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," said Terry Booth, CEO. "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."
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".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to timeliness of government approvals for granting of permits and licences, including the licence to cultivate cannabis, completion of the facilities, actual operating performance of the facilities, completion of customary close-out filings and final exchange approval, competition and other risks affecting the Company in particular and the medical cannabis industry generally. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Aurora Cannabis Inc.