Aurora Cannabis Inc. has completed their purchase of Hempco Food and Fiber Inc. after acquiring all of its outstanding common shares at a value of C$63.4 million. According to the company, Hempco provides Aurora with access to “low-cost, high-volume” raw hemp for CBD extraction.
It first invested in Hempco – whose brands include Planet Hemp and Praise – in 2017.
The move gives Aurora a position end-to-end across the industrial hemp chain and a new brand – Aurora Hemp.
Its chain includes Agropro, Europe’s largest organic hemp producer; Borela, a hemp product distributor in the European Union; ICC Labs, based in Latin America which has access to CBD genetics; cannabis testing laboratory Anadia Labs; and Radient Technologies, which provides extraction technology. The company also has a CBD research program underway with the Ultimate Fighting Championship. That partnership is expected to develop products for a topical CBD brand ROAR Sports.
CEO Terry Booth said the Aurora Hemp brand “is defining the future of cannabis and hemp globally.”
“Aurora Hemp brings together the cultivars, strategic partners, brands, and distribution networks to service medical, consumer, and wellness markets and further advances Aurora’s entry into the U.S. hemp food and hemp-derived CBD markets.” – Booth, in a statement
It’s the latest big move for Aurora who announced in July that they had won a medical cannabis license to provide products to the Italian government and that they will supply a Mexican pharmaceutical company with medical cannabis products.