Business
Aurora Cannabis Announces Sale of Aurora Sun Facility to Bevo Expected to Provide Incremental Revenue and Cash Flow
Aurora Cannabis Announces Sale of Aurora Sun Facility to Bevo Expected to Provide Incremental Rev...
About this update from Aurora Cannabis Inc.
[{"type":"text","content":"\n \n \n \n Aurora Cannabis Announces Sale of Aurora Sun Facility to Bevo Expected to Provide Incremental Revenue and Cash Flow\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n NASDAQ | TSX: ACB\n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n July 24, 2023\n \n \n /CNW/ - Aurora Cannabis Inc. (the \"Company\" or \"Aurora\") (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, announced today that a wholly-owned subsidiary of the Company has closed the sale of its\n \n Medicine Hat, Alberta\n \n facility (the \"\n \n Aurora Sun Facility\n \n \") on\n \n July 21, 2023\n \n to Bevo Farms Ltd. (\"\n \n Bevo Farms\n \n \"), a wholly-owned subsidiary of Bevo Agtech Inc. ( \"\n \n Bevo\n \n \"). The sale of the Aurora Sun Facility was completed via Bevo Farms' acquisition of one of Aurora's wholly-owned subsidiaries (the \"\n \n Aurora Sun Transaction\n \n \"). Aurora has a controlling interest in Bevo, one of the largest suppliers of propagated vegetables and ornamental plants in\n \n North America\n \n .\n \n \n Up to\n \n $15 million\n \n 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.\n \n \n \"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\n \n Miguel Martin\n \n . \"Bevo has successfully repurposed the Aurora Sky facility in\n \n Edmonton\n \n , 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.\"\n \n \n \n Leo Benne\n \n , CEO of Bevo, added, \"Bevo's ability to deliver propagated plants directly from\n \n Medicine Hat\n \n to the\n \n Alberta\n \n greenhouse industry and beyond delivers a win for the\n ...