Aurora Cannabis (TSX: ACB) this morning issued a brief news release, indicating it has made significant inroads in its international operation. The company has reportedly made one of “the largest single shipments of cannabis” that Israel has received to date.
In total, the shipment is for a reported figure of just under $8.0 million, a significant figure for the firms international operations. The sale was reportedly conducted under a supply arrangement that Aurora currently has in place with Cantek Global, whereby it is to supply at minimum 4,000 kilograms of dried flower annually.
The figure is notable given that last quarter the firm saw total international medical revenue of $9.4 million on a net basis. The large order implies that international sales will be up on a quarter over quarter basis, however whether or not those sales levels can be sustained will be key for the company that has as of late been posting declining revenues.
The news comes at a relatively quiet time for the company, whom just last month completed a balance sheet restructuring as it continues to clean up its operations. The initiative saw the repayment of $89 million in debt, leaving the company with roughly $430 million in cash on a pro-forma basis as of May 31.
The company has yet to announce when its fourth quarter financial results are to be released.
Aurora Cannabis last traded at $9.40 on the TSX.
Information for this briefing was found via Sedar and Aurora Cannabis. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.