Aurora Cannabis has completed its previously announced acquisition of TerraFarma Inc. (parent company of Thrive Cannabis) for aggregate initial consideration of $38 million paid in cash and Aurora common shares and up to $30 million in potential earnout amounts, payable in cash, Aurora shares, or a combination of both (at the election of Aurora), subject to Thrive achieving certain revenue targets within two years of the closing of the transaction.
"With the transaction closing, we officially welcome Geoff Hoover and his team to Aurora," said Miguel Martin, CEO of Aurora. "We look forward to the expertise they will bring to our Canadian adult-use business and Aurora's leadership in the global cannabis space."
"We are thrilled to join the Aurora team. Through this partnership, we will be able to bring our expertise in producing the highest quality product to the Aurora family of brands, which will ultimately benefit more consumers," commented Geoff Hoover, former CEO of Thrive who is joining Aurora in the role of SVP, Consumer.
The transaction is expected to strategically strengthen Aurora's position in the Canadian market by placing the Thrive team in charge of Aurora's Canadian adult-use portfolio and advancing the shift in focus to innovative premium products, including dried flower, pre-rolls, vapor products, and concentrates.
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