Aurora Cannabis inks deal with waste treatment firm Micron Waste Technologies
VANCOUVER - Aurora Cannabis Inc. has signed a non-binding deal to make an investment in Micron Waste Technologies Inc., which makes organic waste treatment systems.
Under the terms of the proposed agreement, Micron will install an organic waste digester unit at one of Aurora's growing facilities where the companies will work to optimize the technology for the cannabis industry.
Aurora (TSX:ACB) will have the option to buy additional units for its other facilities at a preferred price once the optimization program is complete and is proven viable.
Micron will also pay Aurora a royalty on the revenue from sale, lease and/or support services deals for digesters sold to marijuana companies.
The proposed deal also gives Aurora the right to subscribe for up to six million shares of Micron at a price of 34 cents per share for a total of $2.04 million, representing about a nine per cent stake in the company.
Micron will issue an additional two million shares to Aurora on the first successful sale of a digester within the cannabis industry