Partnership Capitalizing on Hemp and CBD Opportunities
TSX: ACB
TSX-V: HEMP
VANCOUVER, Nov. 9, 2017 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (TSX: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) and Hempco Food and Fiber Inc. ("Hempco") (TSX-V: HEMP) are pleased to announce that disinterested shareholders of Hempco have resolved, at today`s Special Meeting of Shareholders, to approve the proposed investment by Aurora in Hempco by way of private placement, as well as approved the option whereby Aurora has the right to buy from two of Hempco's principal shareholders, additional shares that, if fully exercised and on a fully diluted basis, combined with the private placement shares, would bring Aurora`s ownership of Hempco to in excess of 50%. Details of the investments have been described in detail in a press release dated September 18, 2017 and has been filed on www.sedar.com.
"We are very pleased that Hempco shareholders have resolved to approve our proposed investment," said Terry Booth, CEO. "Having received approval Hempco now will have additional funds to complete its Nisku facility and aggressively pursue growth. For us the partnership brings product diversification, as well as, subject to anticipated regulation changes, a low-cost source of raw CBD material for extraction through our partnership with Radient Technologies Inc."
Charles Holmes, Hempco CEO, added, "Today marks the beginning of a very exciting period for Hempco during which we expect to complete our capacity expansion and start executing on a number of market initiatives that we believe will drive significant growth."
About Aurora
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as "Aurora Mountain", a second 40,000 square foot high-technology production facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island, and is currently constructing an 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport.
In addition, the Company holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens. Aurora's common shares trade on the TSX under the symbol "ACB".
About Hempco
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of premier hemp seed foods. Hempco is committed to developing hemp foods, hemp fiber and hemp nutraceuticals, a "tri-crop" opportunity for producers and processors. Hempco is expanding its processing ability to meet global demands in a 56,000sq. ft. facility located at Nisku, Alberta. Hempco's common shares trade on the TSX Venture Exchange under the symbol "HEMP". Hempco® has grown its business significantly and is generating value and profits for shareholders.
| On behalf of the Board of Directors | |
| | |
| Terry Booth | Charles Holmes |
| Chief Executive Officer, Aurora | Chief Executive Officer, Hempco |