Aurora Cannabis Announces Final Regulatory Approval for CanniMed Therapeutics Acquisition
Intends to Take-Up as soon as Minimum Tender Condition is Met
EDMONTON, Feb. 28, 2018 /CNW/ – Aurora Cannabis Inc. (“Aurora”) (TSX: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) announced today that it has received a No Action Letter from the Competition Bureau (Canada) regarding its offer (the “Offer”) to purchase all of the issued and outstanding common shares (“CanniMed Shares”) of CanniMed Therapeutics Inc. (“CanniMed”) that it does not already own.
As outlined in Aurora’s notice of variation dated February 5, 2018, approval under the Competition Act (Canada) represented the final regulatory approval required before Aurora could begin its take-up of CanniMed Shares under the Offer.
Aurora intends to begin its take-up of CanniMed Shares once sufficient CanniMed Shares have been deposited under the offer to meet the minimum tender condition of 66 2/3% of the issued and outstanding CanniMed Shares, calculated on a fully diluted basis. To date, 40% of CanniMed’s outstanding shares have been deposited to the Offer, with a number of additional CanniMed Shareholders advising Aurora they have been waiting for Aurora to clear regulatory approvals before tendering to the Offer.
Management Commentary
This approval means we can move ahead with this acquisition and begin the integration of CanniMed into Aurora shortly thereafter, led by our recently-appointed VP Business Integration, André Jérôme, and execute quickly on realizing the strategic synergies we have identified. One of the key considerations behind this acquisition is the formation of our new Medical Cannabis Centre of Excellence, for which CanniMed will be the cornerstone.
Terry Booth, CEO.
The combination is expected to result in a corporate group with over 40,000 patients, over 260,000 kg per annum in funded capacity, a very strong international presence, highly visible brands, and a broad offering that resonates well with our markets. We now look forward to connecting with our new colleagues, and enter the next phase of growth for both companies.
How to Tender
Aurora encourages CanniMed shareholders to read the full details of the Offer set forth in its original offer and takeover bid circular dated November 24, 2017 (as amended by its notice of change dated January 12, 2018), the Notice of Variation and accompanying offer documents (collectively, the “Offer Documents”), which contain detailed instructions on how CanniMed shareholders can tender their CanniMed common shares to the Offer. For assistance in depositing CanniMed common shares to the Offer, CanniMed shareholders should contact the Depository and Information Agent for the Offer, Laurel Hill Advisory Group at Phone: 1-877-452-7184 (North American Toll Free Phone) and 1-416-304-0211 (Outside North America); Facsimile: 416-646-2415; and E-mail: assistance@laurelhill.com.
About the Offer
The full details of the Offer are set out in the Offer Documents, which have been filed with the Canadian securities regulatory authorities and have been mailed to CanniMed shareholders. The Offer Documents are also available on SEDAR under CanniMed’s profile at www.sedar.com.
Materials filed with the Canadian securities regulatory authorities are available electronically without charge at www.sedar.com. Materials filed with the SEC are available electronically without charge on EDGAR accessible through the SEC’s website at www.sec.gov. Documents related to the Offer, including the Offer Documents, are also available on Aurora’s website at www.auroramj.com and shareholders are invited to visit cannimed.auroramj.com for further information.
About Aurora
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, known as “Aurora Mountain”, and a second 40,000 square foot high-technology production facility known as “Aurora Vie” in Pointe-Claire, Quebec on Montreal’s West Island. In January 2018, Aurora’s 800,000 square foot flagship cultivation facility, Aurora Sky, located at the Edmonton International Airport, was licensed. Once at full capacity, Aurora Sky is expected to produce over 100,000 kg per annum of cannabis. Aurora is also completing a fourth facility in Lachute, Quebec utilizing its wholly owned subsidiary Aurora Larssen Projects Ltd.
Aurora also owns Berlin-based Pedanios, the leading wholesale importer, exporter, and distributor of medical cannabis in the European Union. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens.
Aurora holds a 19.88% ownership interest in Liquor Stores N.A., who intend developing a cannabis retail network in Western Canada. In addition, the Company holds approximately 17.23% of the issued shares in leading extraction technology company Radient Technologies Inc., and has a strategic investment in Hempco Food and Fiber Inc., with options to increase ownership stake to over 50%. Aurora is also the cornerstone investor in two other licensed producers, with a 22.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis, and a 17.62% stake in Canadian producer The Green Organic Dutchman Ltd., with options to increase to majority ownership.
Aurora’s common shares trade on the TSX under the symbol “ACB”.
