Alberta’s Aurora Cannabis has agreed to acquire privately held British Columbia-based Whistler Medical Marijuana Corp. – one of Canada’s first licensed producers – for 175 million Canadian dollars ($131 million) in an all-share transaction.
The acquisition will add Whistler’s recognized cannabis brand to Aurora’s portfolio. It also provides Aurora a proven export channel.
Whistler already has experience shipping products overseas, having sold medical cannabis derivatives to companies in Australia and the Cayman Islands.
Whistler’s two indoor licensed production facilities are anticipated to have a combined production capacity of more than 5,000 kilograms (11,000 pounds) per year, Aurora said in a news release.
Whistler also possesses a deep product portfolio with a genetics bank of over 150 strains.
The company is certified by the Fraser Valley Organic Producers Association.
The acquisition agreement includes milestone payments based on Whistler achieving certain operational objectives.
For Aurora – never shy in the M&A market – this represents its first major acquisition this year.
“We intend to accelerate the completion of Whistler’s Pemberton expansion project and leverage our domestic and international distribution channels to increase market reach for their exceptional products,” Aurora CEO Terry Booth said in the release.