Having cleared the last regulatory hurdle connected to Aurora Cannabis’ (TSX:ACB) takeover of CanniMed Therapeutics (TSX:CMED), analyst Russell Stanley of Echelon Wealth Partners is reiterating his “Tender” recommendation to CMED shareholders.

On Wednesday, Aurora Cannabis announced it has received a “No Action Letter” from the Canadian Competition Bureau relating to its offer to buy all issued and outstanding common shares of CanniMed, a deal approved by both companies last month.

In a press release, Aurora stated that so far, 40 per cent of CanniMed’s outstanding shares have been tendered, with a minimum condition of 66 and 2/3 per cent to be met.

“This approval means we can move ahead with this acquisition and begin the integration of CanniMed into Aurora shortly thereafter, led by our recently-appointed VP Business Integration, André Jérôme, and execute quickly on realizing the strategic synergies we have identified,” said Terry Booth, Aurora CEO. “One of the key considerations behind this acquisition is the formation of our new Medical Cannabis Centre of Excellence, for which CanniMed will be the cornerstone. The combination is expected to result in a corporate group with over 40,000 patients, over 260,000 kg per annum in funded capacity, a very strong international presence, highly visible brands, and a broad offering that resonates well with our markets. We now look forward to connecting with our new colleagues, and enter the next phase of growth for both companies.”

With the No Action Letter, Stanley says that the limited deal risk related to the acquisition “has now been further reduced, though a specific price target cannot be derived beyond the implied value of the Aurora offer,” says the analyst in an update to clients on Wednesday.

Under the terms of the agreement, ACB will acquire CMED for 3.4 shares of ACB or a combination of cash and ACB stock at the election of each CMED shareholder. “With a maximum of $140M in cash available under this offer, and assuming maximum cash elections by CMED shareholders, they would receive $5.70/shr along with 2.9493 shares of ACB,” says the analyst in an earlier note to clients.