what it calls “multiple claims of wrongdoing” related to Aurora’s hostile bid to acquire CanniMed.

In a statement released Friday evening, CanniMed says it filed a lawsuit in Ontario Superior Court alleging Aurora and others conspired to injure CanniMed’s economic interests.

CanniMed says it’s also seeking personal damages against one current and one former member of its board for their alleged involvement in the purported conspiracy.

It says the action, which has not yet been served, seeks $725 million in damages.

The allegations have not been proven in court.

Aurora’s chief corporate officer, Cam Battley, says CanniMed is “suing their own shareholders,” adding that the company should never have gone public.

“Things are a mess over there,” said Battley. “They should have remained private. By going public, they have exposed themselves to the realities and the discipline of the market.”

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