Aurora Cannabis to Buy Hempco Food & Fiber (HEMP)(HMPPF) – RICH TV LIVE – APRIL 16, 2019 – Aurora Cannabis Inc. (“Aurora”) (NYSE: ACB) (TSX: ACB) (Frankfurt: 21P; WKN: A1C4WM) and Hempco Food and Fiber Inc. (“Hempco”) (TSX-V: HEMP) today announced that the companies have entered into a binding letter agreement (the “Letter Agreement”) in regard to the basic terms and conditions upon which Aurora will acquire all of the issued and outstanding common shares of Hempco (“Hempco Shares”) not already owned by Aurora. In consideration of the transaction, Aurora has agreed to pay $1.04 per Hempco Share, payable in common shares of Aurora (“Aurora Shares”), reflecting a valuation of approximately C$63.4 million on a fully diluted basis.
For more than 12 years Hempco has been a trusted and respected pioneer, innovator and provider of quality, hemp-based foods, hemp fiber and hemp nutraceuticals. Hempco produces and markets the brands PLANET HEMP™ and PRAISE, hemp-based foods and nutritional supplements for people and animals. Hempco has developed multiple international distribution channels, selling through highly visible platforms, such as Amazon.com, Well.ca and Metro Inc. Through its combined hemp assets, Aurora is well positioned to drive growth through the sale of hemp products to more than 100 countries around the globe.
Hempco is in the process of commissioning production at its new, state-of-the-art Nisku facility, a 56,000 square foot, 2.9 million kg per year hemp processing facility. The Nisku facility adds further processing capacity, while at the same time enabling the company to expand its product portfolio across different industry verticals.
Hempco provides Aurora with low-cost, high-volume access to raw material (hemp) for the extraction of CBD, which has been increasingly recognized for its therapeutic benefits across a wide range of medical indications and wellness applications. Aurora identified this potential early on, completing its first investment in Hempco in 2017, and has subsequently expanded its hemp-based infrastructure through the acquisitions of Agropro, Europe’s largest producer of organic hemp and hemp-based products, Borela and ICC Labs.
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