Aurora Cannabis Inc. (TSX: ACB) (OTCQB: ACBFF) and CTT Pharmaceutical Holdings Inc. (OTC: CTTH) announced this morning that Aurora will be acquiring a 9.14% ownership position in CTT Pharma by a non-brokered private placement worth US$1 million 5% convertible debenture. The agreement includes the issuance of warrants enabling to Aurora to increase its ownership into the company to 42.5%.
Announced last month, Aurora Cannabis had gained the rights to six patents held by CTT Pharmaceutical Holdings that are related to cannabinoid delivery for pain management that will use sublingual wafers to deliver the benefits of medicinal cannabinoids to patients. The “Orally Dissolvable Thin Film” wafers are a patented delivery mechanism that allows cannabinoids to be delivered directly into the blood stream by dissolving into the capillaries underneath your tongue.
This investment by Aurora Cannabis will expand upon the terms of their originally decided agreement by allowing the company the exclusive rights to develop, manufacture, and distribute these products globally. The company currently owns Berlin-based Pedanious GmbH which is a leading wholesale importer, exporter, and distributor of medical grade cannabis across the European Union.
Aurora Cannabis has made headlines this year with its multi-billion dollars deal to acquire CanniMed Therapeutics Inc. and the company has a current market cap of $4.68 billion dollars.