Aurora Cannabis Inc. (TSX:ACB) entered into a definitive arrangement agreement to acquire MedReleaf Corp. (TSX:LEAF) from Zola Finance Inc. and others for CAD 3.1 billion on May 14, 2018. Under the terms of the arrangement agreement, holders of MedReleaf common shares will receive 3.575 common shares of Aurora for each MedReleaf common share held. Upon completion of the transaction, existing Aurora and MedReleaf shareholders would own approximately 61% and 39% of the pro forma company, respectively, on a fully diluted basis. The shares of MedReleaf will be delisted upon completion of the merger. The arrangement agreement also provides for reciprocal termination fees of CAD 80 million if the transaction is terminated in certain specified circumstances. Upon completion of the transaction, the Board of Directors of Aurora will be increased to 8 members, with Norma Beauchamp and Ronald Funk, currently independent Directors of MedReleaf, to be appointed to the Board of Directors of Aurora. The transaction is subject to the receipt of certain regulatory court, approval by at least 66 2/3% of the votes cast by the shareholders of MedReleaf, stock exchange approvals, antitrust approval and the satisfaction of other customary conditions. The issuance of Aurora common shares in connection with the transaction will require the approval of a simple majority of the shareholders of Aurora. The arrangement agreement has been unanimously approved by the Boards of Directors of Aurora Cannabis and MedReleaf, and each board recommends that their respective shareholders vote in favor of the transaction. MedReleaf formed a special committee consisting of its Board members. Directors and officers of Aurora and MedReleaf have entered into support agreements pursuant to which they have agreed to vote their shares in favor of the transaction. In addition, holders of approximately 56% of MedReleaf's issued and outstanding common shares have entered into irrevocable hard lock-ups to vote their shares in favor of the transaction. As of May 26, 2018, the special meeting of Aurora shareholders has been scheduled to be held on July 18, 2018. As of May 30, 2018, the special meeting of MedReleaf shareholders has been scheduled to be held on July 18, 2018. As of June 20, 2018, MedReleaf has been granted an interim order from the Ontario Superior Court of Justice authorizing the holding of a special meeting of MedReleaf shareholders. As of July 6, 2018, the transaction received approval from Canadian Competition Bureau. As of July 18, 2018, the shareholders of MedReleaf approved the merger at the special meeting. MedReleaf intends to apply for a final order of the Court approving the Arrangement on July 20, 2018. Ontario Superior Court of Justice approved the transaction on July 20, 2018. A special committee of the Board of Directors of MedReleaf is formed for the transaction. The transaction is expected to close in the second half of 2018. As of July 6, 2018, the transaction is expected to close later in July, 2018. As of July 18, 2018, the transaction is expected to close on July 25, 2018. BMO Capital Markets acted as exclusive financial advisor and provided fairness opinion to the Board of Aurora Cannabis. Desmond Balakrishnan, Cory Kent, Stephen Wortley, Ravipal Bains, Michael Reid, Morgan McDonald, Lindsay Dykstra, Maneesha Dhaka, Brandon Deans, Sandra Zhao, Herb Ono, Peter Botz, Michael Friedman, François Tougas, Ryan Gallagher and Brett Harrison of McMillan LLP acted as legal advisors to Aurora Cannabis. Canaccord Genuity acted as exclusive financial advisor to the special committee of the Board of Directors of MedReleaf and provided fairness opinion on the transaction. GMP Securities L.P. also acted as an independent fairness opinion provider to the special committee of the Board of Directors of MedReleaf. Deloitte LLP acted as accountant and provided financial diligence report to MedReleaf. Samaneh Hosseini, Zev Smith, Stewart Sutcliffe, Sean Vanderpol, Daniel Borlack, Katarina Zoricic, Chres Lee, Billy Rosemberg, Peter Buckles, Patricia Joseph, Dean Kraus, Jonathan Willson, Michael Kilby, Megan MacDonald, Sidney M. Horn, Neil Shapiro, Andrea Boctor, Kathleen Chevalier and Alex Lemoine of Stikeman Elliott LLP acted as legal advisors to MedReleaf. Computershare Investor Services Inc. acted as depositary to MedReleaf and Aurora whereas TSX Trust acted as transfer agent to MedReleaf. D.F. King Canada acted as information agent to MedReleaf and will be paid a fee of CAD 0.08 million. John Hollinrake of Dorsey & Whitney LLP acted as US tax counsel to Aurora Cannabis. Patricia Olasker, Ghaith Siba, Christopher Anderson, Patrick G. Barry and Scott R. Hyman of Davies Ward Phillips & Vineberg LLP acted as legal advisors to MedReleaf shareholders. Aurora Cannabis Inc. (TSX:ACB) completed the acquisition of MedReleaf Corp. (TSX:LEAF) from Zola Finance Inc. and others on July 25, 2018. Aurora acquired 102.7 million common shares of MedReleaf, representing 100% of the issued and outstanding common shares by issuing 367.2 million shares of Aurora and approximately CAD 102.70 in cash. Following closing of the transaction, Neil Closner has stepped down as Chief Executive Officer of MedReleaf and during the integration process, Allan Cleiren, Aurora's Chief Operating Officer, will assume the role of interim-Chief Executive Officer of MedReleaf. In addition, Lloyd Segal, Deborah Rosati and Neil Closner have stepped down from MedReleaf's Board, while Norma Beauchamp and Ronald Funk have been appointed to Aurora's Board of Directors. Steve Dobler, President of Aurora, has been appointed to MedReleaf's Board of Directors.