March 25, 2022 By Grow Opportunity staff
In a move designed to strengthen its position in the Canadian market, Aurora Cannabis Inc. is acquiring TerraFarma Inc., the parent company of Thrive Cannabis.
The deal will see Thrive amalgamate with a subsidiary of Aurora, which will acquire all of TerraFarma’s issued and outstanding shares in exchange for $38 million in cash and Aurora shares.
Thrive will also be eligible for up to $20 million in shares, cash or both, if it reaches revenue targets within two years of the transaction.
In a March 22 news release, Aurora officials said the acquisition “[places] 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.”
“We look forward to combining our best-in-class products and innovation pipeline with Aurora’s depth of operational capabilities, robust route to market and shared focus on superior science and genetics that is critical for advancement in this sector,” Thrive CEO Geoff Hoover said in the news release. “This combining of two great companies will be transformative.”
Founded in 2018, Simcoe, Ont.-based Thrive is known for its premium craft cannabis products, which include concentrates, dried flower and sublingual strips sold under the Greybeard Cannabis Co. and Being Cannabis brands.
Aurora is headquartered in Edmonton, and serves both the medical and consumer markets.
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