As of April 2018, Aurora is the fastest growing cannabis company in North America, with a market value of C$4.5 billion and revenue in 2017 totaling C$31.1 million, according to Market Watch.
The multi-billion dollar deal is the biggest one yet in Canada's marijuana industry.
The two companies closed the deal in preparation for marijuana becoming legalized for recreational use in Canada. This also isn't the first major marijuana merger in the industry as similar moves have been made in Europe and the USA with the objective of cutting costs and increasing the scale of operations.
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Canada's relaxed regulations, a mature industry and free-flowing capital have offered firms a unique opportunity to advance research without the legal and political risks that bog down growers in the United States and elsewhere.
Under the terms of the Arrangement Agreement, announced by the companies on Monday, holders of MedReleaf common shares would get 3.575 common shares of Aurora for each MedReleaf common share held - called an "Exchange Ratio".
"The combination strengthens our capacity to service the rapidly expanding global medical cannabis markets, and amplifies our early-mover advantage", Aurora Chief Executive Officer Terry Booth said in a statement.