CANADA: Aurora Cannabis has announced today that with the second take-up under its offer to acquire all of the outstanding shares of CanniMed Therapeutics, the Company now owns approximately 95.9% of CanniMed common shares. The Company intends to acquire the remaining outstanding shares it does not already own through a compulsory share acquisition, pursuant to the Canada Business Corporations Act.
The transaction unites Aurora, one of the world’s largest and fastest growing cannabis companies, with CanniMed, a pioneering cannabis company that has been operating in the industry longer than any other competitor, and whose brand strongly resonates with the medical community. The combined entity, under the Aurora banner, creates a global medical cannabis leader, and will continue to pursue an aggressive strategy of rapid technological and product innovation, and international expansion.
“We are delighted to have finalized the largest transaction to date in the cannabis industry,” said Terry Booth, CEO. “We are now combining CanniMed, the pioneer of the Canadian cannabis industry, with Aurora’s best practices, innovations, funded production capacity, distribution network, and rapidly growing international footprint. This acquisition and the resulting synergies transform Aurora into a leading company in the global medical cannabis space. We believe that our combined assets, capabilities, and brand strength, as well as our consistent execution, position us very well to gain significant share of the global market. We have commenced integrating the organizations, and look forward to reporting on our progress, innovations and other corporate developments in the coming months as we continue to execute our growth strategy.”
Track Record and Reputation with Medical Community Create Platform for Accelerated Growth
CanniMed (previously Prairie Plant Systems Inc.), was granted a contract in 2000 by Health Canada to produce medical cannabis, making it the longest standing federally regulated producer in Canada.
With an 18-year track-record, 13 of which as the sole supplier to Health Canada, and not a single product recall, CanniMed has built an impressive reputation with the Canadian and international medical community, and has developed, organically, a network of over 5,000 referring physicians. Aurora management believes that CanniMed produces and distributes the most physician-prescribed cannabis oil in the Canadian medical cannabis system.
CanniMed’s standing with the cannabis community will also be rapidly elevated following its successful integration with Aurora, through the company-wide adoption of the Aurora Standard, harnessing Aurora’s industry leading best practices, and an inclusive, compassionate, and enlightened approach to cannabis culture and community.