Aurora Cannabis decides to get into veggie & cut flower business because of cannabis glut

Veggies and cut flowers a more profitable business than weed.

That’s something their snr management wouldn’t have been saying a few years back !

Via MJ Biz

Aurora Cannabis is diversifying into the vegetable propagation and ornamental flowers business amid a massive marijuana glut in Canada by acquiring a controlling interest in Bevo Agtech, one of the largest suppliers of flowers and vegetable seedlings in North America.

Edmonton, Alberta-based Aurora paid 45 million Canadian dollars ($35 million) in cash for 50.1% of Bevo, according to a news release.

Another $12 million in Aurora stock could be paid, conditional on Bevo achieving certain financial targets.

Carey Squires, Aurora’s head of corporate development and strategy, said Bevo’s expanding business and profitability was key to getting the deal done.

“The ability to get access to cash flow today is going to be really important for a competitive position going forward to be sustainable long term,” Squires told MJBizDaily in an interview.

Read more

https://mjbizdaily.com/aurora-cannabis-buying-vegetable-grower-for-ca45-million-sells-sky-greenhouse/?utm_medium=email&utm_source=newsletter&utm_campaign=MJD_20220826_NEWS_Daily

 

Also at CBC

Aurora Cannabis acquires majority share of vegetable seedling, flower supplier

https://www.cbc.ca/news/canada/edmonton/aurora-cannabis-majority-share-deal-bevo-agtech-business-1.6562530

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