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Thursday, December 13, 2018

Aurora Cannabis Stock Fails to Hold Gains After Company Unveils Plan to Buy Mexican Partner

Rest of sector mixed after rally sparked by Altria investment in Cronos

Just days after Aurora Cannabis Inc. announced a supply deal with Mexico’s Farmacias Magistrales SA, the Canadian cannabis company said it has entered a letter of intent to buy all of the company’s outstanding shares in an all-stock deal.

Farmacias is Mexico’s first and, for now, only federally licensed importer of raw materials containing THC, the psychoactive ingredient in cannabis, Aurora ACB, -0.35% ACB, +0.92% said in a statement. The company has the licenses and facilities to store and distribute medical products with more than 1% THC.

The deal “firmly establishes Aurora’s first-mover advantage in one of the world’s most populous countries, where more than 130 million people will have federally legal access to a range of Aurora’s non-flower medical cannabis products containing THC,” said the statement. Aurora also have operations in Colombia and Uruguay.

– Read the entire article at News.

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