Canadian marijuana producer Aurora Cannabis has placed a giant 1.7 million square foot greenhouse on the chopping block.
It is one of the most expensive and largest greenhouses ever built to grow marijuana.
The company hasn’t set a price but is entertaining offers instead and may be looking to unload it to the best one.
There has been 260 million Canadian dollars ($205 million) that went “all-in” into the gigantic 1.7 million-square-foot complex in Medicine Hat, Alberta, according to publicly available promotional material.
The material lists Toronto-based Colliers International as financial adviser and listing agent for the partially completed property.
There could be millions of dollars still needed on the greenhouse if a buyer completes it for the original purpose. Which was to be a “state of the art medical-grade greenhouse facility.”
MJBizDaily reported that Aurora is taking the property to the market without an asking price in order to get “price discovery.” This will help the marijuana producer determine a price in a volatile market and it seems the company is looking for a quick sale.
The “target closing” is listed as late second quarter to early third quarter of this year says the brochure.
It’s been nearly a year that Aurora Cannabis had accepted an offer for its large greenhouse in Exeter, Ontario, for approximately half its CA$17 million listing price. It also went for one-third of the original purchase price.
In an emailed statement to MJBizDaily, a spokesperson for the company said that Aurora is “continuously and carefully reviews the company’s operations network to ensure it is fit for our business today and in the near term.”
“In response to the recent shifts in the industry and our strategic imperatives, the company announced it will pause operations at Aurora Sun in Medicine Hat, Alberta, indefinitely,” the statement further said.
“We are actively marketing the facility for alternative use. No further details are available at this time as this process is in its early stage.”