TORONTO — 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 says the combination "will create shareholder value and a formidable force in the Canadian cannabis market for many decades to come."
CanniMed (TSX:CMED) struck an 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.
The Canadian Press