It is being reported that the Canopy Growth Corporation has taken decision for an all-cash transaction in order to take over Storz & Bickel GmbH & Company. It is being said that the purchase price is currently now set at 145 million Euros. Storz & Bickel have been known in the vaporizer manufacturing and design company for 22 years, and therefore the company has also done various breakthrough innovations as well.
Storz & Bickel is a company based in Germany, and are the designers of some of the most medically approved dry herb vaporizers, such as Volcano Medic and Mighty Medic. The company has also spent the last two decades in creating an international factory, that is totally automated as well.
The company is also responsible for shipping various kinds of devices to around 50 markets worldwide. The founders of the company, who were Jurgen Bickel and Markus Storz – will continue to be a part of the new acquisition as well. One of the founders has revealed that joining Canopy will help in the better development of the various products of the company. It will also help in the development of new products in the medical, scientific and also pharmaceutical fields as well.
The acquisition will only help the company accelerate the overall development of the company and can also take it to greater heights too. The chairman of Canopy Growth, Bruce Linton has said that this taking over of Storz & Bickel will be termed as the marquee acquisition in terms of most recognized technology company inside the industry. The company will help in the R&D of Storz Bickel and will also help in the portfolio and team management as well so that a high margin can be gained in the vaporizing industry worldwide.
The company Storz & Bickel already has an executing growth, along with products that are proven and the revenues are ever-increasing as well. The company has around 17 patents tied to the company’s name, that will help in the growth and operations of Canopy. The CTO (Chief Technology Officer) of Canopy, known as Peter Popplewell, has said that Storz & Bickel single-
handily invented the vaporizer market. He said that the company has been responsible for making the best quality and the highest performing vaporizer products in the market. Therefore, with the merger, the product quality will be further improved, along with the safety of the consumer and overall functionality.
Storz & Bickel has an ISO 13485 certification, which means that the company has been found to be compliant with all types of laws and regulations needed to manufacture medical devices, by external auditors. With the help of Canopy, the company is now poised to improve the vaporizer segment in the industry. Storz & Bickel will also aid Canopy Growth with its European Headquarters at Frankfurt, Germany, along with an important and export facility at St. Leon-Rot, which can be then distributed easily to around 2,000 pharmacies in the markets of Europe and
Germany, like Mighty Vaporizer UK .
Storz & Bickel also the sufficient cash reserves to help itself improve their production platform or perform any type of other company acquisitions as well – thereby improving the overall supply capabilities. During the merger, Greenhill & Co. Canada Ltd was chosen to be the financial advisor and provided their fair opinion to the Board of Directors of Canopy Growth.