Aurora Stock Climbs on Domestic and European MMJ Success; Firm Buys More CanniMed Stock

TG BranfaltMedical Cannabis0 Comments

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Canadian medical cannabis company Aurora Cannabis Inc. saw a 10 percent increase in their stock price on Tuesday after announcing they had sold 354 kilograms (780.4 pounds) of cannabis in Canada and Germany in November. The stock, traded on Canada’s Toronto Stock Exchange, opened Tuesday at CA$10.75 and closed at CA$11.82.

Aurora announced its domestic and German cannabis sales – through its German arm, Pendanios – topped CA$3.1 million in November, setting a new record for one-month sales. Pendanios accounted for 74,000 grams in November, also a record for the wholly-owned Aurora firm.

In the release, Aurora also boasted its cash-positive position, noting that the company’s cash plus marketable securities exceed $500 million, with a cash position above $320 million.

Aurora is still in the midst of an attempted hostile takeover of CanniMed Therapeutics and also announced yesterday that the company had purchased another 116,000 common shares of the target firm bringing their total of owned shares to 566,000. The buy raises its equity share in CanniMed to about 2.3 percent.

It’s the first CanniMed stock purchase by Aurora since Ontario Securities Commission officials ruled that any securities issued by CanniMed as a ‘poison pill’ defense against the takeover must be cease-traded, and requiring Aurora to amend its bid circular and press releases to include any information that could impact CanniMed Shareholders if they decide to accept or reject the offer.

The Canadian Press reports that Aurora is able to buy about 5 percent of CanniMed stock through the open market.

Source: Ganjaprenuer

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