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Marijuana Grower Aurora's Buying Spree Continues With New $88M Deal

Marijuana Grower Aurora's Buying Spree Continues With New $88M Deal
(Andrii Iarygin/Dreamstime)

Tuesday, 12 June 2018 09:59 AM

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.

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.

“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.

© Copyright 2019 Bloomberg News. All rights reserved.

   
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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.
marijuana, grower, aurora, cannabis, pot, weed
179
2018-59-12
Tuesday, 12 June 2018 09:59 AM
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