Cannabis stocks have been trading high most of this week, but this morning some of the larger-capped cannabis stocks slightly corrected. Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) started the morning in the red but is now trending upward. Let's take a closer look at the Aurora stock movement and the company's latest updates.
Aurora Stock: ACB Rebounds
Aurora Cannabis is headquartered in Edmonton, Alberta, and it produces medical cannabis products in Canada and internationally. The company produces dried cannabis, along with cannabis oil and sells it in 19 countries across five continents. Aurora currently holds collaborative agreements with PharmaChoice, Pharmasave, and Shoppers Drug Mart for the distribution and sale of medical cannabis products.
ACB went live on the New York Stock Exchange (NYSE) on August 23rd, but its stock dropped all last week. However, this week it has been seeing consistent gains.
This morning, the cannabis company announced that it has received consent and approval from its consortium of lenders by Bank of Montreal to acquire ICC Labs Inc (TSXV:ICC). The agreement was dated back to September 8th, 2018. Aurora will acquire all of the issued and outstanding common shares of ICC.
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ICC is based out of Uruguay, which is the first country in the world to legalize cannabis for adult consumer use. In addition to holding licenses in Uruguay, ICC holds licenses for the production of medical cannabis in Colombia.
The acquisition of ICC will expand Aurora into South America and will give ICC a strong foundation for expansion within the continent.
ACB Stock Movement
ACB closed the market yesterday at $6.80 a share on the NYSE. This morning, it opened the market at $6.94 a share and then shot up to $7.07 within the first hour of trade. Immediately after its peak, the stock sharply fell to $6.60. According to Yahoo Finance, the stock has mostly recovered and is currently trading at $6.85 a share, up +$0.05 (+0.74%).
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