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Aurora Cannabis Sells Remaining Green Organic Dutchman Shares For $86.5M

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Aurora Cannabis Sells Remaining Green Organic Dutchman Shares For $86.5M

Aurora Cannabis Inc. (NYSE: ACB) announced Wednesday it has sold all of its remaining shares of The Green Organic Dutchman Holdings Ltd (TSE: TGOD)(OTC: TGODF).

The company disposed 28.83 million TGOD shares that accounted for 10.5% of the total number of outstanding shares, at a price of $3.00 per share for gross proceeds of $86.5 million. The sale of the shares stands for around 50% internal rate of return for the company, as reported in the press release.

Even though Aurora doesn’t own any TGOD shares, it still has warrants to purchase 16.67 million TGOD’s shares.

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"Aurora has a broad portfolio of strategic investments that allow us to participate in opportunities throughout the cannabis sector, while providing the company with non-dilutive access to capital," said Terry Booth, Aurora CEO. "We evaluate our investment portfolio on a regular basis to make sure it continues to align with our investment strategy and corporate priorities.

"When we acquired Whistler Medical Marijuana Corporation – an iconic and premium organic cannabis producer – our interest in TGOD became less important to our core strategy. Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry."

Aurora Cannabis closed Tuesday’s session at $5.67 per share.

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Posted-In: Terry BoothCannabis News Asset Sales Top Stories Markets Best of Benzinga

 

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