The Israeli cannabis market is picking up with a new supply deal from a Canadian producer.
Also this week, new data showed sales of Canadian cannabis edible products may be stalling.
Keep reading to find out more cannabis highlights from the past five days.
Aurora will supply Israeli medical cannabis company
Aurora Cannabis (NYSE:ACB,TSX:ACB) signed a supply deal with Cantek Holdings for the next two years for a minimum of 4,000 kilograms of dried flower per year. Aurora sent its first shipment to Israel during the week of November 16.
“This Agreement provides Aurora with a great opportunity to expand our medical cannabis brand and industry leading science in one of our key international markets of focus,” said Miguel Martin, CEO of Aurora.
Netsah Israel, CEO of Cantek, said the agreement represents a vote confidence both for his firm and the Israeli cannabis market as a whole.
Canadian edibles facing lag in sales
New data shows edibles in the Canadian cannabis market are not selling as well as producers would like.
In a report, Marijuana Business Daily indicates that provincial distributors and retailers had nearly 10 million units of various products in stock in August. Meanwhile, sales for the same month reached just 1.42 million products. From these edible products, the much-touted cannabis drinks are also included.
“August sales growth of edibles cannabis products was the lowest since the products started hitting the market in late 2019,” the report states.
Cannabis company news
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) secured an amendment to its Health Canada permit for processing cannabis so it can begin manufacturing and processing at its new 42,000 square foot facility in Kelowna, BC.
- Village Farms International (NASDAQ:VFF,TSX:VFF) told investors its subsidiary cannabis producer Pure Sunfarms obtained a research license for the sensory evaluation of cannabis in trials. Additionally, the company’s products will be featured in a CBD-infused gift set set to be sold in Hong Kong.
- PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) announced the closure of a C$10 million private placement as the company added longtime cannabis investor and executive Marc Lusting to its board of directors.
- Gage Cannabis plans to hit the public markets early in 2021. The Michigan-focused cannabis firm backed by Bruce Linton has announced an equity financing deal for investors.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.