Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Midas Letter (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Aurora Cannabis Inc Enters South America With ICC Labs Purchase

% of readers think this story is Fact. Add your two cents.


Aurora Cannabis Inc (TSX:ACB) (OTCQB:ACBFF) (FRA:21P) and ICC Labs Inc (CVE:ICC) (FRA:2Q9) made good on the rumors the two companies would join ranks. The deal gives Aurora a much needed presence in the Latin American market—one geographic it had failed to meaningfully penetrate to date.

Aurora Cannabis intends to acquire all of the issued and outstanding common shares of ICC Labs for $1.95/share—payable in ACB common shares— reflecting an aggregate purchase price of approximately C$290 million. This represent roughly a ↑8.94% premium over ICC Labs closing price on Friday. The small premium may surprise some investors, but some of the recent move of the company was probably priced-in.

On August 23rd, ICC Labs jumped ↑18.79% when reports surfaced out of Uruguay that the two companies were talking about linking up. According to the Búsqueda newspaper, the deal would include ICC’s recreational and medical operations in Uruguay, as well as planned facilities in Colombia, which the company received a license for in early 2018. They are only one of two companies to which such a license in the country with among the most liberal cannabis laws on the planet.

Overall, the acquisition segues Aurora Cannabis into a forefront position as a leader in South America, a continent with over 420 million people. ICC presently has over 70% market share in Uruguay, the first country in the world to legalize cannabis for adult consumer use. Although Uruguay only has 3.5 million inhabitants, the big prize is sitting due north, if/when Brazil decides to relax their cannabis use laws. Columbia also presents a robust opportunity, with around 50 million inhabitants and cannabis laws which are just as relaxed.

Aurora Cannabis joins primary competitors Canopy Growth Corp. and Aphria Inc. as recent entrants into the Latin American fray. Shares of ACB are currently higher by $0.11 to $8.23/share (↑1.35%); ICC gained $0.08 to $1.87/share (↑4.47%).

Original article: Aurora Cannabis Inc Enters South America With ICC Labs Purchase

©2018 Midas Letter. All Rights Reserved.


Source: https://midasletter.com/2018/09/aurora-cannabis-inc-enters-south-america-with-icc-labs-purchase/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.