Aphria rises after completing acquisition of German medical cannabis distributor
Aphria Inc (NYSE:APHA) rose Wednesday after announcing that it has completed its acquisition of CC Pharma GmbH, a distributor of drug products including medical cannabis to more than 13,000 pharmacies in Germany and throughout Europe.
Leamington, Ontario-based paid Aphria paid €18.92 million (US$22 million) in cash to the former shareholders of CC Pharma with an earn-out multiple on future earnings before interest, taxes, depreciation and amortization of as much as another €23.5 million (US$27 million) if certain milestones are met.
READ: Aphria’s Colombian subsidiary Colcanna partners with Colombian medical federation
Shares of Aphria advanced $0.16, or 2.5%, to US$6.49 in New York’s premarket trading.
“As one of the most promising medical cannabis markets in the world, Germany is a top strategic priority for Aphria,” Vic Neufeld, CEO of Aphria, said in a press release. “With today’s acquisition of CC Pharma, Aphria is creating a German and ultimately pan-European platform that brings together demand, supply and distribution.”
Founded in 1999, CC Pharma has more than 230 employees and offices in Germany, Denmark, Poland and the Czech Republic. The company holds 318 active German and 692 active European Union pharmaceutical licenses, Aphria said in a press release.
CC Pharma operates a production, repackaging and labeling facility at its headquarters in Densborn, Germany. In 2018, the company generated revenue of about €262 million (US$300 million), with Ebitda of about €10.5 million (US$12 million).
Aphria is also active in South America. Earlier this month, it announced that its Colombian subsidiary, Colcanna SAS, is partnering with the Colombian Medical Federation, which oversees the ethics of the medical profession, to develop an academic curriculum on the medicinal use of cannabis.
Contact Dennis Fitzgerald at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/212238/aphria-rises-after-completing-acquisition-of-german-medical-cannabis-distributor-212238.html
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).