EDMONTON, Nov. 22, 2018 /PRNewswire/ - Aurora Cannabis Inc. and ICC Labs Inc. are pleased to announce today the completion of the previously announced plan of arrangement pursuant to which Aurora has acquired all of the issued and outstanding common shares of ICC for $1.95 per share (payable in common shares of Aurora), reflecting an aggregate purchase price of approximately $290 million. ICC is now a wholly-owned subsidiary of Aurora. Completion of the Arrangement follows receipt of approval of the Arrangement from the Instituto de Regulación y Control del Cannabis, the Uruguayan regulatory authority overseeing the regulation and control of cannabis in Uruguay.
ICC's common shares will be delisted from the TSX Venture Exchange, subject to TSX-V approval, and applications will be made for ICC to cease being a reporting issuer.
The acquisition of ICC establishes Aurora as an industry leader in Latin America, a region which encompasses more than 650 million people from across Mexico, the Caribbean, Central America, and South America. ICC, based in Uruguay, the first country in the world to legalize cannabis for adult consumer use, has developed a strong portfolio of high-quality, low-cost production assets, product offerings, and commercial agreements. Located in Uruguay's free trade zone, ICC's state-of-the-art science and GMP compliant processing facility, the first of its kind in Latin America, brings very significant capacity and early mover advantage to build significant market share both in Latin America and the international cannabis and wellness markets.
