Aurora stock is in the green today after Aurora Cannabis (TSX:ACB) (NYSE:ACB) received approval to sell medicinal CBD oil products in Ireland.
Aurora Stock Gains on Irish Approval
Irish regulators have approved the sale of Aurora's CBD oil products under its Medical Cannabis Access Program (MCAP) for the treatment of spasticity related to multiple sclerosis, chemotherapy-induced nausea and vomiting, and treatment-resistant epilepsy. After MCAP was signed into law in June, Aurora's products are one of just two currently available under the program. Aurora's Chief Product Officer, Dr. Shane Morris, said he expects to see the company add more medical treatments in the future, with Aurora stock up 2.5% following today's news.
"We look forward to more of Aurora's high-quality medicines being approved, so that more patients can benefit from the MCAP in Ireland," said Dr. Morris. "We will continue to work closely with all parties and state agencies to facilitate further availability."
People Before Profit TD for Dublin Mid-West, Gino Kenny, who has been a long-time campaigner for medicinal cannabis use, said that the authorization of Aurora's products "could be the beginning of something much bigger in the future.” Aurora shares are currently trading for $3.31 in Toronto.
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Germany Pulls Aurora Products
However, Aurora Cannabis has been dealt a blow in its further ventures into the European market. Germany has reportedly suspended sales of Aurora's medical cannabis products in the country, with regulators reviewing "a proprietary step" in the company's production process that's related to ensuring the shelf life of cannabis flower. Aurora reported dismal Q1 results last month, and since one bright spot was the increased international revenue from markets such as Germany, the suspension of sales in the country could have a negative effect on Aurora stock if prolonged.
Aurora stock is currently hovering around its lowest point in nearly two years after those underwhelming quarterly results led to the Canadain cannabis firm halting production at its Aurora Nordic 2 facility in Denmark to save about $80 million CAD over the next year, as well as indefinitely deferring the completion of its Aurora Sun facility in Medicine Hat, Alberta.
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