Vancouver-based cannabis producer Aurora Cannabis (TSX: ACB) (OTCQX: ACBFF) announced that shareholders of Hempco Food and Fiber (TSX-V: HEMP) agreed to approve the proposed investment by Aurora via private placement. They also approved the option whereby Aurora can buy additional shares to bring its ownership of Hempco above 50%.

Aurora stock jumped 14% on the news, to $4.64 CAD. It has risen at a blistering pace recently, increasing 51% in the last 5 days, and 87% over 3 months.

The investment gives Aurora product diversification and a low-cost source of raw CBD for extraction through its partnership with Radient Technologies. It also gives Hempco more funds to complete its Nisku facility and pursue growth.

Aurora, through its subsidiary Aurora Cannabis Enterprises, operates two production facilities: a 55,200 sq ft facility in Mountain View, Alberta, (“Aurora Mountain”); a 40,000 sq ft facility in Pointe-Claire, Quebec on Montreal’s West Island (“Aurora Vie”). It is also constructing an 800,000 sq ft facility at the Edmunton International Airport. (“Aurora Sky”).

Through acquisition, Aurora is building a well-integrated company. It holds 9.6% of CBD extraction technology company Radient Technologies, and is completing an investment in Hempco Food and Fiber for up to 50.1%. It owns 19.9% of Cann Group Limited, the first Australian company licensed to cultivate medical cannabis.

Aurora also owns Pedanios, a leading distributor of medical cannabis in the European Union, based in Germany. Finally, it owns BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in proprietary systems for indoor cultivation, and in gardening appliances for the cultivation of organic microgreens, vegetables and herbs at home and professional kitchens.

Source: Aurora Cannabis

 

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