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AURORA CANNABIS IN (OTCMKTS:ACBFF) Update On Proposed Investment In Hempco

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AURORA CANNABIS IN (OTCMKTS:ACBFF) and Hempco Food and Fiber Inc. reported that disinterested stakeholders of Hempco have decided to approve the proposed investment by company in Hempco by means of private placement, and approved the option whereby company has the right to acquire from two of Hempco’s key shareholders additional shares. These additional shares, if fully used and on a fully diluted basis, together with the private placement shares, would bring company`s ownership of Hempco to in surplus of 50%.

The details

Terry Booth, the CEO of Aurora, expressed that they are extremely delighted that Hempco shareholders have decided to approve their proposed investment. Having received nod Hempco now will have increased capital to complete its Nisku facility and aggressively look for growth. For them the association brings product diversification, and subject to expected regulation changes, a low-cost means of raw Cannabidiol material for extraction via their association with Radient Technologies Inc.

Charles Holmes, the CEO of Hempco, stated that today marks the start of an extremely thrilling period for Hempco during which they anticipate to complete their capacity expansion and begin executing on several market initiatives that they consider will drive significant growth.

For over 12 years, Hempco has been a respected and trusted pioneer, provider and innovator of premier hemp seed foods. The company is committed to advancing hemp fiber, hemp nutraceuticals and hemp foods, a “tri-crop” prospect for processors and producers. Hempco is working to expand its processing ability to fulfill international demands in a 56,000 square feet facility based at Nisku, Alberta. Hempco’s common shares are listed on the TSX Venture Exchange. Hempco® has advanced its business considerably and is generating profits and value for shareholders.

In the last trading session, the stock price of Aurora declined more than 13% to close the day at $4.24. The market cap of firm now stands around $1.95 billion.


 

 

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of journaltranscript.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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