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article imageCronos Group sells entire stake in medical marijuana company

By Karen Graham     Mar 4, 2019 in Business
Whistler - Cronos Group announced on Monday that it has sold all of its common shares in the capital of Whistler Medical Marijuana Corporation to Aurora Cannabis Inc.
Cronos's stake in Whistler Medical Marijuana Corporation represents about 19 percent of Whistler’s issued and outstanding common shares. Aurora will pay a total of C$175 million - payable by the issuance of common shares in the capital of Aurora.
Cronos will receive about 2.5 million Aurora common shares worth an aggregate value of about C$24.6 million and another C$7.6 million upon reaching certain milestones.
"We'd like to thank and congratulate Whistler for their partnership over the past two years," said Mike Gorenstein, CEO of Cronos Group, reports The Street.
"Whistler's commitment to creating high-quality products and establishing a premium brand has generated value for consumers and investors alike. We are proud to have been part of their growth and look forward to their progress through this venture."
Early Monday, Cronos was trading up 1.54 percent and Aurora was higher by 0.33 percent.
Whistler Medical Marijuana Corporation
Whistler Medical Marijuana Corporation is headquartered in Whistler, British Columbia, and was incorporated in 2013. The company is certified by the Fraser Valley Organic Producers Association (FVOPA) and conforms to International Organic Growing Standards.
The company offers users 15 strains of marijuana and 18 types of CBD oil and also sells its medical cannabis derivatives internationally to both Australia and the Cayman Islands.
Aurora's deal today with Cronos is part of a plan first reported in January this year. On January 14, Aurora Cannabis Inc. announced the company planned to acquire all the issued and outstanding shares of privately held Whistler Medical Marijuana Corporation, valued at up to $175 million.
In a press release in January, Aurora said its acquisition of Whistler was expected to provide them with a "premium and differentiated organic certified product suite" that will enhance both their medical and adult-use product line while firming up its West Coast cannabis market.
More about Cronos Group, Whistler Medical Marijuana Corporation, aurora cannabis, exit medical marijuana, Business
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