Aurora Cannabis acquires South American market leader ICC Labs
Uruguay: legal cannabis sales now exceed the black marketCanadian cannabis producer Aurora Cannabis has just announced the proposed takeover of ICC Labs, South America's leading cannabis company.
The $200 million deal is the latest for Aurora, which has acquired at least 10 companies in the last two years.
«We feel an urgent need to quickly establish a powerful global footprint,» said Cam Battley, CEO of Aurora, in a telephone interview.
Vancouver-based ICC Labs covers 70% from the legal cannabis market in Uruguay. The latter legalized cannabis in 2013, and offers 3 legal access routes: pharmacies, self-cultivation or Cannabis Clubs.
ICC Labs also holds a Colombian license to produce medical cannabis and has an agreement to export cannabidiol (CBD) products to Mexico. The company's current production capacity, including plants currently under construction, amounts to around 45 tonnes of cannabis per year. The company is also able to extract 150 tons of CBD per year, and is expected to obtain its GMP certificate shortly, to grow its own high-CBD varieties.
«We see ICC Labs as the jewel in the crown of the South American market,» said Battley. «It will be our anchor in South America and we have very big plans for the continent.»
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