Linton, the former chairman of Canopy Growth Corp., acquired a stake in Munich-based SynBiotic SE when it raised capital last month, the company said in a statement Thursday, confirming a report from Bloomberg News.Linton will also become chairman of SynBiotic’s newly created advisory board and receive options to buy further shares as compensation for his role. Including these instruments, Linton could increase his interest in the company to 5 per cent.
SynBiotic, which is focused on medical and dietary cannabis, raised 2.5 million euros in a share sale last month. It will use the money to expand at a time when Europe is adopting a relaxed approach to recreational cannabis use. Shares of SynBiotic, which have fallen more than 50 per cent this year for a market value of almost 60 million euros, jumped as much as 7.9 per cent in German trading.
The move will allow for controlled cultivation and distribution of cannabis as Europe’s biggest economy aims to curb the black market for the drug. It could create an US$80 billion market in the next two years, driven by Europe’s ageing population and rising demand for alternative treatments, Bloomberg Intelligence analysts wrote in a recent note.
Tough to teach an old dog new tricks…
If I wanted fairytales I'll tune into Disney. Amazing you still have him on. 💩
Co-founder…lol