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Cronos Group confirmed the sale of all its common shares in Whistler Medical Marijuana Corporation to Aurora Cannabis for C$175 million in Aurora shares.
Cronos Group (NASDAQ:CRON,TSX:CRON) confirmed the sale of all its common shares in Whistler Medical Marijuana Corporation to Aurora Cannabis (NYSE:ACB,TSX:ACB) for C$175 million in Aurora shares.
As quoted in the press release:
“We’d like to thank and congratulate Whistler for their partnership over the past two years,” said Mike Gorenstein, CEO of Cronos Group. “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.”
As a result of the closing of the Transaction, Cronos Group has received approximately 2.5 million Aurora Common Shares with an aggregate value of approximately C$24.6 million based on an issue price of $9.77 per Aurora Common Share, which represents the five-day volume weighted average price (“VWAP”) of Aurora Common Shares immediately prior to closing of the Transaction. In addition, the Company will receive further Aurora Common Shares valued at an aggregate of approximately C$7.6 million upon the satisfaction of certain specified milestones. The exact number of Aurora Common Shares to be issued to the Company following the satisfaction of each such milestone will be determined in reference to the five-day VWAP of Aurora Common Shares immediately prior to the achievement of the applicable milestone.
