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Aurora Cannabis Inc has announced it is to acquire a 51% in Gaia Pharm Lda., to establish a facility to produce medical cannabis and derivative products in Portugal.
The company will be renamed Aurora Portugal Lda after Infarmed* approved an application to construct a compliant cannabis cultivation facility. The deal is consistent with Aurora’s strategy to get into markets as they develop.
The first phase of the construction of the new facility will be completed in the third quarter of 2020 and will have a production capacity of approximately 2,000 kg per year, growing to 4,000 kg per year when phase two is operational.
Portuguese regulations from January 15, 2019 allow the distribution of prescribed medical cannabis to Portuguese patients and legalise the exportation of product to EU member states where medical cannabis is legal.
“We are very pleased to be entering yet another European market, and look forward to collaborating with our joint venture partners, the government of Portugal and the Portuguese medical community, to encourage the development of a rigorously regulated and safe medical cannabis system that is well supplied and accessible to patients,” said Terry Booth, CEO of Aurora.
“With the addition of this new project, we are now active in 24 countries, which we believe represents the largest global footprint of any cannabis company.
Aurora’s reputation in the medical cannabis sector, bolstered by the high quality of our products and our commitment to medical and plant research, provides distinct advantages in establishing significant market share in the rapidly growing European market.”
Dr. Axel Gille, Aurora’s VP Business Development Europe, added, “The formation of this joint venture and the approval of the cultivation facility in Portugal are additional important steps in Aurora’s plan to develop a strong European manufacturing presence, ensuring that patients across Europe have access to the pharmaceutical grade medical cannabis they need.”
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*Infarmed is a division of the Portuguese Health Ministry, responsible for the evaluation, authorisation, regulation and control of human medicines as well as health products for the protection of public health.