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Aurora Cannabis invests in hemp producer, as both see advantages

Aurora Cannabis invests in hemp producer, as both see advantagesAurora Cannabis (TSX:ACB) (OTCQX: ACBFF), a Vancouver-based cannabis investor and operator, announced that it has signed a definitive investment deal with Hempco, a 12-year old company producing hemp foods, fiber, and nutraceuticals.

The move secures a source of raw CBD material for Aurora’s medical concentrates business and is an opportunity to expand into a related and rapidly growing international market stated Aurora’s CEO Terry Booth.

Hempco also sees advantages to the deal. “If current regulations prohibiting the extraction of cannabinoid (CBD) from hemp products were to change, which we anticipate…Hempco will be very well-positioned to capitalize…” stated Hempco CEO Charles Holmes. The deal requires approval by Hempco’s shareholders.

The deal has two parts. A private placement, in which Aurora will purchase $10 million in Hempco common shares at roughly $0.30 per share. And an option agreement, in which two principal Hempco shareholders grant Aurora the right to purchase an additional 10 million shares should it choose to.

Hempco is expanding its 56,000 sq ft facility in Nisku Alberta to meet global demands for its three hemp products.

Aurora operates a 55,000 sq ft facility in Alberta, is constructing an 800,000 sq ft facility near the Edmunton airport, and a 40,000 sq ft facility in Quebec. It holds 9% interest in the extraction company Radiant Technologies and a 20% stake in Cann Group, an Australian medical cannabis company.

Aurora stock rose slightly to close at $2.72. The company has a market cap of $1.02b, with 367 million outstanding shares.

Hempco stock closed at $0.39. The company has a market cap of $13.78m with 34.51m shares currently outstanding.

Source: Aurora

Aurora Cannabis invests in hemp producer, as both see advantages

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