Aurora Cannabis Inc. (ACBFF) announced today a pair of agreements aimed at strengthening the company’s brand recognition and product offerings.
First, Aurora announced that it has signed a binding term sheet with CannaRoyalty Corp. (CNNRF) to purchase CannaRoyalty’s exclusive license to use and commercialize pre-roll technology developed by Wagner Dimas in Canada for a price of $7 million CAD.
“Pre-rolls are a rapidly growing, in-demand segment of the international cannabis market and the Wagner Dimas’s technology has substantial competitive advantages over peers in terms of throughput, quality and diversity,” said Terry Booth, CEO of Aurora. “This Agreement reflects Aurora’s strategy to continue broadening our high-quality product portfolio by expanding into value add products for both the medical and adult consumer markets.”
The deal is not yet final and closing of the deal will be subject to regulatory approval and other undisclosed conditions. However, barring a mutual agreement between the two parties to terminate the deal, the agreement is expected to close within the next 15 days.
Aurora also announced that it has entered into a partnership agreement with Evio Beauty Group, whereby Aurora will make a strategic investment in Evio. Aurora and Evio will work together to develop a line of co-branded cosmetic products containing hemp seed oil as well as CBD infused beauty products. Evio Beauty is a company with a wide portfolio of conscious lifestyle brands and its sister cosmetic brand, Evelyn Iona, has a diverse consumer base and a strong e-commerce platform. Both Aurora and Evio hope that this partnership will help increase both companies brand recognition and cross-selling opportunities.
“The cannabis industry is uniquely positioned to champion more women in leadership roles. With the strong support of a dedicated partner like Aurora, we will continue to scale our female empowerment initiatives while addressing pain points in the cosmetics industry,” commented Brandi Leifso, CEO of Evio Beauty. “By utilizing hemp seed oil and cannabis derivatives, we can enhance ingredient transparency, reducing the use of hurtful animal by-products and ecologically unsustainable inputs.”