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Effective URL: https://biopharmaapac.com/news/81/4355/aurora-cannabis-expands-global-footprint-with-acquisition-of-medreleaf-australia.ht...
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Effective URL: https://biopharmaapac.com/news/81/4355/aurora-cannabis-expands-global-footprint-with-acquisition-of-medreleaf-australia.ht...
Submission: On February 11 via api from DE — Scanned from DE
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* Aurora Cannabis Expands Global Footprint with Acquisition of MedReleaf
Australia
AURORA CANNABIS EXPANDS GLOBAL FOOTPRINT WITH ACQUISITION OF MEDRELEAF AUSTRALIA
09 February 2024 | Friday | News
--------------------------------------------------------------------------------
Aurora Cannabis Inc., a leading global medical cannabis company, has solidified
its position as the largest player in the global medical cannabis market by
acquiring MedReleaf Australia, a subsidiary of Indica Industries Pty Ltd. This
strategic move, announced on February 8, 2024, sees Aurora further strengthening
its foothold in nationally legal cannabis markets.
Image Source : Public Domain
MedReleaf Australia, holding the coveted #2 spot in the rapidly growing
Australian medical cannabis market, was acquired by Aurora in a transaction
valued at AUD$50 million. This acquisition marks Aurora's continued commitment
to investing in markets with sustainable and profitable growth opportunities.
Australia's medical cannabis market, estimated to be worth approximately AUD$400
million, operates under a clinician-led distribution model, aligning perfectly
with Aurora's operational success in other key global medical cannabis markets
such as Germany. Since initially partnering with MedReleaf Australia in 2017,
Aurora has played a pivotal role in the region's burgeoning growth, leveraging
its pharmaceutical-grade cultivation and innovative product development.
Miguel Martin, Chief Executive Officer of Aurora Cannabis, expressed his
enthusiasm for the acquisition, stating, "The acquisition of MedReleaf Australia
represents a strategic milestone in Aurora's global cannabis leadership. We are
excited to solidify our position in this rapidly growing market and accelerate
our plans to deliver positive free cash flow in calendar 2024."
The co-founders of MedReleaf Australia, Russell Harding and Nathan Davis, echoed
Martin's sentiments, expressing pride in the company's growth and the positive
impact it has had on patients' lives nationwide. They see the acquisition as a
significant step in MedReleaf Australia's ongoing expansion and its mission to
integrate medical cannabis into mainstream medicine.
The acquisition of MedReleaf Australia is expected to bolster Aurora's global
cannabis leadership, leveraging its strength in providing pharmaceutical-grade
cannabis products and expanding margins in the Australian market. With MedReleaf
Australia generating approximately AUD$40 million in net revenue over the
trailing 12 months, Aurora anticipates immediate accretive effects from the
transaction, supporting its path to profitability and positive free cash flow in
calendar 2024.
Transaction Details: Aurora, through its wholly-owned subsidiary, acquired
approximately 90% equity interest in MedReleaf Australia at a total enterprise
value of AUD$50 million. The consideration includes approximately 69.5 million
Aurora Shares issued to selling shareholders and AUD$9.45 million in cash.
Certain portions of the consideration are held in escrow to ensure the
fulfillment of obligations by the selling shareholders.
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