The Aurora Cannabis share increased 2,84%, after it became known that the cannabis producer is going to supply cannabis oil to German pharmacies. The stock plummeted 2,51% to 6,99 dollars per share a month ago, after higher production costs led to lower margins. Last Monday the stock stood at 8 dollars. Off to green, German solidity without jokes.
“Having built up many benefits from the early sales of CBD oil in Germany, we are now well positioned. Now it's time to expand our market leadership and accelerate the growth of our European business," Neil Belot - chief global business developer at Aurora - said in a press release.
Aurora Europe
“As our global manufacturing capability expands, we can strategically allocate more EU-certified products to this higher-margin market.” Aurora is a well-known stock among younger investors. The stock is most popular on Robinhood, a free trading app popular with millennials. In September 2018, Bloomberg reported that Coca-Cola was in talks with Aurora to develop drinks containing cannabidiol (CBD), one of the non-psychoactive compounds in cannabis. A deal never came to fruition, but the stock soared in popularity.
Booming cannabizz
This was just the beginning. In October, after the official legalization of recreational weed in Canada, Aurora went to the New York Stock Exchange. Since then, the company has expanded its reach worldwide. On January 14, just after the passage of the Farm Bill that legalized hemp, Canada's Aurora announced that it plans to produce on CBD oil for the US market. In February Radient Technologies - a partner of Aurora - received a license from Health Canada to produce hemp oil.
Read the full article businessinsider.nl (Source, EN)
