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Monday, November 30, 2020

Aurora Cannabis Inc (OTCMKTS:ACBFF) Searches for Key Support Ahead of Legalization

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As we noted a few days ago, Aurora Cannabis Inc (OTCMKTS:ACBFF) has been pulling back in recent weeks as the cannabis space adjusts to a wider field in play to absorb interested investment dollars, such as the recent IPO for TLRY on the Nasdaq exchange. It may well be the case that this pullback is a key opportunity before markets ramp things into the October Canadian legalization moment.

As far as recent catalysts, the company just announced that, effective August 1, 2018, the company will offer a new employee benefits plan that will include coverage for medical cannabis authorized by a physician or nurse practitioner. According to the release, “The new benefits plan, administered by Sun Life Financial, will allow employees and their dependents to receive coverage for medical cannabis under the Extended Health Care plan.”

Aurora Cannabis Inc (OTCMKTS:ACBFF) is a licensed producer of medical marijuana pursuant to the Marijuana for Medical Purposes Regulations and operates a 55,200 square foot expandable state-of-the-art production facility in Alberta, Canada.

ACBFF’s wholly-owned subsidiary, Australis Capital Inc., seeks to be an active participant in the U.S. Cannabis market. Aurora is trading on the Canadian Securities Exchange under the trading symbol “ACB”. The company is headquartered in Vancouver, Canada.

According to company’s materials, “Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations. The Company operates a 55,200 square foot, state-of-the-art facility in Mountain View County, Alberta, is currently constructing a second 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport, and has acquired, and is undertaking completion of a third a 40,000 square foot production facility in Pointe-Claire, Quebec, on Montreal’s West Island. In addition, the Company holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany.”

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Recent action has seen -5% stripped out for shareholders of the name during the trailing week, a bounce that has taken root amid largely bearish action over the larger time frame. Moreover, the stock has witnessed a pop in interest, as transaction volume levels have recently pushed 4% beyond what we have been seeing over the larger time frame.

“The speed with which Canada’s largest insurers are moving to cover the costs of medical cannabis reflects the increasing recognition of cannabis-based therapies, and marks a significant milestone for patients across the country, said Debra Wilson, Senior VP of Human Resources. “Including medical cannabis in the Company’s benefits plan reflects our position as one of the leading advocates for the availability of medical cannabis, as well as employee health and wellness being major pillars in Aurora’s mission to be the employer of choice in the sector.”

Earning a current market cap value of $3.16B, ACBFF has a significant war chest ($231M) of cash on the books, which is balanced by about $2.6M in total current liabilities. One should also note that debt has been growing over recent quarters. ACBFF is pulling in trailing 12-month revenues of $42M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 211.1%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $ACBFF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $ACBFF, either long or short, and we have not been compensated for this article.

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