Aurora Cannabis Puts Incomplete Greenhouse On The Auction Block

Aurora Cannabis 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.”

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.

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.

Posted In: CannabisM&ANewsAsset SalesMarketsAurora CannabisAurora Cannabis Aurora SunAurora cannabis layoffsAurora Cannabis To Sell GreenhouseAurora Cannabis To Sell Its propertyAurora Skycannabis industrycannabis saleslegal marijuanamarijuanaMarijuana Business Dailymarijuana stocks
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on bzcannabis.com – Prices will increase very soon!


Loading...