Canadian company Aurora becomes the largest cannabis producer in the world after merger

MIROSLAV TOMOSKI MAY 16, 2018
On Monday (May 14), Aurora Cannabis, a licensed medical marijuana grower in Canada, announced the largest merger the cannabis industry has seen so far. Aurora purchased another Canadian grower, MedReleaf, for $2.2 billion USD in stock, according to Bloomberg, making it the largest producer of cannabis in the world.

The company is now set to grow over a million pounds of cannabis annually across nine Canadian facilities as well as two European grow-ops it recently launched in Denmark.

The move is part of a pattern of consolidation in the Canadian cannabis industry as larger companies absorb smaller competitors ahead of nationwide legalization, expected to take effect in September.

In the past year, Aurora has acquired at least eight of its competitors including one of Canada’s oldest producers, CanniMed Therapeutics Inc.

“We’re not done,” Chief Executive Officer Terry Booth told reporters. “Over the next couple weeks, you’ll see some more activity from Aurora.”

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