Over the last five days, Aurora Cannabis (ACB) shares have blasted off to the tune of 158%. But the extent of the company’s struggles is reflected by the fact that even after these mercurial gains, shares are still down by 34% year-to-date. Nevertheless, sentiment has changed recently, which begs the question: has the tide finally turned for the beleaguered Ontario cannabis producer?
It’s too early to tell, but following last week’s much better-than-expected fiscal Q3 earnings results, there was another promising development.
Yesterday, Aurora disclosed it had agreed to an all-share $40 million deal to acquire Reliva, a U.S. CBD retail brand. Reliva is the number one topical brand and number two overall CBD brand in the U.S. (based on IRI data calculating in-store purchases only).
The deal is expected to…