Categories AlphaGraphs, Earnings, Health Care

Aurora Cannabis to start production in Portugal

In line with its strategy to achieve an early-mover advantage in as many new markets as possible, Canadian marijuana giant Aurora Cannabis (ACB) on Tuesday said it would soon start production in Portugal.

The Edmonton-based company has acquired a majority stake in Portuguese license applicant Gaia Pharm Lda, with an aim to establish a local facility in the European country. Terms of the deal were not disclosed.

ACB shares were up almost 1% during pre-market trading. The stock has gained 40% so far this year.

Portugal had last month enacted a regulation that makes the distribution of prescribed medical cannabis legal. The regulation also permits the export of medical cannabis products to other European Union nations, where its use is approved.

CEO Terry Booth said, “With the addition of this new project, we are now active in 24 countries, which we believe represents the largest global footprint of any cannabis company. Aurora’s reputation in the medical cannabis sector provides distinct advantages in establishing significant market share in the rapidly growing European market.”

Gaia Pharm will henceforth be called Aurora Portugal Lda.

Aurora, which is the world’s second largest cannabis producer after Canopy Growth (CGC), said the facility’s construction would take place in a phased manner. Upon completion of the first phase, which is expected around the third quarter of this year, the facility would have a production capacity of about 2000 kilograms per annum. The capacity would be doubled with the completion of the second and final phase.

READ: Thailand legalizes medical use of cannabis, opens up a new region for pot stocks

The latest deal is of great significance, given Portugal’s 10 million population. It also provides a gateway for the pot company to penetrate into the other attractive European markets.

Aurora’s VP Business Development Europe Dr. Axel Gille said, “The formation of this joint venture and the approval of the cultivation facility in Portugal are additional important steps in Aurora’s plan to develop a strong European manufacturing presence, ensuring that patients across Europe have access to the pharmaceutical grade medical cannabis they need.”

Earlier this month, Aurora reported a loss of C$238 million in the second quarter compared to a profit of C$7.7 million in the year-ago quarter. Net revenue of C$54.2 million was up 363% year-over-year and 83% sequentially.

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Comments

  1. Pingback: Faculty success
  2. Pingback: Academic Year
  3. Pingback: System Analysts
  4. Pingback: media
  5. Pingback: التدويل
  6. Pingback: العقاقير
  7. Pingback: Dental Hospital
  8. Pingback: grading system
  9. Pingback: fue
  10. Pingback: butterfly pecs
  11. Pingback: cortexi
  12. Pingback: Fiverr Earn
  13. Pingback: Fiverr Earn
  14. Pingback: Fiverr Earn
  15. Pingback: fiverrearn.com
  16. Pingback: fiverrearn.com
  17. Pingback: fiverrearn.com
  18. Pingback: fiverrearn.com
  19. Pingback: fiverrearn.com
  20. Pingback: fiverrearn.com
  21. Pingback: fiverrearn.com
  22. Pingback: fiverrearn.com
  23. Pingback: hair loss
  24. Pingback: clima para hoy
  25. Pingback: fiverrearn.com
  26. Pingback: chocolate frenchie
  27. Pingback: jute vs sisal rug
  28. Pingback: Digital Marketing
  29. Pingback: Piano Removals
  30. Pingback: bitcoin
  31. Pingback: future university
  32. Pingback: wix login
  33. Pingback: what is seo
  34. Pingback: Fiverr
  35. Pingback: FiverrEarn
  36. Pingback: french bulldog
  37. Pingback: lean six sigma
  38. Pingback: Piano refurbishing
  39. Pingback: Piano maintenance
  40. Pingback: FUE
  41. Pingback: Packing services
  42. Pingback: Classic Books 500
  43. Pingback: FiverrEarn
  44. Pingback: FiverrEarn
  45. Pingback: FiverrEarn
  46. Pingback: FiverrEarn
  47. Pingback: FiverrEarn
  48. Pingback: FiverrEarn
  49. Pingback: pupuk organik cair
  50. Pingback: partners
  51. Pingback: Globalization
  52. Pingback: frenchie puppies
  53. Pingback: Betting tips
  54. Pingback: FiverrEarn
  55. Pingback: FiverrEarn
  56. Pingback: live sex cams
  57. Pingback: FiverrEarn
  58. Pingback: FiverrEarn
  59. Pingback: FiverrEarn
  60. Pingback: FiverrEarn
  61. Pingback: FiverrEarn
  62. Pingback: FiverrEarn
  63. Pingback: FiverrEarn
  64. Pingback: landscape
  65. Pingback: pharmacy
  66. Pingback: Slot Online
  67. Pingback: FiverrEarn
  68. Pingback: FiverrEarn
  69. Pingback: FiverrEarn
  70. Pingback: cheap sex cams
  71. Pingback: rare breed-trigger
  72. Pingback: laundry online
  73. Pingback: 늑대닷컴
  74. Pingback: Bonus buy slot
  75. Pingback: nangs sydney
  76. Pingback: superslot
  77. Pingback: allgame
  78. Pingback: 918kiss
  79. Pingback: หวย24
  80. Pingback: Skincare
  81. Pingback: pg slot
  82. Pingback: AI Attorney
  83. Pingback: cybersécurité
  84. Pingback: Dating Classes
  85. Pingback: resort lake placid
  86. Pingback: health supplements
  87. Pingback: 3 408 cheytac
  88. Pingback: itsMasum.Com
  89. Pingback: MasumINTL
  90. Pingback: masumintl.com
  91. Pingback: Bokeo Thailand
  92. Pingback: ItMe.Xyz
  93. Pingback: itme.xyz
Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top