Aurora Cannabis Inc. shares were in focus again Thursday, as investors continued to digest weaker-than-expected earnings and the company’s plans to grow its business.
Chief Executive Terry Booth told analysts on Wednesday’s earnings call that, while wellness drinks are likely to become a success, he does not expect cannabis drinks to become a big market once derivatives are legalized in Canada in October. The market for intoxicating cannabis-based drinks has not proven to be popular anywhere, he said.
Aurora is expecting the European market to become a big draw for Canadian companies, given that there is currently little competition and limited supply. The company has investments in Italy, Germany, Malta, Portugal, the United Kingdom and the Netherlands and pointed out that there were only three companies that were awarded contracts to distribute cannabis in Germany.