Canada-based Aurora Cannabis has entered into a supply agreement with Cantek Holdings, one of the leading medical cannabis corporations in Israel.
Under the terms of the agreement, Aurora Cannabis (ACB) will supply dried bulk flower to Cantek over a two-year period, with the option to expand the deal. The company plans to provide Cantek with at least 4,000 kgs of bulk dried flowers yearly. The complete product processed from the dried flower will be co-branded under the Aurora and Cantek brands for the Israeli market with the potential for more international market sales.
Aurora Cannabis announced that it made the initial shipment of cannabis during the week of Nov. 16, 2020, after securing all necessary export and import permits. With this deal, the company now has a presence in two of the biggest legal medical cannabis markets outside of Canada – Germany and Israel.
Shares of Aurora Cannabis have declined 66.4% this year as the company reported ascending losses. The average price target of $7.45 shows downside potential of 14.5% from current levels. The Street has a Hold analyst consensus on the stock based on 12 Holds and 3 Sells.