Aurora Cannabis Earns Coveted GMP Certification For Australian Market, Here's What It Means

Aurora Cannabis Inc. ACB ACB said on Wednesday that it has obtained Good Manufacturing Practice (GMP) certification from Australia’s Therapeutic Goods Administration (TGA) for its Canadian production facilities, River and Ridge.

The TGA is in charge of regulating the supply, import, export, manufacturing and advertising of therapeutic goods in Australia.

Obtaining TGA’s GMP certification allows the Canadian cannabis giant to deliver cannabis products to Australia.

The license grants approval for Aurora to broaden its product range offerings in the country, comprising dried flower, resin cartridges, pastilles and oils.

See also: Aurora And MedReleaf Australia Launch IndiMed Tempo 26, Expanding Product Offerings For Medical Cannabis Patients

The certification was granted on March 15, allowing the company to grow within the Australian medical cannabis market, which is rapidly expanding and estimated to be worth AUD 400 million ($261.1 million).

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"This achievement adds to the number of global certifications Aurora has received and solidifies our dedication to quality and compliance," Gorana Lakic, vice president of quality at Aurora, said. "With this significant achievement, we reaffirm our commitment to maintaining the highest standards and manufacturing practices to deliver premium medical cannabis products to our valued patients.”

The company recently reported that its third-quarter international medical cannabis revenue grew 41% year-over-year, thanks to higher sales to Australia and Europe following the launch of innovative cultivars in these markets.

CEO Miguel Martin, who is one of the speakers at the Benzinga Cannabis Capital Conference, which returns to Florida April 16-17, reiterated that medical cannabis net revenue has increased significantly year-over-year, adding the third quarter represents the company’s fifth consecutive quarter of positive adjusted EBITDA.

The company also made public in February that its wholly-owned subsidiary has acquired the remaining approximately 90% equity interest of Indica Industries Pty Ltd – the partner of Canadian licensed producer MedReleaf that is operating as MedReleaf Australia – which Aurora did not previously own, for AUD$50 million.

Now read: Aurora And MedReleaf Australia Launch New Medical Cannabis Brand – CraftPlant

ACB Price Action

Aurora’s shares traded 2.47% higher at $3.73 per share during the pre-market session on Wednesday morning.

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