Title: Aurora Cannabis Sells Facility in Medicine Hat, Alberta
Byline: Adriano Marchese
Introduction: Aurora Cannabis, a leading Canadian cannabis company, announced on Monday the sale of its Aurora Sun Facility in Medicine Hat, Alberta. The facility was sold to a subsidiary of Bevo Agtech, a company in which Aurora has a controlling interest. This transaction not only improves Aurora's cash flow but also supports Bevo's business expansion.
- The sale of the Aurora Sun Facility was completed through the transfer of Aurora's wholly-owned subsidiary by Bevo Agtech's subsidiary, Bevo Farms.
- Under the agreement, Aurora could receive up to 15 million Canadian dollars ($11.3 million) depending on Bevo's achievement of specific financial milestones at the facility.
- As a result of this sale, Aurora anticipates a C$2 million reduction in its annual carrying costs associated with maintaining the facility as an idle asset.
Statement: Aurora's Chief Executive, Miguel Martin, expressed his satisfaction with the transaction, stating, "I am pleased that this transaction will achieve the dual objectives of improving Aurora's cash flow while benefiting Bevo as they proceed with the expansion of their business."
Conclusion: This facility sale not only positively impacts Aurora's financial position but also supports the growth plans of Bevo Agtech.
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