The listing follows recent announcements that the company will pause construction of its highly anticipated Alberta facility
Want to buy a cannabis production facility in Ontario? Now’s your chance, that is if you happen to have an extra $17 million lying around.
Licensed producer (LP) behemoth Aurora Cannabis has listed its Exeter, Ont. greenhouse for $16,999,000 through real estate brokerage firm Cushman & Wakefield. The listing does not specify that the property is owned by Aurora, but is consistent with past filings made by the company.
The 1 million-sq.-ft. facility, which sits on 70 acres of land, was formerly inhabited by MedReleaf, which took possession of the property in April 2018 for $26 million. That means the LP stands to lose serious cash in the offloading of the asset.
MedReleaf was acquired by Aurora shortly before federal legalization came into force in 2018.
Aurora’s listing of the property comes in the wake of recent announcements that it will pause construction of its highly anticipated facility in Medicine Hat, Alta., which was expected to be an economic and employment boon for the city. It appears that the 650 jobs expected to be created by the future facility are now in jeopardy.
Battley’s departure was announced in the midst of lower-than-anticipated revenue and depleted cash stock, and sent the LP’s already-nosediving stock prices plummeting another 10 per cent, beyond the 45 per cent dip it has already suffered over the past three months.
Written by Emma Spears