Aurora Cannabis Inc. ACB announced Wednesday it has sold all of its remaining shares of The Green Organic Dutchman Holdings Ltd TGODTGODF.
The company disposed 28.83 million TGOD shares that accounted for 10.5% of the total number of outstanding shares, at a price of $3.00 per share for gross proceeds of $86.5 million. The sale of the shares stands for around 50% internal rate of return for the company, as reported in the press release.
Even though Aurora doesn’t own any TGOD shares, it still has warrants to purchase 16.67 million TGOD’s shares.
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
"Aurora has a broad portfolio of strategic investments that allow us to participate in opportunities throughout the cannabis sector, while providing the company with non-dilutive access to capital," said Terry Booth, Aurora CEO. "We evaluate our investment portfolio on a regular basis to make sure it continues to align with our investment strategy and corporate priorities.
"When we acquired Whistler Medical Marijuana Corporation – an iconic and premium organic cannabis producer – our interest in TGOD became less important to our core strategy. Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry."
Aurora Cannabis closed Tuesday’s session at $5.67 per share.
Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.