Aurora Cannabis Inc. (ACB.TO) (ACBFF) continues to execute and advance its business model as Canada prepares to legalize recreational cannabis and the market has taken notice of this.

For the second time in ten days, Canaccord Genuity raised its price target on the Canadian medical marijuana producer. Today, Canaccord raised its price target on Aurora to $4.45 from $3.65 (on November 2nd, Canaccord raised it to $3.65 from $3.25).

Today, Aurora announced that Hempco Food and Fiber (HEMP.V) (HMPPF) shareholders approved the proposed investment by Aurora as well as approved the option that provides Aurora the right to acquire more than 50% Hempco on a fully diluted basis.

This approval will be beneficial to both companies. It provides Hempco with the funds needed to complete its facility and pursue growth initiatives. For Aurora, the partnership brings product diversification, as well as a low-cost source of raw CBD material for extraction through the partnership with Radient Technologies (RTI.V)(RDDTF).

Aurora Crushes Earnings Due to Cannabis Oil and Germany

Yesterday, the licensed medical marijuana producer reported strong earnings and revenue increased by approx. 170% when compared to the same period last year. During the quarter, Aurora produced over 1 million grams and sold 889,965 grams. The average price per gram sold was $8.22 while the cash cost per gram produced was $1.92

During the quarter, Aurora generated $4.7 million in net income on $8.2 million in revenue. If you were to include the company’s unrealized gains on marketable securities, Aurora recorded $14.5 million in comprehensive net income for the quarter.

Over the last year, Aurora has focused on increasing production capacity, expanding into new markets (Germany and Australia), entering strategic partnerships (Radient), and making accretive investments.

These strategic growth initiatives have been paying off and Aurora attributed the revenue growth to cannabis oils, Germany, and a higher average price per gram. The average price of product sold increased by 10.3% from $7.45 to $8.22 per gram, attributable mainly to cannabis oils and sales in Germany (accounted for $1.2 million in revenue).

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