Aurora Cannabis Inc. (NYSE: ACB) disclosed that it has signed a five-year supply contract with MedReleaf Australia. Aurora Cannabis is the owner of a 10% stake in MedReleaf Australia. It is a private firm that works in the cannabis sector of Australia. Both the firms are currently engaged in the supply of products to the Australian medical Cannabis system.
As per the agreement, MedReleaf will serve as the sole provider of Aurora's MedReleaf, CanniMed & Aurora brands in Australia. The deal includes the product such as dried flower, oils, and soft gels, as well as future products utilizing new shipment processes. MedReleaf will not get any equity investment from Aurora.
Aurora Cannabis Inc. (NYSE: ACB) shares traded up 4.97% as it gained +0.53 in the trading session of Wednesday. The firm has recorded a trading volume of 29.88 million as compared to the average volume of 43.75 million. In the past 52-weeks of trading, Aurora’s share has experienced a change of $3.71 in the past 52-weeks of low range and $26.40 in the past 52-weeks of high range. ACB market capitalization has remained high, hitting $2.06 billion at the time of writing.
The contract between ACB and MedReleaf will deliver the best solution to the patients as it offers medical cannabis of high quality to the patients. It has been disclosed that among the establishment members of MCIA, MedReleaf is one of them. MedReleaf team has successfully established an asset-light, sustainable growth platform in Australia to provide support to doctors, chemists, and sufferers throughout the country in securing access to the high-quality variety of Aurora cannabis medicines.