Canada’s second-biggest marijuana producer Aurora Cannabis Inc has agreed to buy smaller rival CanniMed Therapeutics Inc for C$1.1 billion ($852 million), creating the globe’s largest weed producer by market value.

The deal follows months of tensions between the companies after Aurora made a hostile bid capped at C$24 per share for CanniMed, which itself was engaged in a friendly deal to buy Newstrike Resources Ltd.

The deal marked the world’s biggest marijuana industry transaction and topped a merger frenzy among cannabis companies ahead of Canada’s legalization of recreational use of marijuana by mid-2018.

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Nichola Saminather ~ Reuters.com

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