EDMONTON, AB, May 5, 2022 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced it has completed its previously announced acquisition of TerraFarma Inc. (parent company of Thrive Cannabis) ("Thrive") (the "Transaction") for aggregate initial consideration of $38 million paid in cash and Aurora common shares ("Aurora Shares"), and up to $30 million in potential earnout amounts, payable in cash, Aurora Shares or a combination of both (at the election of Aurora), subject to Thrive achieving certain revenue targets within two years of closing of the Transaction.
"With the transaction closing, we officially welcome Geoff Hoover and his team to Aurora," said Miguel Martin, CEO of Aurora. "We look forward to the expertise they will bring to our Canadian recreational business and Aurora's leadership in the global cannabis space."
"We are thrilled to join the Aurora team. Through this partnership we will be able to bring our expertise in producing the highest quality product to the Aurora family of brands, which will ultimately benefit more consumers," commented Geoff Hoover, former CEO of Thrive who is joining Aurora in the role of SVP, Consumer.
The Transaction is expected to strategically strengthen Aurora's position in the Canadian market by placing the Thrive team in charge of Aurora's Canadian recreational portfolio and advancing the shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates.
About Aurora Cannabis
Aurora is a global leader in the cannabis industry, serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company's adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, and Whistler, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora, Whistler Medical Marijuana Co, and Pedanios. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on Twitter and LinkedIn.
Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB" and is a constituent of the S&P/TSX Composite Index.
About Thrive Cannabis
Founded in 2018, Thrive Cannabis is a vertically integrated cannabis company based in Simcoe, Ontario. Thrive is most widely known for its award-winning flagship adult-use brand, Greybeard Cannabis Co., which specializes in premium quality, small-batch craft cannabis concentrates and flower products. Thrive is also known for its adult-use wellness-oriented brand, Being. The Thrive team leverage their expertise in cannabis cultivation, extraction and product development with a singular focus on delivering the highest quality standard products to consumers. Learn more at www.thrivecannabis.ca.
SOURCE: Newswire