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Aurora Cannabis Inc. (ACB) Stock Taking Solid Steps Ahead, Here’s Why

 Aurora Cannabis Inc. (ACB), a company involved in the cannabis business, has gained an increase of 6.25% in the premarket trading session. Consequently, ACB was trading at $3.91 when last checked. During Tuesday’s regular trading session, the stock price increased by 6.05% to close the day at $3.68. The continuous increase could be attributed to advancements in premiumization strategy.

Acquisition Agreement with TerraFarma

Hours ago, ACB announced to have reached an acquisition agreement with TerraFarma Inc. The agreement deals with the acquisition of all of the shares of TerraFarma Inc. The agreement is based upon an aggregate consideration of $38 million, which would be payable in cash as well as common shares of the company.

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Q2 2022 Financial Results

In mid-February, ACB released the financial results for Q2 2022. The total net revenue for cannabis for the quarter was $60.6 million, a sequential increase of 1%. The adjusted gross margin on the net revenue was 53% versus 44% during the same quarter of the preceding year. The adjusted EBITDA loss was $9 million during the quarter compared to $11.2 million during the same quarter of the previous year.

Comments from ACB CEO

Miguel Martin, Chief Executive Officer of ACB, commented on the development that the improvement in adjusted EBITDA is an indication of the company’s steady movement toward its profitability goal. A strong balance sheet gives the company significant working capital for supporting its organic growth. A unique ability to navigate the regulatory environments would provide the company with a significant revenue generation opportunity.

What’s Ahead for ACB?

Looking ahead, analysts are holding an impartial view of ACB stock. The stock holds several positive technical signals at the moment, but they are not enough for it to be considered as a buy candidate. Hence, at the current level, the investors should consider holding ACB stock while waiting for future developments.  

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