CannaRoyalty to acquire 180 Smoke for C$25 million in stock

Canada-based marijuana firm CannaRoyalty Corp. CNNRF, -4.48% said Thursday that it has acquired 180 Smoke for C$25 million of stock. CannaRoyalty stock fell 4.5% to C$5.57 during regular trading on Thursday. CannaRoyalty said that it would pay an additional C$12.5 million to 180 smoke shareholders if the company reaches certain goals such as obtaining a processing license in Canada and opening vape stores. 180 Smoke revenue has grown 51% to C$6.78 million for the eight month period which ended in August and it generated $400,000 in profits on C$7.8 million in revenue in 2017. 180 smoke is a vape product retailer and CannaRoyalty makes cannabis consumer products. The S&P 500 index SPX, +0.28% gained 0.3% Thursday.

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