Miguel Martin, CEO of Aurora, tells Business Insider that the company is pivoting back to medical cannabis. The company’s medical sales grew by 9% this past quarter, while adult-use sales dropped by 45% (which they attribute to COVID).
“The medical business in my mind is the most exciting and potentially profitable piece of the entire cannabis business,” Martin said. “The fact that everyone is just so consumed by this idea that only adult-use cannabis matters, I think, is a fallacy,” he added.
Unlike so many of its Canadian counterparts like Canopy and Tilray, Miguel says Aurora is not investing in US assets to prepare for federal cannabis reform. Instead, its long-term planning is focused on international medical markets, such as Germany and France.
“There’s no way that the Biden administration wakes up one day and signs legislation,” he said. “We’ll see this coming a long way off.”
Read more at businessofcannabis.com