Aurora Cannabis completed the acquisition of a 50.1% stake in Bevo Agtech for $57m.

Aurora Cannabis, a licensed cannabis producer, completed the acquisition of a 50.1% stake in Bevo Agtech, a supplier of propagated agricultural plants, for $57m. "This investment once again demonstrates our disciplined capital allocation approach and is consistent with both our short term needs and long-term vision to be the leading global cannabis company. Bevo's track record in generating not only positive Adjusted EBITDA but free cash flow, world class propagation expertise, and established distribution networks in Canada and the United States makes them an ideal strategic partner. We expect this investment and collaboration between industry leaders will drive significant shareholder value and synergies for both parties. We are also excited about Bevo repurposing Aurora Sky and the potential to expand the scale and scope of their business and saving significant costs previously expected in connection with the wind down and sale of the facility," Miguel Martin, Aurora CEO.