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Aurora Cannabis buys 19.1% stake in Liquor Stores N.A.

Booze retailer plans to use the money to establish and launch a brand of cannabis retail outlets.


EDMONTON — Aurora Cannabis Inc. has signed a deal to buy a minority stake in Alberta’s Liquor Stores N.A. Ltd., which plans to launch a brand of cannabis retail stores.

Under the deal, Aurora will acquire a 19.9% stake in the company for $103.5 million through a non-brokered private placement.

It will also have an ability to increase its interest in Liquor Stores up to 40% with an additional investment.

Liquor Stores plans to use the money to establish and launch a brand of cannabis retail outlets.

The retailer says it will convert some of its existing stores into cannabis outlets and establish new locations.

Liquor Stores will also use a portion of the money to strengthen its existing liquor retail brands by renovating its existing outlets and for general corporate purposes.

News from © Canadian Press Enterprises Inc. 2016

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