Aurora Cannabis Inc., a leading global medical cannabis company based in Canada, completed the acquisition of the remaining 90% stake in MedReleaf Australia from its wholly-owned subsidiary for an enterprise value of C$43.6 million (AUD$50 million). The transaction was paid with C$8.2 million (AUD$9.45 million) in cash and the balance through the issuance of Aurora Shares. MedReleaf Australia, a top distributor in the Australian medical cannabis market, valued at around C$349 million (AUD$400 million), ranks second in the industry. This market is known for its clinician-led distribution model, similar to Aurora's successful operations in other global markets like Germany. Since partnering with MedReleaf Australia in 2017, Aurora has contributed to the region's growth with its pharmaceutical-grade cultivation and product innovation. This acquisition is aimed at enhancing Aurora's global cannabis leadership, particularly in Australia and the APAC region, and supports its strategy for profitable growth.

Management highlighted the acquisition as a strategic milestone, emphasizing its alignment with Aurora's commitment to markets with growth and profitability potential. The transaction is expected to strengthen Aurora's global presence, improve margins in Australia, and support its path to profitability by leveraging its pharmaceutical-grade cannabis strengths. MedReleaf Australia, with a trailing 12-month net revenue of C$34.9 million (AUD$40 million) as of December 31, 2023, was already profitable in terms of adjusted EBITDA and operating cash flow, making the acquisition immediately accretive to Aurora's financials.