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Aurora Cannabis sells its remaining stake in The Green Organic Dutchman

Edmonton, Alberta-based cannabis company Aurora Cannabis Inc. sold its remaining 10.5% stake in The Green Organic Dutchman Holdings Ltd., also known as TGOD, on Sept. 3.

The stake consisted of 28,833,334 issued and outstanding shares of Ontario-based TGOD, which were sold at C$3 apiece for gross proceeds of C$86.5 million.

This transaction represents about a 50% internal rate of return for Aurora, and as a result, the company no longer holds any shares of TGOD. Aurora still has warrants to purchase up to 16,666,667 shares, equivalent to about 5% of TGOD's fully diluted shares.

The company said in its release that its interest in TGOD became less important to its core strategy after acquiring the medical cannabis company Whistler Medical Marijuana Corp. in March.