BC Plant Propagation Facility Signs Deal with Major Cannabis Supplier in Canada
Bevo Agtech, which owns and operates 63 acres of greenhouses on over 160 acres of land across the Lower Mainland, recently sold a majority stake in their business to Aurora Cannabis.
This Canadian cannabis company is present in 25 countries around the world and has now increased its presence in Western Canada by purchasing 50.1% of Bevo.
Currently, Bevo has limited its agricultural plant propagation to Langley, Aldergrove and Pitt Meadows. However, as part of this new deal, Bevo will now take control of Aurora Sky’s facility in Edmonton, Alberta.
The 800,000 square foot structure is one of the largest marijuana production facilities in the world, but was due to be permanently closed earlier this year due to cost-cutting measures. Under Bevo’s direction, this massive structure will remain open and instead transform into an orchid and vegetable propagation facility.
Bevo President and CEO Leo Benne is excited about the sudden expansion this transaction brings to his business.
“We are extremely pleased that the Aurora team is committed to keeping all of our facilities dedicated to our customer base and expanding our operations in Alberta with the addition of the Aurora Sky facility,” Benne said in a statement. a statement.
“It’s clear that the Aurora team is deeply aligned with our existing business plans and profitable growth goals, and we look forward to leveraging Aurora’s strengths as a sponsor to accelerate our business.”
Aurora purchased Bevo for $45 million in cash, and an additional $12 million was paid out to Bevo’s selling shareholders over the next three years, conditional on Bevo meeting certain financial milestones at its Site One center in Langley.
In return for installing Aurora Sky, Bevo would have to pay Aurora up to $25 million, provided they reach certain milestones in the installation.
Got a story tip? Email: email@example.com
Like us on Facebook and follow us on Twitter.
Comments are closed.