AURORA CANNABIS IN COM NPV(OTCMKTS:ACBFF) is forming a strong base at the $2 level in recent weeks. The stock recently ran as high as $2.96 as pot stocks heated up across the board. The stock also got a recent boost after the Company moved to the TSX Venture Exchange in October.
ACBFF operates in the red hot Marijuana industry that has quickly turned into a multi-billion dollar massive growth market that is sweeping across the Country with many new states legalizing the drug including California, Nevada, Maine, and Massachusetts on November 8.
AURORA CANNABIS IN COM NPV(OTCMKTS:ACBFF) wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical marijuana pursuant to the Marihuana for Medical Purposes Regulations and operates a 55,200 square foot, expandable, state-of-the-art production facility in Mountain View County, Alberta, Canada. Aurora trades on the Canadian Securities Exchange under the symbol “ACB”.
Aurora’s business strategy is to continue and accelerate its penetration of the Canadian cannabis market, achieve its Health Canada sales license for derivative products (cannabis oils) and launch derivatives sales, transition to profitability in the short-term, and begin a major expansion of production capacity. When the federal government passes legislation legalizing the consumer use of cannabis, the Company anticipates participating in the non-medical consumer market, and will envision further production capacity expansion to meet future market demand for cannabis products.
In May ACBFF announced financial results for the three and nine month periods ending March 31, 2016, the Company recorded revenues of $0.2 million, as compared to $nil for the comparable periods in the prior year. The Company commenced commercial sales in January 2016, and has experienced exceptionally strong traction in signing up and maintaining new patients. From the end of the period under review and the date of this release, Aurora has more than tripled its registered customer base.
ACBFF big break came last November after the Company was officially issued its license to sell. The Company is one of of 26 licensed producers across Canada and the only one located in Alberta.
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In May ACBFF announced they have exceeded 3,000 active registered patients over the first five months since commencement of product sales on January 5, 2016. Management believes this is the fastest organic rate of growth in patient registration that any Licensed Producer has achieved, and will help the Company towards reaching profitability in record time.
“Aurora’s pace of patient acquisition is unprecedented in the industry, and has exceeded our expectations,” said Terry Booth, CEO. “We had optimistically planned for this high rate of growth, and I’m proud that our cannabis production and inventory, as well as our customer care team, continue to manage this increasing demand very well. Our customer retention rate thus far exceeds 90%, and we will continue to be diligent in ensuring that we onboard patients at a pace we can accommodate as we continue to scale up. At the same time, we will ensure our patients remain completely satisfied with Aurora’s medical cannabis and their overall customer care experience is aligned with the Aurora Standard.”
On November 7 ACBFF announced Cam Battley has been appointed Executive Vice President. In this new role, Mr. Battley, who previously held the position of Senior Vice President, Communications and Medical Affairs, will take on responsibilities for Aurora’s organizational effectiveness and corporate development, in addition to his current responsibilities related to business development, communications, investor relations, and medical, patient and other stakeholder initiatives.
Mr. Battley, who has more than 15 years of international experience in the pharmaceutical and biotech sectors, currently serves on the Board of Directors of Cannabis Canada, the trade association for Licensed Producers of medical cannabis, where he chairs the Advocacy Committee. Before joining Aurora in March, 2016, he was Vice President, Communications and Corporate Development for another leading Licensed Producer.
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Currently trading at a $496 million market valuation ACBFF is one exciting story operating in the legal Marijuana space. The Company is arguably the lowest cost-per-gram licensed producer in Canada with the most technologically advanced facility in Canada. ACBFF is led by Terry Booth, the youngest master electrician on record in Alberta (at 22) and is perfectly positioned to be a leader in the booming Canadian marijuana industry. We will be updating on ACBFF when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ACBFF.
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Disclosure: we hold no position in ACBFF either long or short and we have not been compensated for this article.