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Money Marijuana grower Aurora's buying spree continues with new deal

22:31  12 june  2018
22:31  12 june  2018 Source:   bloomberg.com

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Aurora issued 69.3 million new shares and paid 4 million (in Canadian dollars) to buy CanniMed. Consolidation will continue . These companies would probably find larger marijuana growers with low-cost production more appealing than smaller players.

“I’m very pleased with the outcome,” Aurora ’ s Chief Corporate Officer Cam Battley told Herb, “that we did this on a friendly basis is the best possible outcome.” In November of last year, CanniMed announced it was on the verge of reaching a deal to take over Newstrike, an Ontario based grower

Employees tend to marijuana plants at the Aurora Cannabis Inc. facility in Edmonton, Alberta, Canada, on Tuesday, March 6, 2018.: Marijuana grower Aurora's buying spree continues with new deal© Bloomberg Marijuana grower Aurora's buying spree continues with new deal

(Bloomberg) -- Aurora Cannabis Inc., the Canadian marijuana grower trying to complete the industry’s largest takeover, agreed to acquire yet another company as it races to expand its scale and reach ahead of legalization.

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This week, the companies indicated that the new deal could increase shares to about , based on a share price of .65 with an exchange rate of .40, according to Aurora . The final value of the deal may change before settlement in consideration of the volatility of marijuana industry stocks.

BI PRIME: Aurora Cannabis bought its rival MedReleaf in a .3 billion stock deal . It' s the largest marijuana Aurora Cannabis, one of the largest Canadian growers , bought its rival Medreleaf for a .3 billion stock Aurora has also been on an acquisition spree in recent months, completing eight

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Anandia Laboratories Inc. is set to be bought by Aurora for about C$115 million ($88 million) in an all-stock transaction, the companies said Tuesday in a statement. Closely held Anandia holds exclusive rights to some cannabis genetics, offers third-party testing, carries out plant breeding and operates an R&D laboratory in Vancouver and is building a separate lab and greenhouse complex in Comox, British Columbia.

Aurora has set a dizzying pace for deal-making in Canada’s emerging cannabis industry. Besides the Anandia deal, it has announced at least 14 other acquisitions in the past two years, according to data compiled by Bloomberg. That includes last month’s agreement for Aurora to purchase rival grower MedReleaf Corp. for about C$3.22 billion.

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Both sides have yet to have “active discussions” about a deal , Aurora said in a statement. The bid comes as the frenzy surrounding Canada’ s marijuana market reaches new highs ahead of Last year, Canopy acquired rival grower Mettrum Health Corp. for 4 million in the industry’ s largest deal .

The acquisition is the latest big deal for Aurora . Last month, it agreed to buy medical cannabis grower CanniMed Therapeutics Inc. for about .2-billion in cash and stock, ending a months-long takeover He said new marijuana stores would be designed with "the Aurora brand, Aurora style, in mind."

“The strength of Anandia’s expert staff, proprietary assets and know-how will provide Aurora with a very significant advantage in developing new cannabis cultivars,” Aurora and Anandia said in their statement.

Aurora M&A Spree Raises ‘Question Marks’ Before Weed Goes Legal

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Joe Ryan

©2018 Bloomberg L.P.

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