>> It might be the world's largest drug deal. One of Canada's top cannabis producers on Wednesday announced it would buy a smaller rival for $1.1 billion Canadian, or about 852 million US.>> Welcome to Aurora, one of Canada's leading cannabis companies.>> The deal would make Aurora Cannabis Incorporate the world's biggest weed producer by market value.
Canada has seen a frenzy of marijuana mergers in anticipation of that country's plans to legalize the recreational use of the drug later this year.>> And that will legalize, regulate, and restrict access to marijuana.>> Aurora's planned purchase of Cannimed Therapeutics boosted both company's stocks. The combined entity would give Aurora a market cap of 7.8 billion Canadian dollars.
>> Not only lifting it's value above current number one producer Canopy Growth corporation, but also above non pot growers like plane and train maker, Bombardier. Wednesday's weed deal is seen as a bid by Aurora to bolster its ability to meet both domestic demand and ramp up global distribution as more and more countries approve the use of the drug for medical or recreational use.
>> Canada will be the first G7 country to legalize weed nationwide and the second in the world after Uruguay.