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Aurora Cannabis (NASDAQ:ACB) is looking to sell one of its cannabis cultivation greenhouses, according to Marijuana Business Daily.
The Canadian cannabis giant hasn’t set the sale price. However, it is “open to a broad range of potential transaction structures and forms of consideration in order to maximize value.”
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Per the report, this is the latest large cannabis greenhouse sale by a big Canadian producer.
So far, Aurora has invested around CA$260 million (US$205 million) into this project, with plans to build a state–of-the-art medical-grade greenhouse facility on a 1.7 million square foot complex in Medicine Hat, Alberta.
The main building covers 1.4 million square feet of space.
The project is only partially completed. That means it's up to the buyer to make an additional large investment to finalize it.
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The amount will likely depend on whether the new owner wants to complete the facility for cannabis or non-cannabis use.
Previous Challenges
A promotional brochure that lists the property reveals the address fits its Aurora Sun structure, at which Aurora halted activities in December.
Last year was generally challenging for Aurora, as the company also reduced the production at its flagship Aurora Sky facility by 75%, and let go more than 1200 of its employees in an effort to improve the balance sheet.
What’s more, about a year ago, Aurora agreed to a price offer for its greenhouse in Exeter, Ontario of CA$17 million, which represented one-third of the initial purchase price.
An Aurora spokesperson told Marijuana Business Daily that the company “continuously and carefully reviews the company’s operations network to ensure it is fit for our business today and in the near term."
The company also recently announced that it will pause operations at Aurora Sun in Medicine Hat, Alberta, indefinitely.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.