On September 27, Aphria (APHQF) announced developments in the South American market with the acquisition of LATAM Holdings. The company issued about 15.7 million common shares along with the assumption of debt in the amount of $1 million under LATAM Holdings.
The company stated that this deal has enabled it to get a foothold in markets of Latin America and the Caribbean such as Colombia, Jamaica, and Argentina. In addition, Aphria stated that it also has the “right of first offer and refusal” for the majority interest of an entity in Brazil with respect to cannabis production along with sales license.
In the above chart, we see the company’s five pillars of its international expansion strategy. The acquisition of the LATAM platform is one of these pillars. The company stated that it acquired 90% of Colcanna in Colombia, 49% in Marigold Projects Jamaica Limited in Jamaica, and ABP in Argentina.
The company has also made progress in European markets with a supply agreement in Germany, a lab in Malta, and has pending approval for cultivating cannabis in Italy. The company has a joint venture in Lesotho as well as supply agreements in Australia.