NASDAQ | TSX: ACB
- Record Adjusted EBITDA1 of $10.1 Million, a YoY increase of
210%
- Quarterly Net Revenue1 up 29% YoY to
$81.1 Million, with 41% growth in
Global Medical Cannabis
- Re-Affirms Target of Positive Free Cash Flow1
in the Quarter Ending December 31,
2024
- Maintains Strong Balance Sheet with ~$152 Million of Cash and a Debt-Free Cannabis
Business2
EDMONTON, AB, Nov. 6, 2024
/PRNewswire/ - Aurora Cannabis Inc. (the "Company" or
"Aurora") (NASDAQ: ACB) (TSX: ACB), a leading Canada-based global medical cannabis company,
today announced its financial and operational results for the
second quarter fiscal 2025.
"Our strong quarterly results demonstrate Aurora's leadership in
global medical cannabis and ability to capitalize on opportunities
within rapidly growing markets such as Australia, Germany, Poland, and the UK. International revenue
increased 93% to $35 million,
exceeding Canadian Medical revenue for the first time, and
contributing 57% to total global medical cannabis revenue. The Bevo
plant propagation segment also grew a robust 21% during its
seasonally lowest quarter, proving the efficacy of our diversified
operating model," said Chairman and Chief Executive Officer
Miguel Martin.
"With two quarters remaining in the fiscal year, we are proud to
have delivered record adjusted EBITDA1 and believe
fiscal 2025 is anchored by our commitment to strategic growth,
operational excellence, and the continued strength of our balance
sheet," Mr. Martin concluded.
|
1 This press release
includes certain non-GAAP financial measures, which are intended to
supplement, not substitute for, comparable GAAP financial measures.
See "Non-GAAP Measures" below for reconciliations of non-GAAP
financial measures to GAAP financial measures.
|
|
2 Aurora's only remaining
debt is non-recourse debt of $57.5 million relating to Bevo Farms
Ltd as detailed in the FY2025 Q2 Financial
Statements.
|
Second Quarter 2025 Highlights
(Unless otherwise stated, comparisons are made between fiscal
Q2 2025, Q1 2025, and Q2 2024 results and are in Canadian
dollars)
Consolidated Revenue and Adjusted Gross
Profit:
Total net revenue1 was $81.1 million, as compared to $63.1 million in the prior year period. The 29%
increase from the prior period was mainly due to 41% growth in our
global medical cannabis business and 21% growth in our plant
propagation business, slightly offset by lower quarterly revenue in
our consumer cannabis business.
Consolidated adjusted gross margin before fair value
adjustments1 was 54% in Q2 2025 and 51% in the prior year quarter.
Adjusted gross profit before FV adjustments1 was $42.6 million in Q2 2025 vs $32.0 million in the prior year quarter, an
increase of 33%.
Medical Cannabis:
Medical cannabis net
revenue1 was $61.3
million, a 41% increase from the prior year quarter,
delivering 76% of Aurora's Q2 2025 consolidated net
revenue1 and 98% of adjusted gross profit before fair
value adjustments1.
The increase in net revenue1 of $17.8
million was primarily due to higher sales to Australia, Germany, Poland, and the UK, and stabilized sales in
Canada.
Adjusted gross margin before fair value adjustments1
on medical cannabis net revenue reached 68% for the three months
ended September 30, 2024, compared to
63% in the prior year quarter. The adjusted gross margins before
fair value adjustments improved through sustainable cost
reductions, higher selling prices in Australia, and improved efficiency in
production operations, including sourcing for Europe from Canada.
Consumer Cannabis:
Aurora's consumer cannabis
net revenue1 was $10.4
million, a 13% decrease compared to $12 million in the prior year quarter. The
decrease was due to our decision to prioritize the supply of our
GMP manufactured products to our high margin international business
rather than the consumer business, which offers lower margins.
Adjusted gross margin before fair value adjustments1
on consumer cannabis net revenue1 was 14%, decreasing
from 27% compared to the prior year quarter. The decrease from the
prior year comparative quarter is largely due to higher fixed
overhead costs allocated to the consumer channel as a result of
lower volumes manufactured for products sold by the channel. The
Company strategically decided to allocate less internally produced
cannabis for the consumer channel in favor of increasing its
overall cannabis allocation for both its domestic and international
medical channels.
Plant Propagation:
Plant propagation net
revenue1 was wholly comprised of the Bevo business,
and contributed $8.6 million of net
revenue1, a 21% increase compared to $7.2 million in the prior year quarter. The
increase was a result of organic growth and increased product
offerings, both arising from increased capacity.
Adjusted gross margin before fair value adjustments1
on plant propagation revenue was 19% for Q2 2025 and 22% for the
prior year quarter. The fluctuations in the plant propagation
adjusted gross margin before fair value adjustments is due to the
seasonal timing of lower margin product revenue and ramp up of the
orchid business.
Selling, General and Administrative
("SG&A"):
Adjusted SG&A1 was
$31.7 million in Q2 2025, which
excludes $4.0 million of business
transformation costs. The increase compared to the three months
ended September 30, 2023 relates to
higher freight and logistics costs, notably from sales to
Europe with the increase in
sourcing from Canada and
incremental costs following the acquisition of MedReleaf
Australia.
Net Income (Loss):
Net income from continuing
operations for the three months ended September 30, 2024 was $1.7 million compared to net income of
$0.4 million for the prior year
period. The increase in net income of $1.2
million compared to the three months ended September 30, 2023 primarily relates to a
decrease in other income of $8.4
million and decrease of operating expenses of $0.7 million, offset by an increase in gross
profit of $7.8 million.
Adjusted EBITDA:
Adjusted
EBITDA1 increased 210% to $10.1
million for the three months ended September 30, 2024 compared to $3.3 million for the prior year quarter.
Fiscal Q3 2025 Expectations:
In Q3 2025, we
expect to see continued strong net revenue1 and adjusted
gross margins1 across our global medical cannabis
business, supported by net revenue1 growth in
Europe and Australia.
For plant propagation, we expect to see seasonally reduced net
revenues1 and adjusted gross profit1 that
will be in line with historical seasonal trends as 25% – 35% of
revenues are normally earned in the second half of a calendar
year.
Positive adjusted EBITDA1 is expected to continue,
while free cash flow1 is projected to be positive due to
strong net revenue1 and continued spend discipline,
resulting in strong adjusted gross margins.
Key Quarterly Financial Results
|
($ thousands, except
Operational Results)
|
Three months
ended
|
|
September 30,
2024
|
June 30,
2024
|
$
Change
|
%
Change
|
September 30,
2023(3)
|
$
Change
|
%
Change
|
|
Financial
Results
|
|
|
|
|
|
|
|
|
Net revenue
(1a)
|
$81,122
|
$83,435
|
($2,313)
|
(3 %)
|
$63,119
|
$18,003
|
29 %
|
|
Medical cannabis net
revenue (1a)
|
$61,316
|
$47,201
|
$14,115
|
30 %
|
$43,517
|
$17,799
|
41 %
|
|
Consumer cannabis net
revenue (1a)
|
$10,422
|
$11,533
|
($1,111)
|
(10 %)
|
$11,959
|
($1,537)
|
(13 %)
|
|
Plant propagation
revenue
|
$8,634
|
$23,081
|
($14,447)
|
(63 %)
|
$7,154
|
$1,480
|
21 %
|
|
Adjusted gross margin
before FV adjustments on total net revenue
(1b)
|
54 %
|
43 %
|
N/A
|
11 %
|
51 %
|
N/A
|
3 %
|
|
Adjusted gross margin
before FV adjustments on cannabis net revenue
(1b)
|
57 %
|
53 %
|
N/A
|
4 %
|
55 %
|
N/A
|
2 %
|
|
Adjusted gross margin
before FV adjustments on medical cannabis net revenue
(1b)
|
68 %
|
69 %
|
N/A
|
(1 %)
|
63 %
|
N/A
|
5 %
|
|
Adjusted gross margin
before FV adjustments on consumer cannabis net revenue
(1b)
|
14 %
|
24 %
|
N/A
|
(10 %)
|
27 %
|
N/A
|
(13 %)
|
|
Adjusted gross margin
before FV adjustments on plant propagation net revenue
(1b)
|
19 %
|
18 %
|
N/A
|
1 %
|
22 %
|
N/A
|
(3 %)
|
|
Adjusted SG&A
expense(1d)
|
$31,722
|
$31,396
|
$326
|
1 %
|
$27,733
|
$3,989
|
14 %
|
|
Adjusted EBITDA
(1c)
|
$10,122
|
$4,887
|
$5,235
|
107 %
|
$3,265
|
$6,857
|
210 %
|
|
Free cash flow
(1e)
|
($26,433)
|
$6,490
|
($32,923)
|
(507 %)
|
($29,479)
|
$3,046
|
10 %
|
|
|
|
|
|
|
|
|
|
Balance
Sheet
|
|
|
|
|
|
|
|
|
Working capital
(1f)
|
$308,580
|
$322,563
|
($13,983)
|
(4 %)
|
$200,837
|
$107,743
|
54 %
|
|
Cannabis inventory and
biological assets (2)
|
$177,999
|
$173,197
|
$4,802
|
3 %
|
$114,781
|
$63,218
|
55 %
|
|
Total assets
|
$808,774
|
$838,689
|
($29,915)
|
(4 %)
|
$818,371
|
($9,597)
|
(1) %
|
|
|
|
|
|
|
|
|
|
1)
|
These terms are defined
in the "Cautionary Statement Regarding Certain Non-GAAP Performance
Measures" section of this MD&A. Refer to the following sections
for reconciliation of Non-GAAP Measures to the IFRS equivalent
measure:
|
|
a)
|
Refer to the "Revenue"
and "Cost of Sales and Gross Margin" section for a reconciliation
of cannabis net revenue to the IFRS equivalent.
|
|
b)
|
Refer to the "Adjusted
Gross Margin" section for reconciliation to the IFRS
equivalent.
|
|
c)
|
Refer to the "Adjusted
EBITDA" section for reconciliation to the IFRS
equivalent.
|
|
d)
|
Refer to the "Operating
Expenses" section for reconciliation to the IFRS
equivalent.
|
|
e)
|
Refer to the "Liquidity
and Capital Resources" section for a reconciliation to the IFRS
equivalent.
|
|
f)
|
"Working capital" is
defined as Current Assets less Current Liabilities as reported
on the Company's Consolidated Statements of Financial
Position.
|
|
2)
|
Represents total
biological assets and inventory, exclusive of merchandise,
accessories, supplies, consumables and plant propagation biological
assets.
|
|
3)
|
Certain previously
reported amounts have been adjusted to exclude the results related
to discontinued operations.
|
Conference Call
Aurora will host a conference call today, Wednesday, November 6, 2024, to discuss these
results. Miguel Martin, Chief Executive Officer, and
Simona King, Chief Financial
Officer, will host the call starting at 8:00
a.m. Eastern time | 6:00 a.m.
Mountain Time. A question and answer session will follow
management's presentation.
|
DATE:
|
Wednesday, November 6,
2024
|
|
TIME:
|
8:00 a.m. Eastern Time
| 6:00 a.m. Mountain Time
|
|
WEBCAST:
|
Click Here
|
This weblink has also been posted to the Company's
"Investor Info" link at https://www.auroramj.com/investors/ under
"Events".
About Aurora Cannabis
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 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".
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 Q2 FY2025 results, statements under the heading
"Fiscal Q3 2025 Expectations", including as related to net
cannabis revenue growth and adjusted gross margins, revenue and
gross profit in the plant propagation segment, and expectations for
positive adjusted EBITDA and free cash flow, statements regarding
the Company's continued commitment to operational excellence and
strategic growth, and statements regarding the Company's conference
call to discuss results.
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 nongovernment 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, and other risks, uncertainties and
factors set out under the heading "Risk Factors" in the Company's
annual information form dated June 20,
2024 (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.
The Company's AIF, MD&A and annual financial statements,
which have been filed on SEDAR+ and with the SEC, are also
available on the Company's website www.auroramj.com and
shareholders may receive hard copies free of charge upon request by
contacting aurora@icrinc.com.
Non-GAAP Measures
This news release contains reference to certain financial
performance measures that are not recognized or defined under IFRS
(termed "Non-GAAP Measures"). As a result, this data may not be
comparable to data presented by other licensed producers of
cannabis and cannabis companies. Non-GAAP Measures should be
considered together with other data prepared in accordance with
IFRS to enable investors to evaluate the Company's operating
results, underlying performance and prospects in a manner similar
to Aurora's management. Accordingly, these non-GAAP Measures are
intended to provide additional information and to assist management
and investors in assessing financial performance and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS. The information
included under the heading "Cautionary Statement Regarding Certain
Non-GAAP Performance Measures" in the Company's management's
discussion and analysis for the fiscal period ended September 30, 2024 (the "MD&A") is
incorporated by reference into this news release. The MD&A is
available on the Company's issuer profiles on SEDAR+ at
www.sedarplus.com and on the SEC's EDGAR website at
www.sec.gov.
Net Revenue, Adjusted Gross Profit and Margin
Net revenue, adjusted gross profit before FV adjustments, and
adjusted gross margin before FV adjustments are Non-GAAP Measures
and can be reconciled with revenue, gross profit and gross margin,
the most directly comparable GAAP financial measures, respectively,
as follows:
|
($
thousands)
|
Three months
ended
|
Six months
ended
|
|
September 30,
2024
|
June 30,
2024(2)
|
September 30,
2023(2)
|
September 30,
2024
|
September 30,
2023(3)
|
|
Medical cannabis net
revenue(1)
|
|
|
|
|
|
|
Canadian medical
cannabis net revenue
|
26,269
|
27,117
|
25,382
|
53,386
|
50,822
|
|
International medical
cannabis net revenue
|
35,047
|
20,084
|
18,135
|
55,131
|
34,009
|
|
Total medical cannabis
net revenue
|
61,316
|
47,201
|
43,517
|
108,517
|
84,831
|
|
|
|
|
|
|
|
Consumer cannabis
net revenue(1)
|
|
|
|
|
|
|
Consumer cannabis net
revenue(1)
|
10,422
|
11,533
|
11,959
|
22,078
|
25,102
|
|
|
|
|
|
|
|
Wholesale bulk cannabis
net revenue(1)
|
750
|
1,620
|
489
|
2,370
|
860
|
|
|
|
|
|
|
|
Total cannabis net
revenue(1)
|
72,488
|
60,354
|
55,965
|
132,842
|
110,793
|
|
|
|
|
|
—
|
|
Plant propagation
revenue
|
8,634
|
23,081
|
7,154
|
31,715
|
27,058
|
|
|
|
|
|
|
|
Total net
revenue(1)
|
81,122
|
83,435
|
63,119
|
164,557
|
137,851
|
|
(1)
|
Net revenue is a
Non-GAAP Measure and is defined in the "Cautionary Statement
Regarding Certain Non-GAAP Performance Measures" section of this
MD&A. Refer to the "Cost of Sales and Gross Margin" section of
this MD&A for a reconciliation to IFRS equivalent.
|
|
(2)
|
Certain previously
reported amounts have been adjusted to exclude the results related
to discontinued operations.
|
Adjusted EBITDA
Adjusted EBITDA is a Non-GAAP Measure and can be reconciled with
net income (loss), the most directly comparable GAAP financial
measure, as follows:
|
($
thousands)
|
Three months
ended
|
Six months
ended
|
|
September 30,
2024
|
June
30, 2024
|
September 30,
2023
|
September 30,
2024
|
September 30,
2023(6)
|
|
Net income (loss) from
continuing operations
|
1,675
|
4,844
|
439
|
6,519
|
(19,758)
|
|
Income tax expense
(recovery)
|
(1,072)
|
2,857
|
128
|
1,785
|
224
|
|
Other income
(expense)
|
(2,995)
|
(6,824)
|
(11,392)
|
(9,819)
|
(5,712)
|
|
Share-based
compensation
|
4,468
|
3,019
|
4,568
|
7,487
|
6,849
|
|
Depreciation and
amortization
|
6,380
|
6,494
|
9,151
|
12,874
|
17,392
|
|
Acquisition
costs
|
991
|
1,001
|
563
|
1,992
|
789
|
|
Inventory and
biological assets fair value and impairment adjustments
|
529
|
(12,348)
|
(4,705)
|
(11,819)
|
(8,109)
|
|
Business transformation
related charges (1)
|
3,394
|
4,381
|
6,801
|
7,775
|
12,518
|
|
Out-of-period
adjustments (2)
|
—
|
—
|
478
|
—
|
808
|
|
Non-recurring items
(3)
|
(3,248)
|
1,463
|
(2,766)
|
(1,785)
|
883
|
|
Adjusted EBITDA
(4)
|
10,122
|
4,887
|
3,265
|
15,009
|
5,884
|
|
(1)
|
Business transformation
related charges includes costs related to closed facilities,
certain IT project costs, costs associated with the repurposing of
Sky and Sun, severance and retention costs in connection with the
business transformation plan, and costs associated with the
retention of certain medical aggregators. Some prior period amounts
have been adjusted for changes in presentation.
|
|
(2)
|
Out-of-period
adjustments reflect adjustments to net loss for the financial
impact of transactions recorded in the current period that relate
to prior periods. Some prior period amounts have been adjusted for
changes in presentation.
|
|
(3)
|
Non-recurring items
includes one-time excise tax refunds, non-core adjusted wholesale
bulk margins, inventory count adjustments resulting from facility
shutdowns and inter-site transfers, litigation and non-recurring
project costs.
|
|
(4)
|
Adjusted EBITDA is a
Non-GAAP Measure and is not a recognized, defined, or standardized
measure under IFRS. Refer to "Cautionary Statement Regarding
Certain Non-GAAP Performance Measures" section of the MD&A.
Prior period comparatives were adjusted to include the adjustments
for markets under development, business transformation costs, and
non-recurring charges related to non-core bulk cannabis wholesale
to be comparable to the current period presentation.
|
Adjusted SG&A
Adjusted SG&A is a Non-GAAP Measure and can be reconciled
with sales and marketing and general and administrative expenses,
the most directly comparable GAAP financial measure, as
follows:
|
Three months
ended
|
Six months
ended
|
|
($
thousands)
|
September 30,
2024
|
June 30,
2024
|
September 30,
2023(2)
|
September 30,
2024
|
September 30,
2023
|
|
General and
administration
|
22,036
|
22,524
|
22,527
|
44,560
|
43,876
|
|
Sales and
marketing
|
13,721
|
14,024
|
12,611
|
27,745
|
25,281
|
|
Business transformation
costs
|
(4,035)
|
(4,868)
|
(6,515)
|
(8,903)
|
(10,578)
|
|
Out-of-period
adjustments
|
—
|
—
|
(478)
|
—
|
(808)
|
|
Non-recurring
costs
|
—
|
(284)
|
(412)
|
(284)
|
(1,005)
|
|
Adjusted SG&A
(1)
|
31,722
|
31,396
|
27,733
|
63,118
|
56,766
|
|
(1)
|
Adjusted SG&A is a
Non-GAAP Measure and is not a recognized, defined, or standardized
measure under IFRS. Refer to the "Cautionary Statement Regarding
Certain Non-GAAP Performance Measures" section of this
MD&A.
|
|
(2)
|
Certain previously
reported amounts have been adjusted to exclude the results related
to discontinued operations.
|
Free Cash Flow
The table below outlines free cash flow for the periods
ended:
|
Three months
ended
|
Six months
ended
|
|
($
thousands)
|
September 30,
2024
|
June 30,
2024
|
September 30,
2023
|
September 30,
2024
|
September 30,
2023
|
|
Cash provided by (used
in) operating
activities from continuing operations before
changes in non-cash working capital
|
5,295
|
(1,822)
|
(12,883)
|
3,473
|
(25,888)
|
|
Changes in non-cash
working capital
|
(29,588)
|
10,682
|
(14,781)
|
(18,906)
|
(10,967)
|
|
Net cash provided by
(used in) operating activities from continuing
operations
|
(24,293)
|
8,860
|
(27,664)
|
(15,433)
|
(36,855)
|
|
Less: maintenance
capital expenditures(1)
|
(2,140)
|
(2,370)
|
(1,815)
|
(4,510)
|
(4,310)
|
|
Free cash
flow(2)
|
(26,433)
|
6,490
|
(29,479)
|
(19,943)
|
(41,165)
|
|
(1)
|
Maintenance capital
expenditures are comprised of costs to sustain facilities,
machinery and equipment in working order to support operations and
excludes discretionary investments for revenue growth.
|
|
(2)
|
Free cash flow is a
Non-GAAP Measure and is not a recognized, defined, or a
standardized measure under IFRS. Refer to the "Cautionary Statement
Regarding Certain Non-GAAP Performance Measures" section of this
MD&A.
|
Working Capital
Working capital is a Non-GAAP Measure and can be reconciled with
total current assets and total current liabilities, the most
directly comparable GAAP financial measure, as follows:
|
($ thousands)
|
September 30,
2024
|
Three months ended
June 30,
2024
|
September 30,
2023
|
|
Total current
assets
|
417,675
|
439,366
|
387,981
|
|
Total current
liabilities
|
(109,095)
|
(116,803)
|
(152,558)
|
|
Working
capital(1)
|
308,580
|
322,563
|
235,423
|
|
|
|
|
|
(1)
|
Working capital for the
three months ended September 30, 2023 has been adjusted. Refer to
discussion under "Liquidity and Capital Resources" section of the
MD&A.
|
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SOURCE Aurora Cannabis Inc.