Aurora Cannabis (TSX:ACB; OTCQX:ACBFF) received a No Action Letter from the Competition Bureau in Canada, regarding its offer to purchase all of the issued and outstanding common shares of CanniMed Therapeutics (TSX:CMED) that the company does not already own.

As quoted in the press release:

As outlined in Aurora’s notice of variation dated February 5, 2018, approval under the Competition Act (Canada) represented the final regulatory approval required before Aurora could begin its take-up of CanniMed Shares under the Offer.

Aurora intends to begin its take-up of CanniMed Shares once sufficient CanniMed Shares have been deposited under the offer to meet the minimum tender condition of 66 2/3% of the issued and outstanding CanniMed Shares, calculated on a fully diluted basis.  To date, 40% of CanniMed’s outstanding shares have been deposited to the Offer, with a number of additional CanniMed Shareholders advising Aurora they have been waiting for Aurora to clear regulatory approvals before tendering to the Offer.

Management Commentary

“This approval means we can move ahead with this acquisition and begin the integration of CanniMed into Aurora shortly thereafter, led by our recently-appointed VP Business Integration, André Jérôme, and execute quickly on realizing the strategic synergies we have identified,” said Terry Booth, CEO.

Click here to read the full press release.


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