Aurora Cannabis Inc (TSE:ACB) (NYSE:ACB) is heading to Germany. The Canadian cannabis company was one of the three companies selected in a public tender by the German Federal Institute for Drugs and Medical Devices to cultivate and distribute medical cannabis in Germany.
Shares jumped 3.7% before the bell on the NYSE to US$9.29.
Of the 79 companies that submitted concept plans, Aurora received the highest rating. The Edmonton, Alberta-based company was awarded five of the 13 available lots with a minimum total supply of 4,000kg.
The facility, located near Leipzig, will produce cannabis to be sold wholesale to pharmacies and the German government. Aurora has been exporting dried cannabis flower to Germany since 2017.
"We are very proud to have been selected as one of only three companies by the German government, which is a great achievement by our team," Chief Global Business Development Officer Neil Belot said. "Having the highest rated concept is a strong validation of the Aurora Standard cultivation philosophy, as well as of our track record in the delivery of safe and high-quality medical cannabis products to the German system.”
The deal will become official April 17 or later.
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