Aurora Cannabis has closed the sale of its Medicine Hat, Alberta facility, aka the Aurora Sun Facility, on July 21, 2023, to Bevo Farms. 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."
Leo Benne, CEO of Bevo, added, "Bevo's ability to deliver propagated plants directly from Medicine Hat to the Alberta greenhouse industry and beyond delivers a win for the Alberta greenhouse industry, the City of Medicine Hat, and its residents, for Bevo, and for Aurora. We would like to express our gratitude to the City of Medicine Hat for their essential contributions to this transaction. We look forward to further developing our partnerships in Alberta in the years to come."
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