Shares of Aurora Cannabis Inc (NYSE:ACB) continue to search for support. Helping to further flesh out recent events, the company just announced that one of the Company’s oil products has now been approved for use under Ireland’s new Medical Cannabis Access Programme (MCAP).
According to the release, Aurora’s High CBD Oil Drops received approval from the Irish authorities and have now been added to a regulatory schedule by the Irish Minister of Health enabling importation, prescribing and supply under the scheme and is to date, one of only two products to gain such authorization.
Aurora Cannabis Inc (NYSE:ACB), through Aurora Cannabis Enterprises Inc, trumpets itself as “one of the world’s largest and leading cannabis companies” and a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR).
The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as Aurora Mountain, 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 40,000 square foot production facility in Pointe-Claire, Quebec, on Montreal’s West Island.
According to company materials, “Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 500,000 kg per year and sales and operations in 18 countries across five continents, Aurora is one of the world’s largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution.”
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As noted above, ACB just announced that one of the Company’s oil products has now been approved for use under Ireland’s new Medical Cannabis Access Programme (MCAP).
We’ve witnessed flat action for shareholders of the listing during the trailing week. Furthermore, the name has seen interest climb, with an increase in recent trading volume of greater than 100% over what the stock has registered over the longer term.
Dr Shane Morris, Chief Product Officer at Aurora said, “Aurora is pleased to be able to assist patients who are seeking treatment with high quality EU-GMP (good manufacturing practice) certified pharmaceutical-grade medical cannabis in Ireland. We are very proud to be one of the first approved suppliers of medical cannabis under the MCAP. We want to acknowledge the efforts made by many people, especially the patients and doctors who have campaigned for access to these medicines. We look forward to more of Aurora’s high-quality medicines being approved, so that more patients can benefit from the MCAP in Ireland. We will continue to work closely with all parties and state agencies to facilitate further availability.”
At this time, carrying a capital value in the market of $2.6B, ACB has a significant war chest ($236.9M) of cash on the books, which compares with about $464.6M in total current liabilities. One should also note that debt has been growing over recent quarters. ACB is pulling in trailing 12-month revenues of $293.5M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 153.6%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $ACB 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 $ACB, either long or short, and we have not been compensated for this article.