Aurora to purchase Thrive Cannabis owner TerraPharma in $38M deal

Aurora Cannabis Inc. is bolstering its premium pot strategy by acquiring TerraFarma Inc., the parent company of Thrive Cannabis.

The deal announced Tuesday will see Thrive amalgamate with a subsidiary of Aurora, which will acquire all of TerraFarma’s issued and outstanding shares in exchange for $38 million in cash and Aurora shares. 

Thrive will also be eligible for up to $20 million in shares, cash or both, if it reaches revenue targets within two years of the transaction.

The deal — nicknamed Project Willow — will help Aurora double down on premium and craft products, so it can reach profitability by the first half of its fiscal 2023, but Aurora’s chief executive said the transaction is really about harnessing Thrive’s talented staff. Read More…