EDMONTON, AB, March 22, 2022 /PRNewswire/ – Aurora Cannabis Inc.
The Transaction is expected to strategically strengthen Aurora’s position in the Canadian market by placing the Thrive team in charge of Aurora’s Canadian recreational portfolio, advancing the shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates.
, which amongst other accolades was recognized as the #1 brand recommended by Canadian budtenders in 2021, and was the 2021 winner of Best Concentrate from the Kind Magazine Awards, as voted for by budtenders.
“As consolidation among licensed producers accelerates, it’s vital that any transactions we make, now or in the future, be strategic, accretive, and centred around adding exceptional talent and brands that align with our path to profitability,” said Miguel Martin, Chief Executive Officer of Aurora.
This transaction supports our path to profitability while ensuring that we are strategic in our M&A activity.
“We are excited to be joining a team that shares our vision for delivering the highest quality, premium cannabis products to consumers in a way that generates sustainable profitability,” said Geoff Hoover, Chief Executive Officer of Thrive.
Supports Aurora’s Timeline to Profitability with Positive and Growing EBITDA: Transaction is aligned with Aurora’s plan to achieve profitability in H1/FY23 on an Adjusted EBITDA basis.
Addition of Highly Experienced Management Team with Leading Operational and Cultivation Expertise: Transaction will add a talented management team comprised of industry veterans with leading cannabis cultivation, extraction, and product development expertise.
Robust Product Pipeline Led by Expansive Genetics Library: Thrive brings a genetics library that has consistently delivered 24%+ THC potency, high yielding and disease-resistant cultivars.
The Transaction is subject to receipt of regulatory, third party and Thrive shareholders’ approvals and other customary closing conditions and expected to close in Aurora’s fiscal Q4 2022.
Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched.
Thrive is most widely known for its award-winning flagship adult-use brand, Greybeard Cannabis Co., which specializes in premium quality, small-batch craft cannabis concentrates and flower products.