Aurora Cannabis Inc. Announces European Expansion
In a move sure to solidify their presence in the emerging global marijuana industry, Aurora Cannabis Inc. (OTCQB:ACCBF) (TSX:ACB) announced plans this week to partner with Danish tomato and pepper producer Alfred Pedersen & Son (APS) to produce and sell cannabis in Europe. The move will enable the joint venture, which is majority-owned by Aurora, to distribute cannabis products in Sweden, Norway, Finland and Iceland, and Denmark.
The newly formed company, known as Aurora Nordic Cannabis A/S, is currently in talks to build a 1,000,000,000 square foot production facility able to output 120,000 kilos of marijuana per year. Through APS, Aurora Nordic has access to existing greenhouse space it could utilize for cultivation as of the summer of 2018. The plan is to commence cultivation after the first 200,000 square feet of production space is built in Q3 of 2017.
“This is a huge next step for Aurora, establishing us as the leading cannabis company in Europe, a market of well over 400 million people, dramatically accelerating our international expansion,” said Terry Booth, CEO of Aurora. “We are already the leading exporter to and distributor of medical cannabis in Germany, and now have the largest funded capacity footprint in the rapidly-growing European market, in which only a handful of licensed cannabis companies are currently able to operate.”
Joint Venture Will Distribute Marijuana in Several EU Countries
Through Aurora’s wholly owned subsidiary, Pedanios GmbH, the joint-venture will have access to Europe’s largest distributor of cannabis, providing direct access to a customer base that continues to grow rapidly. APS received its license to cultivate cannabis from Denmark’s Medicines Agency on January 1. The Danish government recently legalized medical marijuana as part of a four-year trial, allowing patients with certain illnesses to obtain the plant via prescription.
“We are delighted to partner with the world’s most dynamic cannabis company, with its exceptional execution track record,” said Mads Pedersen, CEO of APS. “Aurora shares our high-technology, high-quality and ultra-low cost production philosophy. This made Aurora our partner of choice to develop the full potential of our cannabis license and build Europe’s leading cannabis company.”
