William Sumner
Aurora Cannabis (TSX:ACB) (ACBFF) announced that it would be added to the S&P/TSX Composite Index, effective on March 19, 2018. The S&P/TSX Composite Index serves primarily as the gauge for the Toronto Stock Exchange and is comprised of some of the largest companies in Canada, as defined by market capitalization and liquidity. Inclusion on the S&P/TSX Composite Index will help open the company up to broader financial opportunities, such as index tracker funds.
“Inclusion in the index just over two years after commencing commercial operations is a reflection of our exceptional pace of growth and shareholder value creation, and a testament to the Aurora Standard, which represents excellence in execution and customer care,” said Aurora CEO, Terry Booth, in a statement. “This latest milestone will further expand our retail and institutional investor audience and further enhance Aurora’s liquidity, as we continue to execute diligently on our global expansion strategy.”
The company also announced today the resignation of its company Director, Joseph del Moral, who will pursue non-cannabis related business interests. del Moral has also resigned as the CEO of CanvasRx. Despite his resignations, del Moral will provide assistance during the transition period and will continue to serve as an adviser to the company.
Aurora Expands Into Europe
As Aurora continues to shore itself up in Canada, the company has also begun to expand into the European market. At the beginning of the year, the company announced a joint venture with the Danish firm Alfred Pedersen & Son to begin selling cannabis in Europe under the name Aurora Nordic.
Though Canadian law forbids cannabis companies from holding interests in US-based cannabis market, where cannabis is still federally illegal, the same is not true for Europe, where cannabis enjoys varying degrees of legality.
Aurora Nordic will focus on cultivating and selling cannabis in Denmark, Sweden, Norway, Finland, and Iceland, through Aurora’s wholly-owned subsidiary Pedanios GmbH. Upon finalization of the agreement, the company will commence construction on an ALPS (Aurora Larssen Projects Ltd) designed, 1,000,000 square foot, fully automated cannabis production facility.
