The courtship between Aurora Cannabis Inc. and Reliva began, as many such romances do, at a gathering of industry bigwigs and bankers.
It was not quite love at first sight.
Well ahead of the first meeting at a 2019 conference run by an investment bank, Aurora
had been shopping for a way to enter the U.S. market for some time, saying so publicly on earnings calls and in interviews with MarketWatch. But it took Aurora months to seriously vet Reliva as an acquisition target, the chief executives at both companies told MarketWatch in a telephone interview this week.
Months after that first meeting, Aurora’s executive team flew to Boston and met with Reliva, a company that specializes in cannabidiol, or CBD. For 48 hours, bosses from Aurora and Reliva visited wholesale and bricks-and-mortar stores and talked about the business, with Aurora interim CEO Michael Singer telling MarketWatch they learned enough in those two days to begin seriously evaluating Reliva.
More on the deal: Aurora Cannabis makes long-awaited push into U.S. with Reliva acquisition
“We learned a lot about Miguel [Martin] and a lot about the Reliva story, and he got to learn about the Aurora corporate story,” Singer said in a telephone interview. “When we think about [Aurora’s] reset plan, we think this was a responsible and strategic acquisition. It’s not just about the U.S.”
Aurora’s lawyers worked…
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