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Enter Symbol
or Name
USA
CA



Aurora Cannabis Inc
Symbol ACB
Shares Issued 998,596,023
Close 2019-02-25 C$ 9.59
Market Cap C$ 9,576,535,861
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Aurora Cannabis to acquire 51% of Gaia in Portugal

2019-02-26 07:06 ET - News Release

Mr. Terry Booth reports

AURORA CANNABIS EXPANDS INTO PORTUGAL, ENHANCING EUROPEAN MARKET LEADERSHIP

Aurora Cannabis Inc. has agreed to terms to acquire a 51-per-cent ownership interest in Gaia Pharm Lda., a licence applicant in Portugal, to establish a local facility to produce medical cannabis and derivative products. The company will be renamed "Aurora Portugal Lda." On Feb. 21, 2019, Gaia Pharm Lda. received approval of its application to construct a European Union good manufacturing practice-compliant cannabis cultivation facility from Infarmed, a division of the Portuguese Health Ministry, which is responsible for the evaluation, authorization, regulation and control of human medicines, as well as health products for the protection of public health.

This initiative is consistent with Aurora's strategy to achieve early mover advantage in countries with nascent medical cannabis markets. Construction of the new facility will be conducted in phases, with the first phase expected to be completed in the third calendar quarter of 2020. Upon completion, the first phase of the facility is expected to have a production capacity of approximately 2,000 kilograms per annum, growing to 4,000 kg per annum upon completion of the second phase.

Portugal, with a population of more than 10 million, represents an attractive market. It is part of the Eurozone, has a producer-friendly regulatory framework that encourages the establishment of domestic production, and features favourable labour costs. New Portuguese regulations enacted on Jan. 15, 2019, permit the distribution of prescribed medical cannabis to Portuguese patients in addition to export to other European Union member countries where medical cannabis is currently legal.

Management commentary

"We are very pleased to be entering yet another European market, and look forward to collaborating with our joint venture partners, the government of Portugal and the Portuguese medical community, to encourage the development of a rigorously regulated and safe medical cannabis system that is well supplied and accessible to patients," said Terry Booth, chief executive officer of Aurora. "With the addition of this new project, we are now active in 24 countries, which we believe represents the largest global footprint of any cannabis company. Aurora's reputation in the medical cannabis sector, bolstered by the high quality of our products and our commitment to medical and plant research, provides distinct advantages in establishing significant market share in the rapidly growing European market."

Dr. Axel Gille, Aurora's vice-president, business development Europe, added, "The formation of this joint venture and the approval of the cultivation facility in Portugal are additional important steps in Aurora's plan to develop a strong European manufacturing presence, ensuring that patients across Europe have access to the pharmaceutical-grade medical cannabis they need."

About Aurora Cannabis Inc.

Headquartered in Edmonton, Alta., Canada, with financed capacity in excess of 500,000 kg per annum and sales and operations in 23 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, and wholesale and retail distribution.

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