Aurora acquires cannabis vegetable and flower growing company

Aurora acquires cannabis vegetable and flower growing company

Aurora Cannabis has acquired a controlling interest in Bevo Agtech, a supplier of cultivated vegetables and ornamentals in North America. Upon closing of the Bevo transaction, Bevo has entered into an agreement to acquire the Company’s Aurora ski facility in Edmonton, Alberta, through the acquisition of one of Aurora’s wholly-owned subsidiaries.

Bevo was previously owned by Zenabis Global and the acquisition comes ahead of Hexo’s acquisition. Zenabis Global sold the subsidiary in 2021 to clear its debt. The company was sold in exchange for removing €42.4 million in debt and €9.9 million in cash from its books.

Founded in 1986, Bevo operates 25 hectares of greenhouses in British Columbia, Canada; It is led by a management team with over 85 years of horticultural experience and products for greenhouse growers, agricultural farms and wholesalers.

Bevo has shown steady growth in sales and profits over the past decade through process improvements and facility expansions. For the twelve months ending June 30, 2022, Bevo achieved revenues of 38.9 million euros and adjusted EBITDA of 8.9 million euros (excluding one-time rental income). Bevo’s operations are driven by seasonal and horticultural cycles, with a strong financial period from January to June.

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