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Aurora Cannabis plans to take over CanniMedAurora Cannabis has submitted a proposal to acquire all of the issued and outstanding common shares of CanniMed. The proposal was delivered to the Board of Directors of CanniMed on November 13, 2017 and Aurora is seeking to pursue a mutually agreed upon combination with CanniMed. CanniMed has not yet engaged in active discussions with Aurora, however, Aurora welcomes the opportunity to do so, such that CanniMed's shareholders can benefit from the significant inherent value in the Proposal. Aurora has requested that CanniMed's Board respond to the Proposal prior to 5:00 pm (Vancouver time) on Friday November 17, 2017, failing which, Aurora intends to commence a formal takeover bid for CanniMed.
"Aurora and CanniMed are a great fit, truly complementary, and I am convinced we can generate even greater value by combining the two companies and aligning our efforts strategically," said Terry Booth, CEO. "Aurora has the management expertise, capital markets strength, distribution channels, brand power and growth prospects to successfully integrate CanniMed into Aurora - the fastest-growing cannabis company with the sector's most exceptional execution track record."
Aurora believes the value that would result from the combination of the two companies is substantial. Together, their unique and complementary strengths would drive value, create the leading cannabis company across multiple markets, and the combined entity will lower production costs while connecting consumers via market leading brands. Among other things, the combined entity will:
- have a combined total of over 40,000 active registered cannabis patients in Canada;
- have significant cultivation capacity with five state-of-the-art facilities, and additional facilities planned;
- have existing or funded capacity of over 130,000 kilograms of annual production with significant additional capacity planned;
- further strengthen both companies' international presence with operations and agreements in the European Union, Australia and the Cayman Islands;
- increase the capacity to reach and service a wider international patient base with a broader product offering;
- improve yields through cross-application of proprietary technologies from each of Aurora and CanniMed;
- provide CanniMed with access to Aurora's network of strategic partners, such as extraction technology leader Radient Technologies;
- enable CanniMed to leverage Aurora's sector leadership in innovation to accelerate development;
- expand both companies' portfolio of genetics; and
- enable CanniMed to leverage Aurora's unparalleled e-commerce platform, including the only mobile app in Canada that enables customer purchases.
P.O. Box 209
Cremona, AB. T0M0R0
Publication date: 11/15/2017
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