One of Canada’s few licensed medical marijuana producers, Aurora Cannabis, said it has secured a $5 million equity investment from a New York-based investment firm, Alumina Partners
The deal calls for Alumina to purchase $5 million in shares and warrants from Aurora, a publicly traded company on the Canadian Securities Exchange under the ticker symbol ACB.
In a news release, Aurora said the deal will give it “financial flexibility and unilateral control over the financing of its working capital requirements, and provide access to capital.”
Aurora already operates a 55,200-square-foot cultivation facility in Alberta, and the deal suggests the company has larger plans in the works. Aurora CEO Terry Booth said in the release the funding will help the company execute “the next phases of our business strategy.”