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Wednesday, Jun 29, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

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Aurora exports $10M of medical cannabis to Israel

The $10M shipment follows an $8M export made last July

Aurora exports $10M in medical cannabis to Israel -
Attempts to pass progressive cannabis legislation in Israel have stalled since an initial commitment to legalize adult-use was made in 2020. Photo by Dr. Avishai Teicher via Wikimedia Commons

Canadian producer Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB) says it’s made what’s believed to be the largest cannabis shipment to Israel yet.

In a statement Tuesday, the company said it made a delivery worth around $10 million in December, which will be recognized as revenue in its second quarter of the fiscal year.

Aurora says the sale builds on its growing presence in Israel, which the company sees as a key market in strengthening its international medical business.

The firm made an $8-million shipment to the country in July, 2021. Aurora has a supply agreement with Cantek Global Ltd., an Israeli medical cannabis operator that intends to supply a minimum of 4,000 kilograms of bulk dried flower annually to the domestic market, according to a previous statement.

It’s an exciting time for the global cannabis industry, CEO Miguel Martin says in a statement, with growing acceptance and “thoughtful” regulation of cannabis across Europe and in key markets like Israel.

“With strong local relationships, as well as support from our patients and consumers, we look forward to continuing to expand our international business to complement our total cannabis portfolio.”

Read more: Aurora narrows net losses in Q1 but revenue still muted

Read more: Aurora buys stake in Dutch firm chosen for pot pilot

Although Israeli government officials first announced plans to legalize adult-use pot in June 2020, passing progressive laws since then has faced multiple roadblocks in the country’s ideologically disparate legislature.

According to the Times of Israel, members of a coalition governments have recently threatened to split if a promised cannabis committee is not formed.

Aside from Israel, Aurora has been focusing on other international medical markets, as domestic adult-use sales stall. In November, the company said it bought a stake in Growery B.V., one of 10 producers selected for the Netherlands’ four-year adult-use cannabis pilot.

Aurora stock rose over 7 per cent Tuesday to around $7.36 on the Toronto Stock Exchange.

 

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