(This is a developing story and will be updated.)
Aurora Cannabis is diversifying into the vegetable and ornamental flowers business amid a massive marijuana glut in Canada by acquiring a controlling interest in Bevo Agtech, one of the largest suppliers of flowers and vegetables in North America.
Edmonton, Alberta-based Aurora paid 45 million Canadian dollars ($35 million) in cash for 50.1% of Bevo, according to a news release.
ADVERTISEMENT
Another $12 million in Aurora stock could be paid, conditional on Bevo achieving certain financial targets.
The Langley, British Columbia, agricultural producer, which Aurora says is profitable, operates 63 acres of greenhouses in B.C., where it grows tomatoes, peppers, cucumbers and other plants such as flowers and grasses.
Bevo also agreed to buy Aurora’s sprawling greenhouse complex at Edmonton International Airport for up to CA$25 million. The closing price will be based on Bevo successfully recording financial milestones at the
Read full article on Marijuana Business Daily
