THE ART OF THE DEAL
For Canada’s investment bankers, cannabis has been the gift that keeps on giving, unleashing a steady stream of IPOs, takeovers and financings. Last October, U.S. alcohol giant Constellation Brands Inc. upended the sector with a $245-million investment in Canopy Growth, putting Canada’s cannabis industry on the international map. Then there was the three-way takeover dance that saw Aurora Cannabis snatch up CanniMed Therapeutics for $1.1 billion in March, leaving Newstrike Brands Ltd. out in the cold. But nothing could match Constellation’s second planned investment in Canopy, a staggering $5 billion, which reset valuations in the sector and set off a flood of speculation as to who might come calling next.