A dealmaking boom in the marijuana sector is ramping up as excitement around legalization grows.
Aurora Cannabis, one of the largest Canadian growers, bought its rival Medreleaf for a $2.3 billion stock deal, the companies announced in a joint statement on Monday. The combined firm will be the largest cannabis company by market cap, leapfrogging its chief rival, Canopy Growth.
The behemoth will produce a total of 1.25 million pounds of cannabis in its facilities and will have access to the increasingly important European market.
The deal is one of many to pop up in the cannabis sector in recent days.