Aurora Cannabis (NASDAQ:ACB) has unloaded one of its assets. The company announced in a press release that it has entirely sold out of its stake in peer marijuana stock The Green Organic Dutchman Holdings (OTC:TGOD.F).

All told, Aurora sold just over 28.8 million shares of TGOD. The price was 3 Canadian dollars per share, bringing in a total of CA$86.5 million. Aurora said this gives it a roughly 50% internal rate of return on the holding, which it acquired in early 2018.

Marijuana leaf atop a $100 bill.

Image source: Getty Images.

The company did not specify how, or to whom, it sold the shares. That CA$3 per share converts roughly to the level of the stock's latest U.S. closing price of $2.24. Like many marijuana stocks, TGOD's price has been choppy of late. It's up nearly 24% year to date, but has slipped by almost 5% over the past month.

That nearly 29-million-share position gave Aurora a 10.5% stake in its peer. Although the sale means Aurora no longer has any equity in The Green Organic Dutchman, it does possess warrants that allow it to potentially buy nearly 16.7 million shares of stock in the company.

Aurora said its decision to unload the stake was due to a more recent purchase. "When we acquired Whistler Medical Marijuana Corporation... our interest in TGOD became less important to our core strategy," the company stated in the press release announcing the sale.

"Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry," Aurora added.

TGOD was one of a number of cannabis companies in which Aurora holds a stake. As with many of the more prominent businesses in the sector, Aurora is an active and eager buyer of complementary assets.

The Green Organic Dutchman is a cannabis producer and seller based in Canada. Similar to other marijuana companies, it has enjoyed robust top-line growth lately, although it has yet to post a net profit. In the company's Q2, it managed to grow its revenue by 20% on a quarter-over-quarter basis. It currently trades only on the over-the-counter market in the U.S., although it recently indicated an ambition to get a Nasdaq listing. 

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