Aurora Cannabis (TSX: ACB) (OTCQB: ACBFF) announced this morning that the company has finalized acquisition of 95% of CanniMed Therapeutics (TSX: CMED) outstanding shares to complete “the largest acquisition in cannabis industry history.” Aurora Cannabis plans to acquire the remaining of CanniMeds outstanding shares through compulsory share acquisition.
By completing this transaction, Aurora Cannabis has now added to its portfolio a strongly recognized brand in the medicinal cannabis community. The combined company plans to focus on product and technological development, as well as, expansion to international markets.
CanniMed has been supplying Health Canada with medicinal cannabis for over a decade and has a collection of over 5,000 physicians referring its cannabis products to patients. Aurora Cannabis believes thats, “CanniMed produces and distributes the most physician-prescribed cannabis oil in the Canadian medical cannabis system.”
The combined company will focus on obtaining EU GMP certification for all of its current and future facilities in an attempt to capture significant market share on the continent of Europe. Aurora Cannabis now has the ability to produce over 280,000 kg of cannabis per year.
Terry Booth, CEO of Aurora Cannabis, stated, ” We believe that our combined assets, capabilities, and brand strength, as well as our consistent execution, position us very well to gain significant share of the global market.”