Benzinga | Jul 15, 2021 10:35AM EDT

Aurora Cannabis Is Gearing Up: Delivers An $8M Weed Shipment To Israel

Canadian cannabis giant Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) is delivering a nearly CA$8 million ($6.77 million) weed shipment to Israel.

Touted as one of the "largest single shipments of cannabis" received to date by the Middle Eastern country, the sale also significantly bolsters Aurora's international medical business.

"We are excited about the evolution of the cannabis industry in Israel and commend the Ministry of Health and the Israeli Medical Cannabis Agency for ensuring thoughtful regulation of cannabis, in the best interest of Israeli cannabis patients," Miguel Martin, CEO of the Alberta-based Aurora said Thursday. "We look forward to continuing to provide high-quality cannabis to Israel as part of our strategy to expand our medical cannabis portfolio in key international markets."

Meanwhile, Aurora has been supplying Israel's Cantek Holdings with bulk dried cannabis flower for months now, after agreeing to provide the MMJ company with at least 4,000 kilograms yearly.

Back in November, the company disclosed that the finished product would be co-branded under both Aurora and Cantek and sold to customers in Israel.

Catching Up On Its 'Business Transformation Plan'

Over the last year, Aurora has undertaken a "business transformation plan" through rationalization of its cost structure and optimization of Canadian operations by focusing on the building of "infrastructure and capabilities necessary for a successful and diversified business," Martin earlier explained.

In June, the company confirmed it had repaid its $89 million credit facility without penalty.

"To maximize our strategic opportunities, including within the U.S., we have an at-the-market equity program to issue and sell up to US$300 million of common shares," Martin explained.

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