Aurora Cannabis buying Canadian greenhouse company Bevo Agtech

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Aurora Cannabis Inc. ACB, +5.03% ACB, +3.96% said Thursday it agreed to acquire a controlling 50.1% interest in Bevo Agech Inc., the parent of Bevo Farms Ltd., operator of 63 acres of greenhouse facilities in British Columbia with revenue of C$39 million ($30.2 million) in the 12 months ending June 30. The deal includes a C$45 million payment upon closing, plus C$12 million in milestone payments for three years. Bevo also agreed to pay Aurora C$25 million over time for Aurora’s Aurora Sky greenhouse facility in Edmonton, Alberta, to grow orchids and vegetables. Aurora has invested C$250 million in the facility, MJBiz reported in May. Lazard Canada Inc. was exclusive financial adviser to Aurora while Agentis Capital Advisors advised Bevo. Shares of Aurora fell 1.9% on Thursday. The stock is down 71.7% in 2022 compared to a loss of 55.3% by the Cannabis ETF THCX, +2.36%.

This article was originally published by Marketwatch.com. Read the original article here.

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