uploads/2018/11/cannabis-448661_1280.jpg

ICC Labs’ Shareholders Approve Acquisition by Aurora Cannabis

By

Updated

Acquisition update

In Aurora Cannabis Inches Closer to Acquiring ICC Labs, which was published on November 2, we left off the series stating, “The deal hasn’t been approved yet by ICC Labs’ shareholders. A special meeting will be held on November 6 to urge shareholders to approve the arrangement between Aurora Cannabis and ICC Labs.” ICC Labs’ board and lenders approved the acquisition for the deal at the meeting.

Article continues below advertisement

Shareholders approve acquisition

On November 6, Aurora Cannabis (ACB) (ACBFF) announced that it received approval from shareholders to acquire ICC Labs. According to the company, to get the go-ahead, it needed about two-thirds of the latter’s votes. The company got far more than two-thirds of the vote. Almost 98.7% of eligible voters voted in favor of this deal.

The above chart shows the spread of products under ICC Labs like CBD (cannabidiol) creams, oil, capsule, and spray. This acquisition is expected to help Aurora Cannabis gain a strong position in South America.

During the day, ICC Labs stock gained about 1.1%, while Aurora Cannabis also gained nearly 1.7%. Overall, the cannabis sector ended in the positive territory on November 6. The Horizons Marijuana Life Sciences ETF (HMMJ) rose 3.4%, and Canopy Growth (WEED) (CGC) rose 6.9% during the day.

Advertisement

More From Market Realist