May 30, 2023

Aurora Cannabis Completes Largest Shipment Of Medical Marijuana To Israel, Makes Board Changes

Canadian marijuana giant Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) revealed Tuesday that it has completed its largest cannabis shipment to Israel worth CA$10 million ($7.8 million). The Edmonton. Alberta-based cannabis company noted that this is believed to be the largest export of medical marijuana to the Israeli market. In addition, the company also announced a new director and board changes.  

Delivered in December, the shipment will be recognized as revenue in Aurora’s FY22 Q2 period.

Israel, key among Aurora’s international medical operations, is a potentially huge medical cannabis market. Known as “the holy land of medical marijuana” for having undertaken more clinical trials and studies than any other country in the world, Israel’s recent studies provided important results in cancer treatments.

As the leading Canadian licensed producer in global medical cannabis by revenue, Aurora has strategically focused on international expansion to bolster its diversified business portfolio. The company also recently entered into a joint venture in The Netherlands to participate in the Controlled Cannabis Supply Chain Experiment, an adult-use pilot program. 

“It’s an exciting time for the global cannabis industry, as we’re seeing growing acceptance and thoughtful regulation of both medical and adult-use cannabis across Europe and in key markets like Israel,” Miguel Martin, CEO of Aurora stated. “With strong local relationships, as well as support from our patients and consumers, we look forward to continuing to expand our international business to complement our total cannabis portfolio.”

New Director And Board Changes 

Aurora also confirmed Tuesday the appointment of Chitwant Kohli to the company’s board of directors effective Jan. 4. This is a newly added position that expands the board to nine members, seven of whom are independent. 

Kohli joins the board following a successful career as a senior financial executive with significant experience in finance, strategic planning, real estate, and operations. After 29 years at Royal Bank of Canada (TSE: RY), Kohli retired as senior vice president of Enterprise Operations and Payments.

“It is with great excitement that we begin the new year by welcoming Chitwant to our Board of Directors,” Ronald Funk, chairman of Aurora Cannabis stated. “He offers a tremendous wealth of knowledge and executive leadership experience in the banking sector which will help further accelerate Aurora’s sustainable, long-term growth. With his expertise in finance and accounting, costing and profitability, real estate, operations and performance management, Chitwant will be instrumental to our progressive agenda, lending his deep experience that is needed as we progress on our business transformation plan.”

In addition, Theresa Firestone, appointed independent director in July 2021 will take on the role of committee chair for the human resources and compensation committee, effective Tuesday.

Price Action 

Aurora’s shares traded 1.04% higher at $5.81 per share during Tuesday’s pre-market session. 

Photo: Courtesy of Diyahna Lewis on Unsplash

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