Canopy Growth news for Friday about it agreeing to acquire Beckley Canopy Therapeutics has CGC stock down.

Canopy Growth (NYSE:CGC) notes that the deal will bring together its own research program with the one belonging to Beckley Canopy Therapeutics, which it already had partial ownership of. This will also have it supporting Spectrum Therapeutics as it expands to a global market.

The Canopy Growth news release about the deal mentions that it will also be acquiring all outstanding shares of Spectrum Biomedical UK. However, the medical cannabis research company doesn’t go into detail about the financial aspects of the acquisition.

“The acquisition of Beckley Canopy will allow Spectrum Therapeutics to continue expanding its medical cannabis leadership around the world, strengthening our foothold in the UK and more broadly across Europe,” Mark Zekulin, CEO, Canopy Growth, said in a statement. “We’re excited to continue working with the incredible management team at Beckley Canopy to accelerate our shared vision to create evidence-based cannabis formulations that will serve patients in need around the world.”

Canopy Growth says that it still needs to complete customary closing conditions before the acquisition can close. This includes getting approval from regulators for the deal. If all goes well, then the company expects to complete its acquisition of Beckley Canopy Therapeutics within the next 60 days.

CGC stock was down 2% as of noon Friday, but is up 13% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.