The members of one of Canada’s most beloved bands are now cannabis millionaires.
Last May, it was announced that The Tragically Hip would partner with cannabis producer Newstrike, acting as a creative partner. Their CEO, Jay Wilgar, said at the time, "[n]o one knows Canada and Canadians like the members of The Tragically Hip.” The company’s shares were even traded on the TSX under the ticker symbol HIP.
Now it has been revealed that the band owns a 5.4 per cent stake in Newstrike - worth an estimated $39 million.
Members of the band have spoken up to back Newstrike’s deal to be acquired by CanniMed Therapeutics. Guitarist Rob Baker said that the proposed merger "will create shareholder value and a formidable force in the Canadian cannabis market for many decades to come.”
However, there is currently a hostile offer being made by Aurora to acquire Newstrike.