Aurora Cannabis Inc. is set to acquire MedReleaf Corp. in an all-stock deal worth C$3.2 billion. Under the agreement MedReleaf common stock shareholders will receive 3.575 Aurora common shares for each MedReleaf share and upon completion existing Aurora shareholders would own 61 percent of the pro forma company while existing MedReleaf shareholders would own 39 percent.

The combined company would have nine cannabis cultivation facilities in Canada and two in Denmark capable of producing 570,000 kilograms (about 1,256,635 pounds).

“This is a transformational transaction that brings together two pioneering cannabis companies, both committed to high technology, high quality and low cost production, to create a powerful platform for accelerated growth and success on a global scale. Our complementary assets, strategic synergies, and strong market positioning will provide us with critical mass and an excellent product portfolio in preparation for the adult consumer use market in Canada.” – Aurora CEO Terry Booth in a press release

MedReleaf CEO Neil Closner said the deal positions the combined company “to set the global standard for our industry at a pace that will be difficult to match.”

The boards of directors of both companies have unanimously approved the deal. The transaction still requires the approval of at least 66-and-two-thirds percent of MedReleaf shareholders.

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