Aurora Cannabis is back making headlines. Today, August 8th, we've heard more about the Aurora Cannabis and Alcanna partnership. Now that the news is out, the ACB stock has gained nearly 2%.
Latest in the Aurora Cannabis and Alcanna Partnership
At the start of 2018, Aurora Cannabis disclosed that it had made a strategic investment in Alcanna Inc, which is a retailer of alcoholic beverages. Alcanna has nearly 300 retail outlets in Canada.
Fast forward to August of 2018, and Aurora Cannabis and Alcanna announced that they have reached a license agreement. Under the terms of the agreement, Alcanna now has exclusive rights to launch retail cannabis stores across Canada, under the name 'Aurora.'
Some of these cannabis retail stores will be former liquor stores, converted into cannabis outlets.
In simple terms, Aurora Cannabis retail stores are now a thing. And even if you're not a fan of cannabis, you have to recognize the significance of this move. Alcanna is one of the biggest liquor retailers in Canada, while Aurora is a leading cannabis company.
Investors certainly recognize this.
Aurora Cannabis Stock (TSX:ACB) (OTCQX:ACBFF)
The stock didn't shoot up on the news, as it has on other days after announcing major news, but gains are gains. After all, not every cannabis stock is doing so hot today—looking at you, Cannabix Technologies (CSE:BLO).
According to Yahoo Finance, at 1:35 p.m. EDT, Aurora Cannabis was trading at $6.25 on the TSX, which puts the stock up 1.46%. The ACB stock previously closed at $6.15.
The Takeaway
We often hear about the acquisitions that Aurora Cannabis makes, but this is perhaps an announcement that trumps its previous partnerships. Why? Because as we move towards the October legalization date, it's clear Aurora Cannabis and Alcanna are going to be leading the pack.
As I said, Alcanna has nearly 300 retail stores in Western Canada, and a handful of these existing stores are going to be turned into Aurora Cannabis retail stores, or so the two companies said on Wednesday.
How do you feel about today's announcement?
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Featured Image: Depositphotos/© DmitryPoch
