Shares of Aurora Cannabis (NYSE:ACB) stock got a healthy boost on Thursday after announcing a deal with Great North Distributors.
According to Aurora Cannabis, Great North will be acting as the exclusive representative for the company’s brands in Canada’s retail market. That’s boosting ACB stock up as Great North is the “first national sales broker for legalized adult-use cannabis” in the country.
The deal between Aurora Cannabis and Great North will have the latter take over the distribution of the former’s products starting on Jan 25, 2021. The distributer brings with it experience and reach that spreads across all of Canada’s provinces. It also has working relations with “provincially-owned and operated retailers and private retailers” of cannabis in the country.
Miguel Martin, CEO of Aurora Cannabis, said this about the news pushing ACB stock higher today.
“The agreement is designed to significantly bolster Aurora’s market position in Canada. Great North brings deep experience across the spectrum of sales capabilities that will further differentiate Aurora as a leader in the growing cannabis space.”
ACB stock was up 8.4% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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