Aurora Stock: Aurora Cannabis Continues to Fall After NYSE Listing

Aurora Stock

Aurora Cannabis (NYSE:ACB) (TSX:ACB) went live on the New York Stock Exchange last week, and since it listed, the stock has been dropping. The Aurora stock has seen slight corrections since the 23rd but has dropped -22% in a week. Let’s take a closer look at what the company has been up to since its listing.

Aurora Stock: Company Announcements

Aurora Cannabis is headquartered in Edmonton, Canada, and produces and distributes medical cannabis internationally and across Canada. The Canadian cannabis company has collaborative agreements with three major pharmacies in Canada—PharmaChoice, Pharmasave, and Shoppers Drug Mart. These national pharmacies will distribute and sell Aurora’s cannabis products.

Four days ago, Aurora announced that it just received regulatory approval to ship its products to Poland. Aurora will ship its medical cannabis products to a paint treatment center and hospital in Warsaw. 

Capitalize off Cannabis
Sign up now to start receiving our investing insights for FREE!

 

“Becoming the first company to supply cannabis to Poland is validation of Aurora’s ability to do business in international markets with high barriers to entry,” said Neil Belot, Chief Global Business Development Officer.

>> Cannabis Penny Stocks Start the Week in the Red

Belot continued:

“This is an important milestone for patient access in Poland, which will provide options for people seeking alternative medications to help manage symptoms of a wide range of medical conditions. Aurora continues to grow its international footprint, which now spans 19 countries on five continents, and puts us in an enviable position to capitalize on our early mover advantage.”

Aurora stock saw a slight rise in price after this announcement, but it quickly corrected. Major sell-offs have been occurring sporadically across all cannabis stocks, which started when Canada nationally legalized cannabis back on October 17th. The approval news from the Polish Ministry of Health is the latest news Aurora Cannabis has released.

Aurora Stock Movement

According to Yahoo Finance, ACB is currently trading on the NYSE at $6.13 USD a share, down -$0.91 (-12.93%). On the TSX, ACB shares are trading at $8.05 CAD, down -$1.13 CAD (-12.31%).

Featured Image: Depositphotos/© Elnur_