Aurora Cannabis jumps after saying it starts to sell cannabis oils to German pharmacies
AP Photo/Marcio Jose Sanchez
- Aurora Cannabis said it has commenced sales of cannabis oils to German pharmacies.
- The company's Pedanios 5/1 drops have become the first extract-derived oil product compliant with the German monograph for in-pharmacy preparation, according to Aurora.
- The company says it has been providing dried cannabis flower to the German market since December 2015 via Aurora Deutschland.
- Watch Aurora Cannabis trade live.
Aurora Cannabis gained 2.84%, trading near $8 a share Monday, after the marijuana producer said it has commenced sales of cannabis oils to German pharmacies.The company's Pedanios 5/1 drops have become the first extract derived oil product compliant with the German monograph for in-pharmacy preparation, according to Aurora. It says it has been providing dried cannabis flower to the German market since December 2015 via Aurora Deutschland.Advertisement
"Having established early mover advantage in selling cannabis oils in Germany, we are exceptionally positioned to extend our market leadership and accelerate growth of our European operations," Neil Belot, Aurora's chief global business development officer, said in a press release.
"As our global production capacity continues to ramp up, we are able to strategically allocate more product from our EU GMP certified cultivation facilities to this higher margin market that continues to be significantly undersupplied."Aurora has been a popular stock among younger investors. On Robinhood, a free trading app popular among millennials, the marijuana producer has outranked all other stocks in terms of the number of users who own shares.
It has just recently caught the attention of millennials. In September 2018, Bloomberg reported Coca-Cola was in discussions with Aurora to develop beverages infused with cannabidiol (CBD), one of the nonpsychoactive compounds found in cannabis. A deal never came to fruition.But that was just the beginning. In October, in the wake of the official legalization of recreational marijuana in Canada, Aurora went public on the New York Stock Exchange.It has since stepped up expanding its reach globally. Advertisement
On January 14, less than one month after the passage of the Farm Bill, which legalized hemp, a source of the popular ingredient cannabidiol, Aurora told Business Insider it plans to produce hemp-derived CBD for the US market in the next few months.
In February, Aurora announced that its extraction-technology partner Radient Technologies received its Standard Processing License from Health Canada.Aurora was up 56% this year.Advertisement
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