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Friday, December 13, 2019 9:13:16 PM
By Rajiv Nanjapla
Dec 13, 2019
https://marketrealist.com/2019/12/why-did-germany-halt-auroras-cannabis-sales/
On November 29, Marijuana Business Daily reported that Germany had stopped the sale of Aurora Cannabis’s (ACB) medical marijuana products. The article stated that the German authorities were reviewing Aurora’s proprietary process, which enhances the shelf life of its products, citing the company’s spokesperson.
On December 11, Aurora’s chief corporate officer, Cam Battley, attended and presented at the Marijuana Business Daily‘s Investor Intelligence Conference. During his presentation, he was asked to explain more about the matter, according to Marijuana Business Daily.
Battley stated that the company uses a process to protect its products from microbial contamination. However, he added that the process required an additional permit. As reported by the article, German law mandates that companies receive special permission to distribute medical products exposed to ionizing irradiation. However, Battley expects Aurora to receive the necessary permits within the next four weeks.
Aurora’s medical sales
Aurora Cannabis sells its products in 25 countries. In the last quarter, the company generated 30.5 million Canadian dollars’ worth of medical product sales, which formed 40.5% of its total sales. Its international medical sales contributed 6.6% of its total revenue. Germany is one of Aurora’s most important markets. The company owns one of the three cultivation licenses granted by the country.
Further, Battley expects Aurora to introduce more cannabis-derived products in Germany soon. In October, Germany provided an update on reimbursements related to medical cannabis. For more info, read Medical Marijuana: Germany Updates on Reimbursements.
Analysts’ expectations for Aurora
For fiscal 2020, analysts expect Aurora Cannabis to report revenue of 404.2 million Canadian dollars, a YoY rise of 63% from 247.9 million Canadian dollars in fiscal 2019. Analysts continue to expect the company to report negative EBITDA this year. They expect its EBITDA to be -95.4 million Canadian dollars, an improvement from -156 million Canadian dollars in fiscal 2019. For more on Aurora’s profitability, read When Will Aurora Cannabis Become Profitable?
Stock performance
So far, this year, Aurora Cannabis has lost 49.3% of its stock value as of December 12. Weak sales in the fourth quarter of fiscal 2019 and the first quarter of fiscal 2020, management’s decision to scale down its expansion plans, and an early conversion of its convertible debentures caused the company’s stock to fall. Weakness in the cannabis sector has also contributed to the fall in the company’s stock price.
YTD, the ETFMG Alternative Harvest ETF (MJ) has fallen 30%. Meanwhile, Aurora has underperformed its peers Aphria (APHA), Canopy Growth (CGC), and Cronos Group (CRON). APHA, CGC, and CRON have fallen 11.6%, 23.9%, and 33%, respectively, YTD. For more cannabis-related news, check out 420 Investor Daily.
Recent ACB News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/20/2024 11:19:31 AM
- Form 40-F - Registration statement [Section 12] or Annual Report [Section 13(a), 15(d)] • Edgar (US Regulatory) • 06/20/2024 11:15:43 AM
- U.S. Index Futures Surge; Oil Prices Increase • IH Market News • 06/20/2024 10:56:57 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/07/2024 11:32:10 AM
- Aurora Cannabis to Host Fourth Quarter and Fiscal Year 2024 Investor Conference Call and File Related Year End Information • PR Newswire (US) • 06/07/2024 11:00:00 AM
- Aurora Cannabis to Host Fourth Quarter and Fiscal Year 2024 Investor Conference Call and File Related Year End Information • PR Newswire (Canada) • 06/07/2024 11:00:00 AM
- Aurora Unveils Premium Resin Cartridges in Australia • PR Newswire (US) • 06/05/2024 11:00:00 AM
- Aurora Unveils Premium Resin Cartridges in Australia • PR Newswire (Canada) • 06/05/2024 11:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 10:07:35 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/22/2024 06:40:34 PM
- Aurora Cannabis Announces Appointment of New Director • PR Newswire (Canada) • 05/15/2024 11:00:00 AM
- Aurora Cannabis Announces Appointment of New Director • PR Newswire (US) • 05/15/2024 11:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/14/2024 08:51:30 PM
- Aurora Marks First Shipment of Medical Cannabis to the New Zealand Market • PR Newswire (US) • 05/08/2024 11:15:00 AM
- Aurora Marks First Shipment of Medical Cannabis to the New Zealand Market • PR Newswire (Canada) • 05/08/2024 11:15:00 AM
- Aurora Improves Offerings in Australia with New Range of Premium Dried Flower Products • PR Newswire (Canada) • 04/30/2024 11:15:00 AM
- Aurora Improves Offerings in Australia with New Range of Premium Dried Flower Products • PR Newswire (US) • 04/30/2024 11:15:00 AM
- Marijuana Stocks Up After Banking Reform Progress • IH Market News • 04/09/2024 10:05:42 AM
- Aurora Cannabis Commends Germany's Landmark Legalization Achievement • PR Newswire (US) • 04/01/2024 11:00:00 AM
- Aurora Cannabis Commends Germany's Landmark Legalization Achievement • PR Newswire (Canada) • 04/01/2024 11:00:00 AM
- Aurora Cannabis Achieves Australia's TGA GMP Certification, Setting Global Standard for Quality and Compliance • PR Newswire (Canada) • 03/20/2024 11:15:00 AM
- Aurora Cannabis Achieves Australia's TGA GMP Certification, Setting Global Standard for Quality and Compliance • PR Newswire (US) • 03/20/2024 11:15:00 AM
- Aurora Introduces Medical Cannabis Pastilles for Patient Relief in Australia • PR Newswire (US) • 03/04/2024 02:42:00 PM
- Aurora Introduces Medical Cannabis Pastilles for Patient Relief in Australia • PR Newswire (Canada) • 03/04/2024 02:42:00 PM
- Aurora Completes Final Repayment of Convertible Senior Notes Representing ~$465 Million in Total Repayments Since 2021; Cannabis Operations Are Now Debt Free[1] • PR Newswire (Canada) • 02/29/2024 10:00:00 PM
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