It went public in 2016, and in March 2018 almost all of its stock was acquired by a rival producer, Aurora Cannabis, following a hostile takeover to which company management finally consented.

[9][10][11] In June 2015 CanniMed received Health Canada approval for clinical trial of cannabis in adults with osteoarthritis of the knee.

[17] CanniMed management responded by rejecting the offer, and proposing an alternative merger with Newstrike Resources, a recreational cannabis firm, instead.

[18] In January, Newstrike shareholders approved the proposed merger,[19] but CanniMed management started to reconsider Aurora's offer.

[20] In January 2018, Cannimed called off its proposed acquisition of Newstrik and agreed to be bought by Aurora for $1.1 billion in stock and cash to create a larger company than the industry leader at the time, Canopy Growth Corporation.

[23] Around the time of acquisition CanniMed's stock price rose dramatically as people anticipated the legalization of cannabis in Canada in the summer of 2018, raising concerns about a bubble.