Market Date:26 October, 2020

Aurora Cannabis raises stake in Hempco to 35percent

Aurora Cannabis Inc. (“Aurora“) (TSX: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and Hempco Food and Fiber Inc (“Hempco“) (TSX-V: HEMP) announced today that Aurora has exercised 10,558,676 warrants to buy common shares of Hempco for total proceeds of $4.3 million into Hempco.

Consequent the merit exercise, Aurora currently owns 21,117,352 Hempco common stocks, representing an ownership interest of about 35%. )

“With this additional investment by Aurora we’re currently well capitalized to quicken our different strategic initiatives to drive growth at Hempco,” explained Diane Jang, CEO of Hempco.

“Since taking the helm in Hempco, we’ve made lots of strategic and tactical moves that place the company well to benefit from quite a few chances in the health lifestyle food nutritional supplements marketplace, in addition to for your pet and equine markets. Furthermore, with all the favorable vote on the second reading of Bill C-45 from the Senate, execution of this new Cannabis Act is that much nearer, which would place us well for whole-plant usage and additional acceleration of our business program. These funds, and also the existence of a sizable, secure outsider, places Hempco at a strong position to go for a large number of chances and create additional shareholder value”

Terry Booth, CEO of Aurora, added,”This extra investment in Hempco was expected by Day 1 of their strategic partnership. We’re satisfied with the work achieved by Diane and her staff, and look forward to encouraging Hempco’s growth targets and capitalizing on the numerous chances this partnership generates for us. Along with this warrants worked, we need exercising our choice to purchase creator stocks, and also take our place to north of 50%.

About Aurora

Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a certified manufacturer of medical cannabis pursuant to Health Canada’s accessibility to Cannabis to get Medical Purposes Regulations (“ACMPR”). The business functions a 55,200 square foot, advanced manufacturing centre in Mountain View County, Alberta, called”Aurora Mountain”, along with a second 40,000 square-foot high-technology manufacturing facility called”Aurora Vie” at Pointe-Claire, Quebec on Montreal’s West Island. Back in January 2018, Aurora’s 800,000 square foot flagship cultivation facility, Aurora Sky, situated in the Edmonton International Airport, was accredited. After at full capability, Aurora Sky is expected to create over 100,000 kg per annum of all cannabis.  Aurora is finishing a centre in Lachute, Quebec using its wholly owned subsidiary Aurora Larssen Projects Inc.

Aurora is near completion of the acquisition of all of the outstanding shares of CanniMed Therapeutics Inc, Canada’s most experienced licensed manufacturer of medical cannabis, including more 20,000 kg per annum in financed capacity, in addition to Canada’s strongest medical cannabis brand.

Click here to see whole article.

Share