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Auxly Cannabis completes acquisition of stake in Uruguay-based cannabis producer

Auxly Cannabis Group Inc. closed its acquisition of an 80% stake in Uruguay-based cannabis producer Inverell SA.

The deal is valued at about US$15 million. On closing, Vancouver, British Columbia-based Auxly Cannabis paid US$2 million in cash and issued 1,927,343 common shares, priced at C$2.28 apiece, worth about US$3.6 million.

The remaining US$9.4 million, to be paid in common shares, will be held in an escrow and released when certain milestones are reached.

Auxly Cannabis said the acquisition provides it a low-cost source of cannabinoids which can be distributed globally.