Aurora Cannabis (
TSE: ACB,
Forum) has sold its remaining 10.5 percent ownership stake in The Green Organic Dutchman (
TSE: TGOD,
Forum) after markets closed on Tuesday. According to both companies, the sell-off was part of a block sale coordinated by a syndicate of Canadian banks.
The sale of 28.8 million shares at $3 per share generated $86.5 million in proceeds for Aurora. Seaport Global Securities analyst
Brett Hundley says the sale will allow Aurora to further add to its cash reserves as it continues to build out its cultivation and processing footprint, while mitigating some investor concerns around its quarterly cash burn.
Read full press release
here.