Aurora Cannabis Inc. closes sale of Medicine Hat

Bevo Farms, a subsidiary of Bevo Agtech Inc., is one of the largest suppliers of propagated vegetables and ornamental plants in North America. Interestingly, Aurora Cannabis Inc. holds a controlling interest in Bevo.

Aurora’s CEO, Miguel Martin, expressed satisfaction with the deal, which he said would improve Aurora’s cash flow while also aiding Bevo’s business expansion. “Bevo has successfully repurposed the Aurora Sky facility in Edmonton, and we’re excited to further support their continued growth. Bevo’s acquisition of the Aurora Sun facility further demonstrates the close synergies between our companies, and the value that our partnership creates for shareholders,” Martin commented.

Leo Benne, Bevo’s CEO, echoed similar sentiments, describing the transaction as beneficial for multiple stakeholders. He mentioned the Alberta greenhouse industry, the City of Medicine Hat and its residents, Bevo, and Aurora as beneficiaries of this deal. He further expressed his gratitude to the City of Medicine Hat for their significant contributions to the transaction, emphasizing Bevo’s commitment to fostering partnerships in Alberta.

This strategic transaction holds promising potential for both parties involved. The deal accelerates Bevo’s plans to increase revenue and earnings, which will be fully consolidated in Aurora’s results due to their controlling interest. It also draws on Bevo management’s substantial agricultural experience of 85 combined years to expand their vegetable and floral propagation production footprint, extending its established distribution reach.

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Image provided by Aurora Cannabis

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