On July 11, Aurora Cannabis (ACB) (ACBFF) announced it had established an agreement with Evio Beauty Group to develop cosmetic products that are hemp-based and CBD-based. According to the press release, the CBD-based products will be infused with CBD (a cannabis compound), while the hemp-based products will be non-infused cosmetic products.
With this move, Aurora Cannabis aims to target the women segment through cosmetic products. Aurora Cannabis’s CEO, Terry Booth, stated, “Through this partnership with Evio, Aurora further diversifies its rapidly growing offering across the cannabis value chain, while capturing a unique opportunity to bring the Aurora Standard to cannabis derived lifestyle and cosmetic products.” With all the acquisitions and partnerships that we’ve seen within the cannabis sector, cannabis-based products certainly stick out.
On July 11, Aurora Cannabis stock dropped about 1% to 9.03 Canadian dollars, while the Horizons Marijuana Life Sciences ETF (HMMJ) was largely unchanged from the previous day’s close of 18.2 Canadian dollars. On July 11, Aurora Cannabis also announced another partnership with Wagner Dimas to target the pre-roll market.