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Aurora Cannabis invests in The Green Organic Dutchman

Aurora Cannabis invests in The Green Organic DutchmanOntario-based Aurora Cannabis (TSX: ACB) (OTCQB: ACBFF) announced an investment and supply contract with privately-held The Green Organic Dutchman Holdings Ltd.

If finalized, Aurora will acquire a 17.62% interest on a non-diluted basis, buying 33.3 million units of TGOD, priced at $1.65 per unit, for $55 million. Upon TGOD achieving certain milestones, Aurora will have the option to increase its ownership to 51%.

Aurora will have the right to buy up to 20% of TGOD’s annual production of organic cannabis from TGOD’s Ancaster and Valleyfield facilities. Aurora expects this to exceed 20,000 kg per year once TGOD`s Valleyfield and Ancaster facilities are at full capacity.

If Aurora increases its ownership interest to 31%, the supply contract gives Aurora the right to buy up to 33% of TGOD’s production at the two facilities if Aurora increases its ownership interest to 31%.

Under the agreement, TGOD will construct a large high-tech greenhouse in Quebec, where TGOD owns a 75-acre property. The facility will have the latest greenhouse technology and some of the lowest cost power in Canada at under $0.04 per kWh, making TGOD one of the lowest-cost cannabis producers in Ontario and beyond.

Management anticipates completion of the Valleyfield facility by the fourth calendar quarter of 2018. The facility will have a production capacity of 14,000 kg per year.

“Our objective, as a partner in TGOD’s facility design, engineering and construction…is to ensure TGOD’s rapid market entry and commercial success, said Terry Booth, CEO. “In return, Aurora will…secure a ready supply of high-quality organic cannabis products to serve our Canadian and international customers.”

Rob Anderson, TGOD CEO, added, ” Based on this…we will have raised approximately $160 million. Consequently, our 102,000 kg per year Valleyfield facility is now fully funded, positioning us well for our planned March 2018 IPO.”

Source Aurora press release

Aurora Cannabis invests in The Green Organic Dutchman

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