Aurora, MedReleaf Approve $3.2B Deal, Biggest in Canada

MedReleaf (LEAF.TO) has approved a $3.2 billion takeover from Aurora Cannabis Inc. (ACB.TO), making it the biggest deal in Canada so far.

More than 96 percent of MedReleaf’s shareholders voted to accept the acquisition by the Edmonton-based Aurora.

A special shareholder meeting held on Wednesday saw the overwhelming support for the decision, MedReLeaf said in a release.

“Today’s vote demonstrates the strong shareholder support for the arrangement with Aurora, as the strengths of our organizations should accelerate our efforts to set the standard for the cannabis industry on an international scale,” said Neil Closner, CEO of MedReleaf, in the release.

Backed by their nine facilities in Canada and two in Denmark, Aurora and MedReleaf together expect to produce over 570,000 kilograms per year of cannabis.

On Oct. 17 Canada will legalize the recreational use of cannabis, making it the first G7 country to do so.