Aurora to grow cucumbers, tomatoes and bedding plants?BIf you don't know, Bevo Farms has been around for 30 years - owned by the Benne family.
They propogate bedding plants, greenhouse produce as well as grow produce themselves and are widely respected throughout North America.
It was their misfortune and to Leo Benne's dismay - that they got hooked up with Zenabis. Eventually, when Hexo acquired Zenabis - Bevo re-invented itself and started over - including ownership of the Langley facility - that Hexo still makes lease payments on even though they dont grow anything in it.
THis was a good move by ACB (regardless of what you think of ACB) as they partner with a legitimate, expereinced grower - both produce and cannabis. PLUS they are actually going to produce something out of the Edmonton facility.
Tomatoes and cucumbers? You might also recall that Village Farms - ina ddition to 1m sq ft greenhosues in Canada - owns 5.5 million sq ft of greenhouse in Texas, currently growing produce - but that has already been retrofited for cannabis - just waiting for legalization. You might also recall that Pure Sunfarms, a VFF company, is one of the few cannabis LPs in the world that shwos a NET PROFIT. Again, experienced greenhouse growers - translated into thwe lowest cost prodcuers of cannabis.
Aurora Cannabis Acquires Controlling Interest in Bevo Farms
NASDAQ| TSX: ACB
Long Term Investment Expected to Deliver Aurora Immediate Positive Cash Flow
- Aurora acquires a controlling interest in Bevo; one of the largest suppliers of propagated vegetables and ornamental plants in North America with proven track record of profitability
- Bevo will continue to be run by existing management team; robust growth plan includes use of Aurora Sky for ornamental plant cultivation and for vegetable propagation
- Transaction is expected to be immediately accretive adding ~$9 million of LTM Adjusted EBITDA; Aurora remains on track to achieve consolidated positive Adjusted EBITDA run rate exiting the first half of fiscal 2023.
EDMONTON, AB, Aug. 25, 2022 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, is pleased to announce today that a wholly-owned subsidiary of the Company has acquired a controlling interest in Bevo Agtech Inc. ("Bevo"), the sole parent of Bevo Farms Ltd., one of the largest suppliers of propagated vegetables and ornamental plants in North America (the "Bevo Transaction"). Concurrent with closing of the Bevo Transaction, Bevo entered into an agreement to acquire the Company's Aurora Sky facility in Edmonton, Alberta through the acquisition of one of Aurora's wholly-owned subsidiaries (the "Aurora Sky Transaction" and together with the Bevo Transaction, the "Transaction").