Aurora Cannabis has announced the acquisition of Thrive Cannabis for approximately $38 million.
According to the Canadian LP, the Thrive team will be put in charge of Aurora’s Canadian recreational portfolio. The Transaction is expected to close in Aurora’s fiscal Q4 2022.
“As consolidation among licensed producers accelerates, it’s vital that any transactions we make, now or in the future, be strategic, accretive, and centered around adding exceptional talent and brands that align with our path to profitability,” said Miguel Martin, Chief Executive Officer of Aurora. “In these respects, Geoff and the Thrive team have a track record seldom found elsewhere in the Canadian market. They are truly exceptional cultivators who have gained trust with consumers and developed products that have been recognized and acclaimed by Canadian budtenders and industry peers. We see a unique opportunity to leverage their expertise to deliver near and long-term benefits for both our recreational and medical markets,” he continued.
“This transaction supports our path to profitability while ensuring that we are strategic in our M&A activity. Thrive’s achievement of positive standalone EBITDA, combined with their exceptional operational and brand capabilities, truly set them apart, and we look forward to leveraging their expertise as we embark together on Aurora’s path to profitability,” he concluded.
“We are excited to be joining a team that shares our vision for delivering the highest quality, premium cannabis products to consumers in a way that generates sustainable profitability,” said Geoff Hoover, Chief Executive Officer of Thrive. “We look forward to combining our best-in-class products and innovation pipeline with Aurora’s depth of operational capabilities, robust route to market and shared focus on superior science and genetics that is critical for advancement in this sector. This combining of two great companies will be transformative.”
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