Aurora Cannabis said Monday it has reached an agreement to buy ICC Labs, which focuses on the Latin American cannabis market, in a bid to broaden its global reach.
Vancouver, Canada-based ICC has a large footprint in South America, with more than 70 percent of the market share in Uruguay, which in 2013 became the first country in the world to fully legalize marijuana.
Edmonton, Canada-based Aurora said in a press release that the acquisition will establish Aurora as the industry leader in South America. In addition to being the largest supplier in Uruguay, ICC also has licenses for production of cannabis in Colombia, and an agreement in place that will allow it to export cannabidiol (CBD) to Mexico.
“ICC is an ideal partner for Aurora to establish leadership in the South American cannabis market, delivering clear first mover advantage on a continent with over 420 million people,” said Aurora CEO Terry Booth. “ICC and its management team have shown exceptional vision and execution across production, expansion, distribution and product development. The company has a very strong management team with deep connections throughout the continent, which we believe will facilitate successful expansion into all South American markets.”
Aurora officials also noted ICC’s diversified list of products, including tablets, capsules, ointments, creams, drops, syrups and patches, as well as a portfolio of sought-after high CBD strains.
“Combining with Aurora, its industry-leading plant, medical and product development science teams, broad international reach, and strong brands, positions us well to extend our leadership in the South American cannabis markets and the emerging global cannabis industry,” said Alejandro Antalich, CEO of ICC.
The transaction is expected to be complete in the 4Q of 2018.