Canopy Growth Corporation (TSX:CGC) has strengthened its ties with consulting firm XIB Consulting Inc. with the renewal of an agreement signed on April 7, 2016. Under the new agreement, the consulting firm is to advise the diversified company on matters not limited to acquisitions, market awareness as well as strategic networking.

Agreement Terms

Canopy Growth is to issue XIB Consulting with 18,899 of its common shares as engagement fee. The shares are to be issued at a price of $3.96 a share, as determined by taking into consideration the 5-day Volume Weighted Average Price Calculation. While the agreement has a term of three months, it is still subject to the approval of the Toronto Stock Exchange.

“The appointment of XIB as a consultant of the Corporation and the corresponding share issuance remains subject to standard regulatory acceptance of applicable filings with the TSX,” Canopy Growth in a press release.

The leading diversified cannabis company has experienced an uptick in investor interest in the recent past especially on its subsidiary Tweed announcing the launch of new cannabis products. Given that the company operates in the red hot marijuana industry investors believe the company could register a substantial amount of growth with the passing of regulations that are expected to open up the market.

Canopy Growth Cannabis Prospects

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 A number of states in the US legalizing the federally prohibited plant has all but gone to expand the target market as investors also continue to take note of the amount of opportunities up for grab. In addition to educating healthcare practitioners on the role that marijuana can play in relieving patient’s chronic pain, Canopy Growth is also looking to educate the public on the benefits of medical marijuana.

Canopy Growth has already made a name for itself as a provider of high-quality medical marijuana products. It is now looking to grow its footprint on clinical research in a bid to come up with new products able to push for market share in the robust growing medical marijuana industry.