Canadian marijuana producer Aurora Cannabis (ACB) - Get Aurora Cannabis Inc. Report on Friday said it has signed a licensing agreement and given $10 million in capital to seal-vacuum tech company EnWave to give it exclusive rights to EnWave's vacuum-drying dehydration technology.

Edmonton-based Aurora said it plans to incorporate EnWave's so-called radiant energy vacuum, or REV, technology into the production process for cannabis materials in the European Union and elsewhere by purchasing EnWave's REV machines and technology.

REV is a proprietary method developed by Vancouver-based EnWave for the precise dehydration of organic materials. 

TheStreet Recommends

"The technology speeds up the drying process of cannabis plants from a 5-8 day process down to hours, when functioning at peak performance," giving Aurora an advantage at its larger production sites such as its Sky facility, said Charles Taerk, a co-founder of Faircourt Asset Management Inc., which oversees the Ninepoint Alternative Health Fund.

Aurora will also put to work additional technology from EnWave, including patent-pending methods for uniformly drying and decontaminating cannabis, which it says will shorten the time from harvest to marketable cannabis products.

Faster and cheaper than freeze drying, and with better end product quality than air drying or spray drying, the technology will help Aurora package up its cannabis more quickly and efficiently.

Shares of Aurora gained in early trading on Friday, rising a penny to $9.08 on the New York Stock Exchange.