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Canadian medical cannabis company Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) has been granted two licenses by the Federal Institute for Drugs and Medical Devices (BfArM) under Germany’s new Medical Cannabis Act (MedCanG).
The company said on Thursday the license grants it continued domestic cultivation, which has been underway for two years now.
Under the new license, the Canadian medical cannabis giant may also cultivate an approved additional product, with plans to expand its offerings to the rapidly growing German patient base.
Additionally, the company said it will also receive a dedicated R&D license, allowing for the trial of up to seven additional novel cultivars at the company’s local EU GMP facility in Leuna, Germany, which has been operational since 2021.
“We thank the German government for its continued investment in the growth of medical cannabis, made possible by decriminalization, which will improve access to medical cannabis for patients all across Germany,” said Michael Simon, president of Aurora Europe. “Being one of the few companies to receive enhanced licenses is a testament to Aurora’s established leadership in the region and unparalleled commitment to making available the highest quality cannabis. We now have the framework to extend our portfolio, invest in domestic research and leverage Aurora’s global cultivation expertise locally.”
Germany became the third country in Europe to legalize adult-use marijuana after Malta and Luxembourg, with sales being launched this spring.
One of the key drivers of Aurora's recent growth has been its international medical cannabis sales, particularly in markets like Germany and Australia.
Moreover, with the German cannabis market projected to expand to €1.7 billion by 2025, as recently highlighted by Benzinga's Nicolás Jose Rodriguez, the stage is set for Canadian exporters like Aurora to capture significant market share.
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Aurora's shares traded 0.52% higher at $5.79 per share at the close on Thursday.
To learn more about cannabis stocks, come, join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
