LEAMINGTON, Ont. - Licensed marijuana producer Aphria Inc. is reducing the amount of cash it is offering for medical cannabis firm Nuuvera Inc.

The company says it lowered the offer after reaching an agreement with Nuuvera.

Aphria says it is now offering 60 cents in cash plus 0.3546 of an Aphria share for each Nuuvera share. That compares with its earlier offer of $1 in cash plus 0.3546 of an Aphria share.

Shares in both companies have fallen since the deal was first announced on Jan. 29. Nuuvera shares closed at $5.56 on the TSX Venture Exchange on Friday, down from $7 before the offer was announced. Aphria shares closed at $14.06 on the Toronto Stock Exchange compared with $20.16 before it made the offer for Nuuvera.

Aphria says it also sought and received consent of shareholders who had signed lock-up agreements that together with Nuuvera shares already owned by Aphria represent approximately 65 per cent of Nuuvera's outstanding shares and over 57 per cent of the requisite minority shareholders of Nuuvera.

Aphria says the deal is expected to close in April, on schedule.