Global pharma company Jazz Pharmaceuticals has reached an agreement to buy United Kingdom-based GW Pharmaceuticals, one of the largest medical cannabinoid businesses in the world, for $7.2 billion in cash and stock, the drugmakers announced Wednesday.
The proposed transaction would be the largest move to date by a pharma company into cannabis, demonstrating that pharmaceutical companies recognize the current and future potential of cannabinoid-based medicines.
The move also could spur a wave of investments into the burgeoning field.
“It is also another example that the cannabis industry is continuing to normalize and evolve beyond the traditional cultivation of flower, with potential well outside of our borders,” Jason Wilson, cannabis and banking expert at New Jersey-based ETF Managers Group, which is the issuer of ETFMG Alternative Harvest ETF MJ, said in a provided statement.
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