Aurora makes big move into European hemp, CBD market

Continuing its global acquisition spree, Aurora Cannabis acquired two Lithuanian hemp companies for 6.3 million euros ($7.3 million) in cash and stocks.

Edmonton, Alberta-based Aurora acquired hemp grower and processor Agropro UAB, which has some 4,000 acres growing hemp, and Agropro’s sister company, Borela UAB, which processes and distributes organic hulled hemp seeds, hemp seed protein, hemp flour and hemp seed oil.

Aurora plans to turn the companies’ hemp infrastructure toward developing a line of CBD products.

The acquisition deal includes:

• Cash considerations of 5.4 million euros
• Common shares of Aurora valued at 960,000 euros

In addition, Aurora will refinance 2.1 million euros in existing debt as part of the transaction.

Aurora already has cannabis operations in 14 nations and is actively expanding its global footprint in both hemp and marijuana.

Earlier this week Aurora agreed to acquire Uruguayan marijuana producer ICC Labs in a deal valued at 290 million Canadian dollars ($220 million).

In May, the company took majority ownership of Hempco Food and Fiber, a hemp processor based in Nisku, Alberta.

In a statement, Aurora says it also plans to explore hemp-based food products, including a meat substitute.

Aurora trades on the Toronto Stock exchange as ACB.