Aurora Cannabis inks deal to supply Australia market

Aurora Cannabis supplies Australia, Aurora Cannabis inks deal to supply Australia market

Australia's medical cannabis industry had a record number of patient approvals in 2020.

Canada’s Aurora Cannabis signed a five-year supply agreement with MedReleaf Australia, the Alberta-based company announced.

The deal makes MedReleaf Australia the exclusive supplier of the Canadian producer’s MedReleaf, CanniMed and Aurora brands.

The cannabis will be cultivated at Aurora’s European Union-Good Manufacturing Practice-certified facility in Canada, Vice President of Communications Michelle Lefler told Marijuana Business Daily in an email.

No capital investment on behalf of Aurora is required as part of the agreement.

Aurora holds a 10% stake in MedReleaf Australia.

Australia’s medical cannabis market has seen steady growth.

The country ended the fourth quarter of 2020 with 17,958 medical cannabis approvals, up from the previous quarter’s 17,040 approvals.

Australia was the top destination for Canadian exports of cannabis oil products in 2019, the most recent year for which data is available.

Roughly 3.7 million milliliters of cannabis oil products were shipped to Australia that year, Health Canada data shows, though that figure might be updated to reflect permits that had been approved but not yet used.

About 204 kilograms (450 pounds) of dried cannabis was exported to Australia in the same period.

Aurora sold off its stake in Australian medical marijuana company Cann Group in 2020.

Aurora trades as ACB on the Toronto Stock Exchange and New York Stock Exchange.