The two companies closed the deal in preparation for marijuana becoming legalized for recreational use in Canada.
The move makes sense in Canada where regulations are more relaxed than in other countries, while the industry is mature there and there is plenty of capital to be spent.
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According to the CEO of Aurora Cannabis, "The comibination strengthens our capacity to service the rapidly expanding global medical cannabis markets, and amplifies our early-mover advantage".
The acquisition is Aurora's second large deal this year, coming just months after it bought CanniMed Therapeutics for C$1.1 billion.
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The boards of both companies have approved the transaction but the deal requires approval by at least two-thirds of MedReleaf shareholders and a simple majority of Aurora shareholders. Markham, Ontario-based MedReleaf Corp.is an R&D-driven company dedicated to innovation, operational excellence and the production of top-quality cannabis.
Separately on Monday, Aurora's chief rival Canopy Growth said it would buy out a stake in a British Columbia joint venture and also announced a plan to list its shares on the New York Stock Exchange. The deal values MedReleaf shares at C$29.44, which is a 34 percent premium based on the.
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