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Aurora To Reach Israel's Drugstore Channel Via Cantek Deal

November 25, 2020 12:57 pm
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Aurora To Reach Israel's Drugstore Channel Via Cantek Deal

Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) is supplying Israel-based Cantek Holdings with bulk dried flower.

Edmonton, Canada-based Aurora agreed to provide the medical cannabis company with at least 4,000 kilograms of bulk dried flower yearly.

Aurora noted that the finished product would be co-branded under both Aurora and Cantek, and sold to Israeli consumers.

The initial cannabis shipment took place last week.

Aurora CEO Miguel Martin called Cantek "a leader in the Israeli market." The deal represents the expansion of Aurora's "medical cannabis brand and industry-leading science in one of our key international markets of focus," he said.

Besides Israel, the company's international footprint includes the German cannabis market as well.

This deal demonstrates "the strength and quality of the Aurora medical brand being validated once again by the world's medical cannabis markets, including countries like Israel in which we had no distribution prior to today," Martin added.

Cantek CEO Netsah Israel said Aurora shares "the same quality values and commitments of meeting patients needs and improving their quality of life."

Aurora’s Business Outlook

Over the past year, Aurora has been conducting its "business transformation plan."

The transformation included rationalization of its cost structure and optimization of Canadian operations by focusing on the building of the "infrastructure and capabilities necessary for a successful and diversified business," Martin explained.

In September, the company revealed losing over CA$3.3 billion ($2.5 billion) over the year, while its fourth-quarter revenue amounted to CA$72.1 million ($54.1 million), down by 5% sequentially.

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