January 17, 2018 / 9:48 PM / a year ago

REFILE-Up Cannabis-parent Newstrike's shareholders approve sale to CanniMed

(Corrects typo in headline)

Jan 17 (Reuters) - Newstrike Resources Ltd’s shareholders approved the sale of the Canadian cannabis producer to CanniMed Therapeutics Inc, which is fighting off a hostile takeover bid from fellow medical marijuana company Aurora Cannabis Inc.

CanniMed has a shareholder meeting on Jan. 23 to vote on the Newstrike acquisition, which Aurora has called a “terrible deal”.

Earlier this month, CanniMed signed a deal with Up Cannabis, which is owned by Newstrike, for the supply of raw materials in the face of rising demand as Canada prepares to legalize recreational pot.

CanniMed has filed a $725 million lawsuit as it tries to fend off Aurora’s hostile takeover. (Reporting by Uday Sampath in Bengaluru; Editing by Savio D’Souza)

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