Aurora Cannabis Inc. has signed a deal to buy a controlling interest in Bevo Agtech Inc., a supplier of vegetable seedlings and flowers.
Under the deal, the cannabis company will acquire a 50.1 per cent stake in Bevo for $45 million plus up to an additional $12 million that is conditional on Bevo achieving certain financial milestones at its Site One facility in Langley, B.C.
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Bevo has also agreed to acquire the company’s Aurora Sky facility in Edmonton.
In connection with the Aurora Sky transaction, Bevo will pay up to $25 million based on the achievement of certain financial milestones.
Aurora chief executive Miguel Martin says the investment and collaboration will drive significant shareholder value and synergies for both companies.
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Aurora announced plans earlier this year to close its Aurora Sky facility as part of changes at the company.
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