Aurora Cannabis Announces Approval For Sales License From Health Canada

1726
Aurora Cannabis

Aurora Cannabis Inc. (TSX: ABC) announced today that its Aurora Sky facility was approved for a sales license by Health Canada. This development would help increase the availability of both dried flower as well as cannabis-related products in the markets the company approaching, according to Newswire.

The license would permit the sale of cannabis soft gel capsules produced at their new start-of-the-art facility at in Pointe-Clair, Quebec. The Montreal-based manufacturer Capcium Inc., of which Aurora Cannabis has a 19.99 percent ownership of, is the exclusive manufacturer of cannabis soft gel capsules for Aurora in North America. These capsules, which the company anticipates will become a high margin, high volume market in the future, is targeted at all aspects of the cannabis industry, including wellness, medical, and adult consumer use.

These new sales licenses are a game changer for Aurora, dramatically increasing product availability and positioning us well to serve the rapidly growing domestic and international cannabis markets,” said Terry Booth, Aurora CEO. “With adult consumer use sales beginning in Canada today, these additional licenses enable Aurora to rapidly scale-up production to service the high growth anticipated for this new market.

Located near the Edmonton International Airport, Aurora Sky boasts the world’s largest and advanced hybrid-indoor cultivation facility to date. Measuring over 800,000 square feet, the plant also includes full environmental control features, high degrees of automation, as well as the most cutting-edge yield optimizing technologies.

“As the first of our “Sky Class” facilities, Aurora Sky is substantially differentiated from traditional indoor and greenhouse grow facilities because of its use of advanced technologies and automation that deliver industry-leading yields,” he added. “This allows us to consistently produce an abundant supply of high-quality cannabis and derivatives at sustainably low production costs, anticipated to be well below $1 per gram.”

The company, after receiving its first production license in January, is quickly moving up production to over 100,00kg per year, which Aurora expects to be achieved by the end of the year. At the moment, close to 120,000 plants are grown in the facilities licensed growth-rooms, with additional license applications still pending upon approval.

We’re exceptionally proud of our team’s efforts in completing these milestones and look forward to accelerating our growth as our facilities continue to ramp-up to full capacity,” Booth commented in the press release.

The company holds a market cap of USD 13.22 billion, making it one of the largest companies in the industry. Aurora’s stock price did not seem to respond to this news, declining 2.93 percent along with most other cannabis companies in a bearish downturn that analysts expect to be temporary.

Aurora Cannabis Inc. Company Profile

Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 500,000 kg per annum 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. – Aurora

IMAGE CREDIT

NO COMMENTS