Aurora Cannabis' Share Price Rises Following BC Northern Lights and Urban Cultivator Acquisitions
Canadian cannabis giant Aurora Cannabis (TSX:ACB; OTCMKTS:ACBFF) started the month of October off on a high note thanks to its announcement on Monday (October 2) that it had acquired 100 percent interest of BC Northern Lights Enterprises and Urban Cultivator.
According to the company’s press release, BC Northern Lights and Urban Cultivator both expect to generate revenues totaling of more than $5 million each in their fiscal years, ending later this month.
“These transactions are an important step in Aurora’s strategy to serve the home gardening market in Canada for patients who choose to grow their own medical cannabis, and ultimately for adult consumers who choose to grow their own after Canada’s federal government legalizes adult usage,” Neil Belot, chief global business development officer of Aurora Cannabis said in the release.
Legalization of recreational use of marijuana is slated for July 1, 2018.
Terry Booth, CEO of Aurora Cannabis, echoed similar sentiments, stating that it puts the company in a good position to “capitalize on the opportunity in a distinct and rapidly growing segment of the market.”
“These transactions are an important step in Aurora’s strategy to serve the home gardening market in Canada for patients who choose to grow their own medical cannabis, and ultimately for adult consumers who choose to grow their own after Canada’s federal government legalizes adult usage,” Booth added.
Following Monday’s announcement, shares of Aurora Cannabis have increased 4.32 percent to reach $2.90 at the close on Wednesday (October 5).
All that being said, there have, of course, been other contributing factors to Aurora’s recent share price boom. In late September, the company announced its Q4 and full financial 2017 results, noting that August was a “record month” with gross revenues exceeding $3.1 million in medical cannabis sales.
The company also stated that over 3,500 patients registered since the fiscal year end and that it surpassed over 20,000 active and pending registered patients.
Because of the company’s recent highlights, analysts are bullish on Aurora Cannabis–at the moment–including Patrick Brik of Profit Confidential.
Brik wrote that he is currently watching Aurora for “a very particular reason.”
“[The] stock really stands to benefit now that the government has made strides to create a recreational market for its product,” he said. “As a result, Aurora Cannabis stock—and this entire sector—has caught a bid, and speculation is beginning to ramp up once again.”
Shares of Aurora Cannabis on the OTCMKTS exchange have risen 36.04 percent to $2.34 as of 4:00 p.m. EST on Wednesday, while its share price on the TSX has risen 6.23 percent since being bumped up to the exchange on July 25.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact email@example.com, or