Aurora Cannabis Inc. (NYSE: ACB) announced this week that the company has entered into a letter of intent to acquire Whistler Medical Marijuana Corp. Whistler Medical will be acquired for up to $132 million in ACB shares.
The acquisition of Whistler Medical, a cannabis company that is widely renowned for its organic cannabis cultivation practices, will bring the number of independent companies who were first given access to produce organic cannabis from 8 to 1. Whistler Medical is one of the eight organic cannabis corporations who were given first approval and were then dubbed with “blessed eight”. The last independent member of the blessed eight after the acquisition is completed will be Delta 9 Cannabis.
Chief Corporate Officer of Aurora Cannabis, Cam Battley, stated in a phone interview: “I would call [Whistler] the crown jewel of organic cannabis production worldwide. It’s the first organic-certified company, and now we’ve essentially got the market to ourselves.”
The blessed eight companies had a significant amount of time to grow a diverse portfolio of cannabis genetics, while competitors couldn’t even begin the process. Chief Executive Officer of Robes Cannabis, Maxim Zavet, stated: “They have been able to plant their flag and build a reputation in the medical cannabis industry and industry as a whole.”
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