AURORA CANNABIS IN (OTCMKTS:ACBFF)
Shares of AURORA CANNABIS IN (OTCMKTS:ACBFF) gained 2.92% after the legal cannabis company announced a $69 million unit offering and concurrent $6 million private placement. According to the company, six insiders participated in the offering, directly and indirectly, for an aggregate principal amount of $1.85 million.
ACBFF Investors Reaction
The company plans to use the proceeds to accelerate strategic growth initiatives in both the domestic and on the international scene. Aurora Cannabis has received a cultivation license from Health Canada for its 40,000 square foot indoor production facility ‘Aurora Vie’ in Pointe Claire, Quebec.
Investor’s reaction to the offering and the new cultivation license has been positive. The stock is currently closing in on its 52-week high of $2.96 a share. For the full year, AURORA CANNABIS IN (OTCMKTS:ACBFF) is up by more than 40% as it continues to trade in a strong uptrend. Immediate resistance is at $2.50.
Aurora Vie is the new production facility that is expected to enhance the company’s cannabis production capacity. The facility has been completed with, approximately, $3 million in configuration and technology upgrades to meet European manufacturing standards
“Aurora Vie itself is a testament to our innovation. We are incredibly proud of our commitment to, investment in, and growth strategy for our Quebec operations, and look forward to servicing both the medical market and, once legalized, the adult consumer market with locally cultivated high-quality cannabis,” said Terry Booth, CEO.
Plans are already underway to transfer clones to Aurora Vie in anticipation of the first harvest in the first quarter of next year. The facility’s yield optimized design provides for a tremendous flexibility for the growth of a wide variety of strains, including rare cultivars. The cultivation and production should strengthen Aurora Cannabis’ product offering and strengthen its brand recognition as a cultivator of high-quality cannabis.
Separately, AURORA CANNABIS IN (OTCMKTS:ACBFF) has confirmed the appointment of Darryl Vleeming as the new Chief Information Officer. He joins the company with over 20 years of experience in Senior IT leadership project delivery and IT strategic planning.
“The newly created position of CIO reflects the degree to which leadership in technology and innovation is part of our DNA, as well as central to our global expansion strategy,” said Mr. Booth.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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