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