In last trading session, the shares price of Aurora Cannabis Inc. (OTCMKTS:ACBFF) gained 0.61% to close the week at $2.41. The gains came at a share volume of 949,917 compared to average share volume of 677,824.
The operational updates
Aurora Cannabis reported that in November 2015, its subsidiary, Aurora Cannabis Enterprises Inc., received a license from Health Canada to offer medicinal cannabis pursuant to the MMPR, as of August 2016 outdated by the ACMPR. The company began product sales at the start of this year. In February 2016, Aurora Cannabis also received nod from Health Canada to manufacture derivative cannabis products.
In June, Aurora reported that it finalized a non-binding deal for a draw-down equity scheme with Alumina Partners LLC, up to $5 million. Although the firm has not drawn down using this facility, it offers additional financial leverage accessible for potential strategic prospects if and when required. Further strengthened tactical and operating capabilities with senior management hires, and with the addition of numerous new independent directors with extensive industry experience.
The management speaks
Terry Booth, the CEO of Aurora, said that they have firmly set as a leader and innovator in the growing cannabis segment. Since beginning commercial businesses in January 2016, they have witnessed rapid revenue growth, recorded a notable patient registration rate, generated substantial capital towards the implementation of strategic and operational initiatives, and considerably improved balance sheet.
They have expanded and enhanced board and management team with highly accomplished professionals, getting more depth and breadth, and strengthening corporate governance. In preparation for the growth they expect in the cannabis industry and for firm, the management reported plans to increase production capacity to around 70,000 kilograms per year. This plan will be achieved through the construction of a developed, automated greenhouse facility.
The focus remains on innovation that will strengthen the brand linked with the Aurora mark of excellence in production, customer service and operations. They believe the results validate their ambitious growth plans, and Aurora is extremely well positioned to benefit from the growing cannabis sector.