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Just days after Aurora Cannabis Inc. announced a supply deal with Mexico’s Farmacias Magistrales SA, the Canadian cannabis company said it has entered a letter of intent to buy all of the company’s outstanding shares in an all-stock deal.
Farmacias is Mexico’s first and, for now, only federally licensed importer of raw materials containing THC, the psychoactive ingredient in cannabis, Aurora ACB, -0.35% ACB, +0.92% said in a statement. The company has the licenses and facilities to store and distribute medical products with more than 1% THC.
The deal “firmly establishes Aurora’s first-mover advantage in one of the world’s most populous countries, where more than 130 million people will have federally legal access to a range of Aurora’s non-flower medical cannabis products containing THC,” said the statement. Aurora also have operations in Colombia and Uruguay.
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