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Aurora Cannabis Inc (OTCMKTS:ACBFF) Asks For Additional Disclosure On “Bizarre” Newstrike Supply Deal From CanniMed

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Aurora Cannabis Inc (OTCMKTS:ACBFF) called for additional disclosure on wholly inadequate update by CanniMed Therapeutics Inc. on January 2, of a supply agreement with Up Cannabis Inc., a subsidiary firm of Newstrike Resources Ltd, CanniMed’s intended acquisition candidate. The timing of this Supply Deal indicates no strategic rationale, and poses serious questions about the expected ongoing failure of CanniMed’s Board and management to meet their fiduciary duties to their shareholders, in respect to the better offer from Aurora to CanniMed shareholders.

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Cam Battley, the EVP of Aurora Cannabis, reported that simply put, this marks as a bizarre initiative taken by CanniMed management. Why would CanniMed finalize a supply deal with a firm they have proposed to buy in 3 weeks? Why would they finalize a supply agreement with a firm that doesn’t holds a sales license, and hence has no ability to meet the agreement? If CanniMed Therapeutics required to buy wholesale product, they could have signed a supply deal with any count of producers presently approved to sell.

CanniMed Therapeutics has never earlier entered into a wholesale supply deal, nor ever stated that they required additional supply. So it’s sensible to ask whether their statement actually meets the meaning of a supply agreement as usually understood – or whether it signifies a disguised scheme to attain other objectives. It’s evident depending on publicly revealed information that Newstrike Resources is in urgent financial need. Do the latest action marks as an attempt to transfer CanniMed Therapeutics capital sufficient to keep the doors open and the lights on at Newstrike?

Otherwise, is this an effort to entrench an association between Newstrike and CanniMed under adverse terms that are hostage to the interests of CanniMed stockholders, as the latest effort at creating a poison pill? Assumed that CanniMed stockholders are due to choose in the next few weeks on both the anticipated CanniMed-Newstrike deal and the Aurora Offer to buy CanniMed Therapeutics, Aurora Cannabis considers it is mandatory on CanniMed management to reveal the terms of the supply contract they have engaged with Newstrike Resources’ Up Cannabis subsidiary.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.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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