01/04/2018 13:10 EST | Updated 01/04/2018 14:00 EST

Aurora Cannabis buys more shares in CanniMed, taking stake to 2.7 per cent

CALGARY — Aurora Cannabis Inc. (TSX: ACB) says it has increased its stake in competitor CanniMed Therapeutics Inc. (TSX:CMED) by buying 91,800 common shares, taking its total to 657,800 or about 2.7 per cent of the outstanding share pool.

Edmonton-based Aurora says its purchases were made in connection with its offer in November to purchase all of the common shares of CanniMed, a takeover that has been aggressively resisted by the target company.

It says the highest price paid for CanniMed shares on Thursday was $23.99 and it has paid an average price of $22.98 per share in the three purchases of its campaign starting last Friday.

Aurora has said it's allowed to buy up to about five per cent of the Saskatoon-headquartered CanniMed's stock on the open market.

On Wednesday, CanniMed urged shareholders not to sell, arguing Aurora's hostile proposed all-stock deal has had a detrimental effect on its share price.