Aurora Cannabis says it's acquiring a 51% stake in Portugal's Gaia Pharma Lda, and shares climb 3%
rose 3%, after the company said it’s acquiring a 51% stake in Portugal’s Gaia Pharma Lda., with plans to establish a local facility to produce medical cannabis and derivative products. Terms of the deal were not disclosed.
Gaia Pharma, which has just won approval to build a European Union GMP-compliant cannabis cultivation facility by the Portuguese Health Ministry, will be renamed Aurora Portugal Lda. GMP, or good manufacturing practice, is the EU standard for the authorization and licensing of food and beverages, cosmetics and pharmaceutical products.
Construction of the new facility will be carried out in phases with the first expected to be completed by the third calendar quarter of 2020. The first phase is expected to result in production capacity of about 2,000 kg a year, growing to 4,000 kg a year once the second phase is completed.
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