Aurora Cannabis Inc (NYSE: ACB) announced Thursday the Luxembourg Health Ministry named its European subsidiary, Aurora Deutschland, the exclusive supplier of a second national delivery of medical cannabis.
Aurora won the rights by bid to sell to Luxembourg’s Division de la Pharmacie et des Medicaments.
This order is Aurora’s second from the Luxembourg government. While small in quantity, management considers it validating.
Why It's Important
“Adding to the many achievements of our European team, which also includes our recent selection as one of only three companies to establish domestic production in Germany, our expanded supply agreement with Luxembourg reinforces Aurora's ability to act as a trusted partner that can readily meet the complex needs of diverse international markets,” Neil Belot, Aurora’s Chief Global Business Development Officer, said in a press release.
The deal also reinforces Aurora’s global dynasty.
"As the established market leader across Europe, Aurora is exceptionally well positioned to leverage our significant early mover advantage to accommodate the growth of new medical cannabis markets as opportunities arise,” Maximilian Weinberg, associate director of Aurora's EU Business Development, said in the release.
Aurora's stock closed Wednesday at $8.59 per share and traded up marginally Thursday on the news.
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