NASDAQ | TSX: ACB
EDMONTON, AB, Feb. 29,
2024 /PRNewswire/ - Aurora Cannabis Inc. ("Aurora" or
the "Company") (NASDAQ: ACB) (TSX: ACB), the Canada-based leading global medical cannabis
company, today announced that it has repaid an aggregate of
approximately $7.2 million
(US$5.3 million), representing the
final payment on the principal amount of its convertible senior
notes ("Notes") at a total cash cost of $7.4
million (~US$5.5 million),
including accrued interest. Following the completion of this
repayment, Aurora's remaining debt1 of $47.9 million relates to Bevo Farms Ltd.
"This final repayment represents a significant milestone for
Aurora, as we have now fully paid off nearly $465 million in convertible debt," stated
Miguel Martin, Chief Executive
Officer of Aurora. "Our focus on balance sheet strength has saved
the Company millions in interest and we feel confident that our
continued financial discipline will support the achievement of our
target of positive free cash flow this calendar year," Mr. Martin
added.
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation, or sale in any jurisdiction in
which such offering would be unlawful.
About Aurora
Aurora is opening the world to cannabis, serving both the
medical and consumer markets across Canada, Europe, Australia and South
America. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis, dedicated to helping people improve their lives.
The Company's adult- use brand portfolio includes Aurora Drift, San
Rafael '71, Daily Special, Tasty's, Being and Greybeard. Medical
cannabis brands include MedReleaf, CanniMed, Aurora and Whistler
Medical Marijuana Co, as well as international brands, Pedanios,
Bidiol, IndiMed and CraftPlant. Aurora also has a controlling
interest in Bevo Farms Ltd., North
America's leading supplier of propagated agricultural
plants. Driven by science and innovation, and with a focus on
high-quality cannabis products, Aurora's brands continue to break
through as industry leaders in the medical, wellness and adult
recreational markets wherever they are launched. Learn more at
www.auroramj.com and follow us on X and LinkedIn.
Aurora's Common Shares trade on the NASDAQ and TSX under the
symbol "ACB" and is a constituent of the S&P/TSX Composite
Index.
Forward Looking Statements
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements made in this news
release include, but are not limited to, statements regarding the
Company's final repayment of outstanding Notes, expectations for
the Company's global cannabis business to be debt free, continued
financial discipline, and the achievement of positive free cash
flow in calendar 2024.
These forward-looking statements are only predictions. Forward
looking information or statements contained in this news release
have been developed based on assumptions management considers to be
reasonable. Material factors or assumptions involved in developing
forward-looking statements include, without limitation, publicly
available information from governmental sources as well as from
market research and industry analysis and on assumptions based on
data and knowledge of this industry which the Company believes to
be reasonable. Forward-looking statements are subject to a variety
of risks, uncertainties and other factors that management believes
to be relevant and reasonable in the circumstances could cause
actual events, results, level of activity, performance, prospects,
opportunities or achievements to differ materially from those
projected in the forward-looking statements. These risks include,
but are not limited to, the ability to retain key personnel, the
ability to continue investing in infrastructure to support growth,
the ability to obtain financing on acceptable terms, the continued
quality of our products, customer experience and retention, the
development of third party government and non-government
consumer sales channels, management's estimates of consumer
demand in Canada and in
jurisdictions where the Company exports, expectations of future
results and expenses, the risk of successful integration of
acquired business and operations, management's estimation that
SG&A will grow only in proportion of revenue growth, the
ability to expand and maintain distribution capabilities, the
impact of competition, the general impact of financial market
conditions, the yield from cannabis growing operations, product
demand, changes in prices of required commodities, competition, and
the possibility for changes in laws, rules, and regulations in the
industry, epidemics, pandemics or other public health crises,
including the current outbreak of COVID-19, and other risks,
uncertainties and factors set out under the heading "Risk Factors"
in the Company's annual information form dated June 14, 2023 (the "AIF") and filed with Canadian
securities regulators available on the Company's issuer profile on
SEDAR at www.sedarplus.com and filed with and available on the
SEC's website at www.sec.gov. The Company cautions that the
list of risks, uncertainties and other factors described in the AIF
is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such information.
The Company is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by applicable securities
law.
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SOURCE Aurora Cannabis Inc.