Aurora Completes Acquisition of Peloton Pharmaceuticals Inc.
VANCOUVER, April 4, 2017 /CNW/ – Aurora Cannabis Inc. (the “Company” or “Aurora”) (TSXV: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) is pleased to announce that, further to its press release of March 6, 2017, the Company has completed the acquisition of Peloton Pharmaceuticals Inc. (“Peloton”), a Montreal-area late-stage ACMPR-applicant.
Peloton is completing construction of a state-of-the-art 40,000 square foot cannabis production facility in the City of Pointe-Claire, Québec, which received a “ready to build” letter from Health Canada in 2014. At full capacity, the facility is expected to be capable of producing up to 3,900 kg of high quality cannabis per year. Aurora management believes the Peloton facility is approximately 80% complete, and can be ready for Health Canada’s pre-licensing inspection by the second half of 2017.
Pursuant to the terms of the Proposal, which was accepted by the requisite majorities of creditors, approved by the Quebec Superior Court of Justice, and supported by management of Peloton, Aurora has funded a total investment pool of up to an aggregate of $7,000,000, subject to post-closing adjustments, comprised of cash and common shares of Aurora for distribution to creditors.
The Peloton acquisition is another major strategic advance for Aurora, expected to provide us in the near term with additional high quality, low-cost production capacity, as well as an important presence in Montreal, with the capability to serve Québec and the Atlantic Provinces, and to further expand our industry-leading e-commerce strategy. In addition, the cost of this acquisition – a fraction of the market valuation of current publicly traded licensed producers – it represents an excellent value for Aurora and our shareholders.
Terry Booth, CEO
The Peloton site will be Aurora’s third growing facility, in addition to the Company’s 55,200 square foot facility in Cremona, Alberta and “Aurora Sky”, the Company’s 800,000 square foot facility currently under construction at Edmonton International Airport, in Leduc County, Alberta.
“The Aurora Standard is about more than just growing the highest quality cannabis,” said Neil Belot, Chief Global Business Development Officer at Aurora. “It also stands for our commitment to providing superior service and care to our patients. The Peloton facility, and its presence in Québec, will further enhance our ability to serve our clients in Eastern and Atlantic Canada.”
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, and is currently constructing a second 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport. The Aurora Sky project has secured advanced technology from the most renowned design and construction suppliers in the Netherlands. Aurora’s common shares trade on the TSX-V under the symbol “ACB”.
Get ahead of the crowd by signing up for 420 Investor, the largest & most comprehensive premium subscription service for cannabis traders and investors since 2013.