Aurora Cannabis sells Aurora Sun Facility to Bevo
by CM staff
Up to $15 million could be payable over time by Bevo Farms to Aurora in connection with the Aurora Sun transaction.
EDMONTON — The Canadian company Aurora Cannabis, announced that a wholly-owned subsidiary of the company has closed the sale of its Medicine Hat, Alberta facility (Aurora Sun Facility) on July 21, to Bevo Farms, a wholly-owned subsidiary of Bevo Agtech (Bevo).
The sale of the Aurora Sun Facility was completed via Bevo Farms’ acquisition of one of Aurora’s wholly-owned subsidiaries (Aurora Sun Transaction). Aurora has a controlling interest in Bevo, one of the largest suppliers of propagated vegetables and ornamental plants in North America.
Up to $15 million could be payable over time by Bevo Farms to Aurora in connection with the Aurora Sun Transaction, based on Bevo Farms successfully achieving certain financial milestones at the Aurora Sun Facility.
“I am pleased that this transaction will achieve the dual objectives of improving Aurora’s cash flow, while benefitting Bevo as they proceed with the expansion of their business,” said Aurora’s CEO Miguel Martin. “Bevo has successfully repurposed the Aurora Sky facility in Edmonton, and we’re excited to further support their continued growth. Bevo’s acquisition of the Aurora Sun facility further demonstrates the close synergies between our companies, and the value that our partnership creates for shareholders.”
