Aurora acquires Thrive Cannabis in ‘beautiful marriage’

Published on March 24, 2022 by oz. staff

Photo: Instagram/@greybeardcanada

Greybeard is calling its acquisition by Aurora Cannabis a “beautiful marriage.”

Aurora Cannabis announced this week it reached an agreement to acquire all of the issued and outstanding shares of TerraFarma – the parent company of Thrive Cannabis, which owns Greybeard and Being.

The deal is worth at least $38 million, with incentives for reaching revenue targets.

“We’re not selling out, we are both buying in… buying in to a shared vision of building a quality cannabis company that is focused on transparency and trust,” says a statement from Greybeard.

They say the deal allows them to feed the 78 families that depend on the company and to expand their business.

The Thrive team will be tasked with leading the recreational side of Aurora’s business.

“Aurora saw past the obvious value in our brands and saw the power in our people. The people whose blood, sweat, and tears are contained in every tin and jar we send to market,” says Greybeard.

The deal is expected to close at the end of the year.

“As consolidation among licensed producers accelerates, it’s vital that any transactions we make, now or in the future, be strategic, accretive, and centred around adding exceptional talent and brands that align with our path to profitability,” says Aurora CEO Miguel Martin in the announcement.

“In these respects, Geoff and the Thrive team have a track record seldom found elsewhere in the Canadian market. They are truly exceptional cultivators who have gained trust with consumers and developed products that have been recognized and acclaimed by Canadian budtenders and industry peers.”

Among Aurora’s brands are San Rafael ’71 and Whistler Cannabis.