Canada-based Aurora Cannabis (TSX: ACB) (NYSE: ACB) announced through a letter of intent released on Monday morning that it will acquire Whistler Medical Marijuana Corp. for a transaction valued at about USD 175 Million.
Aurora, a leading cannabis company that has a funded production capacity of 500,000 kg per year and sales & operations in 22 countries, expects to benefit from the acquisition by “reinforcing Aurora’s presence in the well-established west coast cannabis market,” with the addition of Whistler’s “premium and differentiated organic certified product suite.”
Terry Booth, the CEO of Aurora, stated, “This transaction adds an iconic, certified BC-based brand with exceptional traction and a significant price premium in both the medical and retail markets. We intend to accelerate the completion of Whistler’s Pemberton expansion project, and leverage our domestic and international distribution channels to increase market reach for their exceptional projects.”
Founder and CEO of Whistler Christopher Pelz added, “With its commitment to the highest product quality standards, as well as its large footprint in both the Canadian and international cannabis markets, Aurora is the ideal partner for Whistler to enhance our growth and margin profile.”
Whistler, founded in 2013 and based in British Columbia, is one of Canada’s original 10 licensed marijuana producers and was the first licensed producer with organic certification. Whistler has two indoor production facilities that are anticipated to have a combined production capacity of over 5,000 kg per year by Summer 2019 to add onto Aurora’s current eight facilities. Furthermore, the Company currently sells internationally to Australia and the Cayman Islands as well.