Aurora in Malta: Aurora Cannabis (TSE:ACB) (OTCQX:ACBFF) announced today that it has officially received approval to cultivate cannabis in Malta.
Stated on its press release the company said: "Aurora received a Letter of Intent from Malta Enterprise, approving its application for the establishment of a seed-to-pharma cannabis operation subject to certain conditions."
Aurora in Malta: Company Receives Cultivation Approval in Malta
Aurora has operations planned which include a facility for cultivation, manufacturing, and distribution. These operations will be carried out by its newly formed subsidiary, Aurora Malta.
Aurora has already formed a partnership with Cherubino Ltd, for its medical cannabis distribution and once again the pair will work closely together. Cherubino is the largest pharmaceutical wholesaler in Malta with an operating history of over 100 years.
LOI
The Letter of Intent is the first cultivation LOI issued by the Maltese authorities to date and Aurora will be allotted land for the development of its new facilities. The company will produce cannabis to be turned into oils and other derivatives to EU GMP standard, and these products will also be available for export outside of Malta and into Europe where legal.
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Neil Belot, Chief Global Business Development Officer for Aurora said the following:
“Aurora already was the first company to export medical cannabis to both Italy and Malta, and now are the first to receive approval for the production, processing, and distribution of cannabis in the country...Having an EU GMP compliant facility in Malta will position us well to serve multiple international markets, including Southern Europe and beyond... We look forward to creating a thriving Maltese business, generating significant employment opportunities, and serving medical patients with high-quality cannabis products.”
Stock Price
Aurora's Stock price hasn't reacted much to the news, however, in fact, it's stock has decreased slightly and it currently has dropped 1.04%.
But there's nothing to fear. The "real" stock price surge is expected to begin in the fall when recreational cannabis becomes legal in Canada. Until then though, Aurora remains a dominating force in the medical marijuana field and has been steadily climbing back up since its dip four days ago.
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