Following in the footsteps of Tilray Brands (TSX: TLRY), Aurora Cannabis (TSX: ACB) has now been granted approval to expand its operations in Germany after the implementation of a new medical cannabis act, known as MedCanG.
Aurora has received two licenses from the German regulator responsible for cannabis, which permit continued domestic cultivation, as well as the expansion of Aurora’s offerings into one additional product. An R&D license has also been granted, which enables Aurora to trial up to an additional seven cultivars at their facility in Leuna, Germany.
The company has said it also intends to expand their offerings into the German patient base, although the firm provided no data on the current size of its customer base in country. Aurora has been operating in Germany since 2021, producing 1,000 kilograms of cannabis annually for the medical market.
READ: Aurora Cannabis Sees Q4 Growth In Medical Cannabis While Consumer Segment Declines Materially
“Being one of the few companies to receive enhanced licenses is a testament to Aurora’s established leadership in the region and unparalleled commitment to making available the highest quality cannabis. We now have the framework to extend our portfolio, invest in domestic research and leverage Aurora’s global cultivation expertise locally,” commented Michael Simon, president of Aurora Europe.
Aurora Cannabis last traded at $8.00 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
