May 3, 2018 / 4:34 PM / 5 months ago

BUZZ-Aurora Cannabis, MedReleaf: halted on merger talks report

** Shares of Canadian weed companies Aurora Cannabis and MedReleaf halted following merger chatter

** MedReleaf was on the block and had contacted several possible suitors, with Aurora submitting a friendly offer, the Globe and Mail reported here, citing sources

** ACB was up 1.26 pct when trading was halted; LEAF was halted with the stock up 2.39 pct at C$22.30, valuing the company at about C$2.25 bln ($1.75 bln)

** A deal would make Aurora Canada’s biggest legal cannabis company by market cap, dethroning Canopy Growth, the Globe and Mail says

** WEED was up 0.81 pct, valuing Canopy at about C$6 bln; Aurora market cap C$4.46 bln as of Weds

** MedReleaf has contacted other large players, including Canopy and Aphria Inc, report says; APH up 0.61 pct

** On Tuesday, Aurora completed its acquisition of CanniMed, which was worth C$1.1 bln when announced in Jan and the largest deal in the history of the country’s young cannabis sector

** Canada weed stocks have been bummed out by legalization delays, government controls

** Canada’s Horizons Marijuana Life Sciences exchange-traded fund (ETF) has slumped ~37 pct since its January peak (Reporting by Savio D’Souza)

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