Aurora Cannabis (ACB) announced that it has commenced sales of cannabis oils to German pharmacies following receipt of all necessary approvals from the Canadian and German regulatory authorities. Pedanios 5/1 drops have become the first extract derived oil product compliant with the German monograph for in-pharmacy preparation.
In reaction to the news, ACB stock is up nearly 2% to $7.89 in pre-market trading Monday.
Aurora is the medical cannabis market leader in Germany. The Company has supplied the German market with dried cannabis flower via Aurora Deutschland (formerly Pedanios) since December 2015, and with Canadian-grown Aurora products since September 2017. Aurora has established a strong brand as a trusted supplier among prescribing physicians, dispensing pharmacies, and German patients. As one of few companies able to sell oils in this rapidly growing market, Aurora is well positioned to establish brand leadership in the European derivatives market.
“Having established early mover advantage in selling cannabis oils in Germany, we are exceptionally positioned to extend our market leadership and accelerate growth of our European operations,” said Neil Belot, Chief Global Business Development Officer. “As our global production capacity continues to ramp up, we are able to strategically allocate more product from our EU GMP certified cultivation facilities to this higher margin market that continues to be significantly undersupplied.”
Cautious optimism circles this cannabis stock, as TipRanks analytics exhibit ACB as a Moderate Buy. Out of 7 analysts polled in the last 3 months, 4 are bullish on the stock, while 3 remain sidelined. With a return potential of nearly 18%, the stock’s consensus target price stands at $9.15.
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