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CALGARY, ALBERTA–(Marketwired – Jan 07, 2017) – CanniMed Therapeutics Inc. (CANN) (TSX VENTURE:CMED) (“CanniMed” or the “Company”) announced in an announcement made to its shareholders on May 6, 2017 that it received a Letter of Intent from Anschutz Financial Services (USA) in support of the acquisition of a 50% interest in the Company by Anschutz Capital Management LP.
Prior to the closing of the transaction, the Company’s management will participate in the management transition process, including the re-entry into a newly created holding company and the divestiture of the Company’s current portfolio. CanniMed believes that the completion of this process is vital to the safety and effectiveness of its therapeutic products and that it is currently on track to achieve the expected results.
CanniMed expects to be integrated into the Company, with the Company and CanniMed Therapeutics working, and in the event a merger or sale does not take place, CanniMed will have the option to be acquired by the acquiring company.
“In the recent short term, it makes sense to pursue synergies to ensure that the Company maintains its core capabilities in terms of product development and that management team continues to grow the business,” said Bruce Linton, Chief Executive Officer. “In addition to the synergies and continued growth to be maintained, we are also extremely excited to be part of a community that is building a sustainable future for our company and its members. This is a truly community-driven company, and we look forward to being part of it for many years to come.”
“CanniMed is thrilled to be partnering with the CanniMed Therapeutics team on this strategic milestone for the Company. We feel comfortable with the team CanniMed is assembling, are excited about the products we can expect, and anticipate exciting things to come in the coming months,” added David White, CEO of Anschutz Capital Management.
“We are extremely focused on executing on the strategic plan, executing on our execution program and driving revenue and profitability,” said Marc Lustig, President of the Company. “We are excited about the opportunity to grow, increase our presence, and focus on
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