Aurora To Reach Israel's Drugstore Channel Via Cantek Deal

Aurora Cannabis Inc. ACB ACB is supplying Israel-based Cantek Holdings with bulk dried flower.

Edmonton, Canada-based Aurora agreed to provide the medical cannabis company with at least 4,000 kilograms of bulk dried flower yearly.

Aurora noted that the finished product would be co-branded under both Aurora and Cantek, and sold to Israeli consumers.

The initial cannabis shipment took place last week.

Aurora CEO Miguel Martin called Cantek "a leader in the Israeli market." The deal represents the expansion of Aurora's "medical cannabis brand and industry-leading science in one of our key international markets of focus," he said.

Besides Israel, the company's international footprint includes the German cannabis market as well.

This deal demonstrates "the strength and quality of the Aurora medical brand being validated once again by the world's medical cannabis markets, including countries like Israel in which we had no distribution prior to today," Martin added.

Cantek CEO Netsah Israel said Aurora shares "the same quality values and commitments of meeting patients needs and improving their quality of life."

Aurora’s Business Outlook

Over the past year, Aurora has been conducting its "business transformation plan."

The transformation included rationalization of its cost structure and optimization of Canadian operations by focusing on the building of the "infrastructure and capabilities necessary for a successful and diversified business," Martin explained.

In September, the company revealed losing over CA$3.3 billion ($2.5 billion) over the year, while its fourth-quarter revenue amounted to CA$72.1 million ($54.1 million), down by 5% sequentially.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsMarketsPress ReleasesAurora Cannabis Inc.cannabis inudstryCantek Holdingsgermany medical cannabisisraelmedical cannabissupply deal
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!


Loading...