Let’s remember though,, in the past 12 months, Aurora has lost nearly 90% of its stock market value as of Wednesday’s close.
MJ Biz reports
Canadian producer Aurora Cannabis has struck a $40 million stock deal to purchase U.S. hemp firm Reliva, checking off a long-stated ambition for the Alberta company’s executives to enter the United States market.
Under the terms of the acquisition, Aurora will pay $40 million of its common shares. The company will pay an an additional $45 million in cash and stock if certain financial targets are met.
The Edmonton company has long had an eye on the U.S. market.
Last September, an Aurora executive told Marijuana Business Daily the company expected to announce a “significant” entry into the U.S. market “within a very short period of time.”
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Yahoo News reports
Shares of Aurora Cannabis (ACB.TO)(ACB) are continuing their rollercoaster ride, climbing more than 30 per cent on Thursday following the announcement of a deal to expand the company’s reach south of the border.
The Edmonton-based company is set to acquire all issued and outstanding membership interests of the Massachusetts-based CBD brand Reliva for US$40 million. The deal also includes a potential earn-out of up to US$45 million in cash or stock based on performance.
Toronto-listed shares rallied to begin Thursday’s session, extending the whipsaw trade that began after Aurora reported third quarter earnings last week. Shares have climbed nearly 180 per cent in the past five days.
Over at CNBC
Canada’s Aurora Cannabis surges after making a CBD deal to enter the lucrative U.S. market
- Aurora Cannabis has agreed to buy U.S.-based CBD company Reliva, giving the struggling Canadian company a business foothold in America.
- Shares of Aurora closed off nearly 13% ahead of the Wednesday afternoon announcement. The stock surged higher in after-hours trading.
- However, in the past 12 months, Aurora has lost nearly 90% of its stock market value as of Wednesday’s close.