In this market news, Aurora Cannabis Inc. (TSX:ACB), one of the Canadian marijuana stocks, said it has been selected to supply medical cannabis to Luxembourg
SmallCapPower | December 11, 2018: Aurora Cannabis Inc. (TSX:ACB), one of the Canadian cannabis stocks, announced on Thursday that its wholly-owned subsidiary, Aurora Europe GmbH, has been selected by the Luxembourg Health Ministry to supply medical cannabis to Luxembourg. The Company has received an initial purchase order for ~20 kilograms.
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Aurora Cannabis Chief Global Business Development Officer Neil Belot stated, “To our knowledge, Aurora is the first medical cannabis producer selected by the Luxembourg Health Ministry to supply dried cannabis flower. This is a reflection of the trust we have earned with governments and regulators around the world. We look forward to supplying patients in need in what will be the 7th European Union member country where we have exported plants or products to help meet growing patient demand.”
Aurora Cannabis has received all required authorizations, such as import and export licenses, and has commenced its first shipment of high-grade medical cannabis to Luxembourg’s Division de la Pharmacie et des Medicaments, representing the second time the Company has received an order directly from a European government.
Headquartered in Edmonton, Alberta, Aurora Cannabis is one of the leading cannabis companies with sales and operations across five continents, and a funded capacity of over 500,000 kg per annum. Vertically integrated and horizontally diversified across the cannabis value chain, Aurora is involved in several areas – facility engineering and design, cannabis breeding and genetics research, cannabis and hemp production, cannabis derivatives, high value-add product development, home cultivation, wholesale and retail distribution.
Maximilian Weinberg, Head of Business Development Aurora Europe GmbH, said, “Working directly with governments provides patients all over Europe the assurance that the medical cannabis products they consume meet the highest quality and safety standards. We are proud to be a trusted partner for both wholesalers and governments throughout Europe and look forward to further increasing our footprint in this important growth market in which we have substantial early mover advantage.”
Post the announcement, shares of Aurora Cannabis surged more 13% Thursday. The Company has a market capitalization of C$7.6 billion with a price-to-book multiple of 1.5x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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