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Aurora Cannabis Inc (OTCMKTS:ACBFF) To Increase Stake In Cann Group Ltd

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Aurora Cannabis Inc (OTCMKTS:ACBFF) reported that it intends to increase its stake in Cann Group Ltd to 22.9% from 19.9%, its latest move to grow in the cannabis market. The company, already Cann’s leading shareholder, stated that it purchased the shares at A$2.50 per piece. Shares of Cann Group closed 4.7% higher at A$3.14 post the news.

The details

Cann Group marks as the first Australian firm to get a license to research and grow cannabis for medicinal purposes. Aurora plans to invest C$12 million in Canadian biotechnology firm Radient Technologies Inc. The investment will hike Aurora’s interest in Radient to 19.18% from 8.8%. The investments come as company seeks to expand ahead of projections that Canada will approve the sale, consumption and production of recreational marijuana.

Aurora is also intending to purchase medical marijuana firm CanniMed Therapeutics Inc (OTCMKTS:CMMDF), which recently adopted a “poison pill” strategy to prevent a takeover. Cann Group has been one of the major medicinal cannabis focused equities on the ASX over the last year, making almost 400% jump. The company is establishing a renowned business focused on manufacturing, cultivating and breeding medical cannabis for sale and application within Australia.

Recently the firm was allowed a license to export and/or import cannabis genetics and medical cannabis offerings by the Australian Government Department of Health, via the ODC. As a license holder, the firm can now apply for a license to export cannabis oil and raw cannabis material for analytical testing.

To advance the next measures, Cann Group is heading to market with a funds raising in the way of a placement to sophisticated, institutional and other professional shareholders. A share purchase program will also be presented. In unrelated news, Aurora Cannabis and Micron Waste posted that they have finalized an agreement for former firm to do an investment in latter company.

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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