Market Overview

Aurora Acquires HotHouse Consulting, GrowForce Gets $29M Investment, Khiron Buys Colombian Health Network

Aurora Acquires HotHouse Consulting, GrowForce Gets $29M Investment, Khiron Buys Colombian Health Network

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A Capital Raise

GrowForce Holdings Inc. closed a capital raise to bank more than C$38 million in gross proceeds. The funds will serve as general working capital and support cultivation expansion and asset acquisition.

“With this capital raise, additional access to growth capital and key strategic partnerships in place, GrowForce is well-positioned to consolidate a fragmented cannabis industry in Canada and international markets,” James Lowe, executive vice president of operations for GrowForce, said in a statement.

The raise was pursued in connection with GrowForce’s proposed reverse takeover of Platform Eight Capital Corp., which is expected to be completed in the third quarter.

A Consulting Acquisition

Aurora Cannabis Inc (TSE: ACB)(OTC: ACBFF) announced it signed a letter of intent to acquire the cannabis business of HotHouse Consulting Inc., which supports about 50 customers globally.

Upon the transaction’s close, HotHouse founder Laust Dam will become vice president of horticultural development for Aurora Larssen Projects.

"Developing efficient and technologically advanced greenhouses allows Aurora to produce and harvest the highest quality cannabis at incredible scale while maintaining unmatched, ultra-low costs per gram, per square foot, per year," Thomas Larssen, president of Aurora Larssen Projects, said in a statement. "Through the addition of Laust and the entire team at HotHouse, ALPS gains significant insight and experience that we can apply to our industry leading cultivation design, engineering and consulting projects.”

A Health Care Acquisition

Khiron Life Sciences Corp (CVE: KHRN) (OTC: KHRNF) announced it entered into a letter of intent to buy the Latin American Institute of Neurology and the Nervous System. The Colombian health network supports about 100,000 patients, expands Khiron’s internal medical team by about 46 physicians and positions Khiron to reap about $10.5 million in revenue.

“This acquisition represents one of the most significant developments for Khiron to date,” Khiron CEO Alvaro Torres said in a statement. “We will secure a significant revenue stream from patients within our target market and see multiple opportunities to further scale revenue and drive profitability from introducing medical cannabis to ILANS patients.”

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Posted-In: Cannabis News After-Hours Center Best of Benzinga


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