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Aurora Cannabis Inc., established in Canada
CBA -4.17%
CBA -3.89%
Tuesday announced an agreement to acquire the shares of Hempco Food and Fiber Inc.
HEMP, + 0.00%
it does not already have a transaction that values Hempco at C $ 63.4 million ($ 47.4 million). Aurora's US-listed stocks advanced 0.7% in pre-market, after falling 4.2% on Monday to close to a one-month low. Under the terms of the transaction, Aurora will pay CA $ 1.04 for each of the 48% of outstanding Hempco shares it does not hold, 14% more than Monday's closing price. "This transaction will allow us to fully integrate Hempco and its new Nisku processing facility with Aurora's global hemp operations, including Agropro, Borela and ICC," said Terry Booth, general manager of the company. Aurora. "Our goal is to strengthen our supply chain of CBD from hemp, as well as our hemp business, superfoods, nutraceuticals and hemp-based fibers." Aurora shares rose 71.6% from the beginning of the year until Monday, while Hempco shares lost 13.3%, according to the ETFMG ETF Alternative Harvest.
MJ -3.39%
rose 35.9% and the S & P 500
SPX, -0.06%
gained 15.9%.
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