The Green Organic Dutchman Holdings Ltd. said Aurora Cannabis Inc.'s milestone option to buy an additional 8% stake in the company expired.
The milestone, which Green Organic Dutchman achieved Aug. 2, is part of an investor rights agreement between the Canada-based cannabis companies. Ontario-based Green Organic Dutchman decided not to give Aurora an extension.
Further, Aurora's remaining milestone options to buy additional stakes in Green Organic Dutchman have also expired.
Aurora has already invested C$78.1 million in Green Organic Dutchman.
Vancouver, British Columbia Aurora Cannabis previously agreed to invest a further C$23.1 million in Green Organic Dutchman, with an option to increase its ownership to over 50% if the company achieves certain operational and financial milestones.
Green Organic Dutchman CEO Brian Athaide said although the milestone option has expired, there are "many possibilities" for the two complementary companies.
Aurora, which recently applied to list on the NYSE, still has the right to buy up to 20% of Green Organic Dutchman's premium organic cannabis from two facilities being constructed in Canada.