Aurora Cannabis Earns Coveted GMP Certification For Australian Market, Here's What It Means
Portfolio Pulse from Jelena Martinovic
Aurora Cannabis Inc. (NASDAQ:ACB) has received Good Manufacturing Practice (GMP) certification from Australia's Therapeutic Goods Administration (TGA) for its Canadian facilities, River and Ridge. This certification enables Aurora to expand its product offerings in the Australian market, which is rapidly growing and estimated to be worth AUD 400 million. The company's international medical cannabis revenue grew 41% year-over-year, with significant contributions from Australia and Europe. Aurora also acquired the remaining interest in Indica Industries Pty Ltd, operating as MedReleaf Australia, for AUD$50 million.
March 20, 2024 | 2:26 pm
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Aurora Cannabis Inc. received GMP certification from Australia's TGA for its Canadian facilities, enabling expansion in the Australian market. The company's international medical cannabis revenue grew 41% year-over-year, and it acquired the remaining interest in MedReleaf Australia for AUD$50 million.
The GMP certification from Australia's TGA is a significant regulatory milestone for Aurora Cannabis, allowing it to expand its product offerings in the Australian market, which is rapidly growing. The 41% year-over-year growth in international medical cannabis revenue, particularly from Australia and Europe, indicates strong market performance and potential for further growth. The acquisition of MedReleaf Australia further strengthens Aurora's position in the Australian market. These factors combined suggest a positive short-term impact on ACB's stock price.
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