Rich has some more exciting news for followers of Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB). Yesterday, he profiled the Edmonton-based cannabis company’s new dispensary at West Edmonton Mall. The company is now the owner of the largest pot shop in Canada, but ACB isn’t satisfied to rest on its laurels.
Today, Canada’s second-biggest pot company announced it has received approval to sell CBD oil in Ireland. This is big news for a company that builds its identity, in large part, on its expansive sales network. Needless to say, Rich is impressed.
“Whoa, this is big news. This is revolutionary,” he says. “I really believe in CBD, it is the future and this is a huge breakthrough for CBD and for Aurora Cannabis.”
Aurora’s New Position in Ireland
According to a press release from the company, Aurora’s High CBD Oil Drops have been added to a regulatory schedule by the Irish Minister of Health. This allows the product to be imported, supplied, and prescribed under the country’s new Medical Cannabis Access Programme (MCAP).
To date, the Oil Drops are one of only two products to receive authorization under this program. The authorization means that a consultant can prescribe the product to patients who are suffering from symptoms related to multiple sclerosis, chemotherapy, and epilepsy.
Dr Shane Morris, Aurora Cannabis’s Chief Product Officer, said:
“We are very proud to be one of the first approved suppliers of medical cannabis under the MCAP. We want to acknowledge the efforts made by many people, especially the patients and doctors who have campaigned for access to these medicines. [Aurora] looks forward to more of Aurora’s high-quality medicines being approved, so that more patients can benefit from the MCAP in Ireland.”
Aurora Cannabis Leads International Growth
In addition to its funded production capacity exceeding 625,000 kgs a year, Aurora is best known for having operations in 25 countries across five continents. ACB is recognized as the pot stock with more international business than any other.
Approval of its CBD oil for use in Ireland is just the latest of Aurora’s push to provide medical marijuana abroad. The medical market, while somewhat dwarfed by the potential of the recreational market, generally has much higher margins. This is because users of medical cannabis consume it at a greater frequency than recreational users.
Aurora’s extensive investments in overseas growth positions the company to benefit as countries begin liberalizing their medical cannabis laws.
“It’s just crazy what these guys are doing,” says Rich, regarding Aurora Cannabis’s long-term growth strategy. “They’re a world leader, no doubt.”
CBD Stocks Still Struggling
Despite Aurora’s good news, the needle hasn’t moved on CBD stocks.
Sadly, since the FDA sent warning letters to 15 CBD companies, the sector has been pretty stagnant. Unlike the Irish authorities, US regulatory bodies have been extremely reluctant to endorse CBD’s medicinal properties. As a result, investors don’t have the confidence in CBD stocks that they otherwise would.
Still, Aurora remains a long-term play. If any company stands to benefit from the gradual growth of the CBD and medical cannabis industry, it’s Aurora Cannabis.
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