Aurora Cannabis Inc, MedReleaf Corp Approve Acquisition and Spin-Off Agreement
It’s official: Aurora Cannabis Inc (TSX:ACB) (OTCQB:ACBFF) (FRA:21P) and MedReleaf Corp (TSE:LEAF) (OTCMKTS:MEDFF) (FRA:MEW) will become a combined entity. With Aurora shareholders approving the Share Issuance Resolution in near-unanimous fashion— 98.65% of the votes cast in favor at their shareholder meeting—the last potential leg of resistance breezed through virtually unchallenged.
From a pure scale standpoint, the merger brings a multitude of benefits to the table. Aurora-MedReleaf becomes Canada’s largest funded-capacity licensed producer (570,000kg/annualized), to be delivered through nine facilities in Canada and two in Europe. The combined entity will own the most comprehensive and diverse medical cannabis product line on the market. And perhaps most importantly, the amalgamated research and development (R&D) prowess—already enhanced through Aurora’s earlier acquisition of CanniMed Therapeutics—is on a whole different vis-à-vis other licensed producers.
As per the press release, the combined company will entail approximately 40 PhDs and MScs., working around the clock to develop new products and innovations. As cannabanoid molecular development remains in the early innings, Aurora Cannabis is at the vanguard of both inventing, and bringing such higher margin products to market.
In terms of forward potential, think GW Pharmaceuticals Plc drug Epidiolex, which was recently approved by the Food & Drug Administration. Similar, less regulated over-the-counter (OTC) innovations for different ailments types are begging to come to market—especially with cannabanoid re-classification in the pipeline.
Again, with the procurement of specialized molecular scientists from both CanniMed and MedReleaf under one umbrella, Aurora Cannabis maintains the best medical refined goods product optionality in the industry. They’ve already procured partnerships with softgel manufacturers, oral strip developers and extract manufacturers to facilitate that process.
Aurora Cannabis Spins-Out Australis Capital
The Aurora Cannabis shareholder meeting also saw another material event take place. The company announced it approved a reduction of capital resolution with respect to the proposed spin-out of U.S. assets by way of a distribution of capital to its shareholders.
Following the spin-out of Australis, Aurora will hold two back-in warrants that provide the Company with the right to acquire an interest in Australis, subject to the approval of the TSX and regulatory favorability in the U.S. Separately, MedReleaf shareholders voted in favor of the resolution during their own concurrent shareholder meeting, held the same day.
Assuming conditions of the closing are satisfied, the Arrangement is expected to be completed on or around July 25, 2018.
Original article: Aurora Cannabis Inc, MedReleaf Corp Approve Acquisition and Spin-Off Agreement
©2018 Midas Letter. All Rights Reserved.
Source: https://midasletter.com/2018/07/aurora-cannabis-inc-medreleaf-corp-approve-acquisition-and-spin-off-agreement/
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