Aurora Cannabis, a Canadian cannabis company, is going to begin its business in Ireland. One of its cannabis oil products received approval for the country’s new access program (MCAP) to medical cannabis. The Aurora Cannabis share reacted pre-market with a price increase of a good 3%. Cannabis companies like Veritas Farms Inc. (OTC: VFRM) also show that the industry can still thrive.
The Canadian cannabis company, Aurora Cannabis, reported a successful entry for its cannabis in Ireland’s markets.
According to the company, one of its cannabis oil products received approval for the country’s new access program (MCAP) to medical cannabis.
Aurora’s project for cannabis in Ireland
Aurora’s drops have been approved by the Irish authorities and included in a regulatory plan by the Irish Minister of Health to allow import, prescription, and delivery.
This is one of only two approved products. However, Dr. Shane Morris, Chief Product Officer, is satisfied.
“Aurora is delighted to be able to help patients in Ireland seeking EU-GMP (Good Manufacturing Practice) pharmaceutical grade certified medical cannabis in Ireland.
We are very proud that our medical cannabis products are one of the first approved under MCAP,” Morris added.
“The company looks forward to the approval of higher-quality medicines to allow more patients to benefit from cannabis in Ireland.”
“We will continue to work closely with all stakeholders and government agencies to facilitate further availability”.
Cannabis stocks keep fluctuating
The Aurora Cannabis stock reacted pre-market with a large 3% price increase.
After the opening of the Toronto Home Exchange, however, Aurora Cannabis shares plummeted by more than 2%.
The growth rates of companies specializing in the production and sale of products containing cannabidiol are taking on almost unbelievable dimensions.
North American companies are capitalizing on CBD
Companies like Veritas Farms Inc. (OTC: VFRM), a North American cannabis company founded in 2015, have capitalized on consumer interest in CBD.
In Q3 2019, Veritas Farms had a record revenue increase of 165%, up to $1,215,810, compared to $459,329 in Q3 2018.
Moreover, the company’s gross profit increased by a staggering 468% compared to the same period of the previous year, and amounted to $495,058.
Additionally, total inventory was up 223% to $5,643,800, compared to $1,746,080 in Q3 2018.
Will Ireland include CBD-based products?
Veritas Farms Inc. is a vertically integrated agribusiness, which focuses on the production and distribution of high-quality full-spectrum hemp oil products with naturally occurring cannabinoids.
Currently, the company produces nine categories of CBD-based products, among which are lotions, tinctures, vegan capsules and pet products.
Veritas Farms won a second-place award at the cannabis event ERCM for their new line of pet products. This took place in Cape Coral, Florida, at the beginning of November.
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