Canada's Aurora Cannabis buys Mexico's Farmacias Magistrales
Aurora Cannabis Inc. (TSX:ACB) logo is seen in this undated handout photo. (THE CANADIAN PRESS / Aurora Canabis Inc.)
The Associated Press
Published Monday, December 10, 2018 8:47AM EST
Last Updated Wednesday, December 12, 2018 8:16AM EST
MEXICO CITY -- Aurora Cannabis Inc. of Edmonton, Alberta, said Monday it has signed a letter of intent to acquire all outstanding shares of Mexico's Farmacias Magistrales SA.
Farmacias Magistrales is a Mexican importer of raw materials containing THC, the active ingredient in marijuana. It will distribute medical cannabis products containing over 1 per cent THC, apparently through health care professionals.
In 2017, Mexico approved the use of marijuana for medicinal purposes. The previous year, the Mexican government began granting permits letting some patients import medicinal marijuana products.
The Farmacias web page is still under construction, but Aurora said in a press statement that the company is Mexico's first and only federally licensed importer of THC products. The deal is subject to regulatory approval.
Aurora started as a medicinal cannabis producer in 2016.
Canada has become a leader in the global marijuana industry after the country became the world's largest legal marijuana marketplace in October.