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June 3, 2020, 7:59 a.m. EDT

Aurora Cannabis nets C$27.6 million in sale of Alcanna shares to underwriting syndicate

Aurora Cannabis Inc. (NYS:ACB) (TSE:CA:ACB) has agreed to sell 9.2 million shares of Alcanna Inc. (TSE:CA:CLIQ) to an underwriting syndicate led by Cormark Securities Inc. for a price of C$3 {$2.21) each to raise a total of about C$27.6 million, Alcanna said on Wednesday. The shares are equal to a roughly 23% stake in Alcanna, a retailer of alcohol in North America that is the largest in Canada with 231 stores in Alberta and British Columbia. Aurora will have no remaining shares in Alcanna once the deal closes around June 24. Aurora shares were up 0.5% premarket, but have fallen 48% in the year to date, while the Cannabis ETF (PSE:THCX) has fallen 14% and the S&p 500 (S&P:SPX) has fallen 5%.

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