Aurora Invests in Dutch Based Growery B.V.
Nov 8, 2021 By MarketDepth
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) today announced its purchase of a significant equity stake in Growery B.V., Netherlands-based cannabis company.
“The Netherlands is expected to be the largest federally regulated recreational market outside of Canada, and is a proof point that our medical market success in Europe is portable to recreational markets.”Miguel Martin, Chief Executive Officer of Aurora Cannabis
Growery is one of a limited few license holders set to participate in the Controlled Cannabis Supply Chain Experiment (“CCSC”), through which the Dutch government will evaluate if the rules of the CCSC should be expanded nationally. Should the program be expanded nationally, “it is estimated that the Netherlands would require approximately 200,000 kilograms of dried flower annually to fulfill demand,” according to the press release.
Secured Loan from Aurora
The company will now furnish Growery with an initial secured loan to build out a facility and fund early operation. “We aspire to be a driving force in this evolving market and a premier provider of cannabis to consumers. In Aurora we have found an experienced partner with the global leadership needed to enable a significant head start in the CCSC,” a Growery spokesperson said.