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5. June 2020
Consumer Products Market Watch News North America

Aurora Closes Acquisition of Leading US CBD Producer Reliva

Aurora Cannabis Inc. (NYSE | TSX: ACB) has announced it has completed the acquisition of Reliva, LLC a leader in the sale of hemp-derived CBD products in the United States for approximately US$40 million of Aurora common shares.

The transaction also includes a potential earn-out of up to a maximum of US$45 million payable at Aurora’s option in shares or cash contingent upon Reliva achieving certain financial targets over the next two years.

Reliva is a leader in delivering high quality hemp-derived CBD products, built on a philosophy of compliance, testing, product innovation and approachable price points. The company is one of the largest retail CBD brands in the USA with products available in over 20,000 retail stores.

We are pleased to have closed the Reliva transaction ahead of schedule. The partnership between Aurora and Reliva is expected to create a market leading international cannabinoid platform that we believe can deliver robust revenue and profitable growth,” said Michael Singer, Executive Chairman and Interim CEO of Aurora. “I would like to officially welcome Miguel Martin and his team to Aurora, and look forward to increasing Aurora’s operating scale, international reach, and product and brand diversity while in parallel, we remain focused on delivering Adjusted EBITDA profitability in Canada for the benefit of all shareholders.”

Miguel Martin, CEO of Reliva commented, “We are delighted to join the Aurora team.  We believe this partnership provides the opportunity for significant growth in the United States and internationally, and we’re excited to get to work.”

Source | Aurora Cannabis Inc.