Aurora Cannabis to acquire Mexican company following partnership deal

Aurora Cannabis Inc. has signed a deal to acquire Mexican company Farmacias Magistrales.

The deal to buy the pharmaceutical manufacturer and distributor follows an agreement last week that saw Aurora partner with the company.

READ MORE: Partnership to see Aurora Cannabis supply medical pot to Mexico

It says Farmacias recently became Mexico’s first federally licensed importer of raw materials containing THC.

Aurora says Farmacias plans to use imported THC and CBD concentrates to produce various cannabis oil products for the medical market.

The Edmonton-headquartered pot producer says Farmacias has a reach of roughly 80,000 retail points, and 500 pharmacies and hospitals across Mexico.

The price being paid was not immediately available, but Aurora says it will pay for the deal with Aurora shares, based on a valuation using revenue projections for Farmacias.

READ MORE: Aurora Cannabis ramping up production but recreational pot shortages will likely linger

The agreement also includes a contingent portion of up to 25 per cent payable on the achievement of certain milestones over the next 12 months.

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