Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) has completed its previously announced acquisition of TerraFarma Inc. (parent company of Thrive Cannabis) for aggregate initial consideration of $38 million paid in cash and Aurora common shares, and up to $30 million in potential earnout amounts, payable in cash, Aurora Shares or a combination of both, subject to Thrive achieving certain revenue targets within two years of the transaction closing.
"With the transaction closing, we officially welcome Geoff Hoover and his team to Aurora," stated 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."
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, vapor products, and concentrates.
Photo: Courtesy of Aurora Cannabis Inc.
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