NASDAQ | TSX: ACB
EDMONTON, AB, April 24,
2023 /CNW/ - Aurora Cannabis Inc. ("Aurora" or
the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company
opening the world to cannabis, today announced that it has
repurchased an aggregate of approximately $22.3 million (US$16.6
million) principal amount of its convertible senior notes
("Notes") in multiple transactions since the start of April 2023 at a total cash cost, including
accrued interest, of $16.7 million
(US$12.4 million) and $5.3 million (US$4.0
million), including accrued interest, satisfied by the
issuance of an aggregate ~6.35 million common shares of Aurora. In
total, these transactions will save Aurora $2.6 million in annualized interest payments.
Following completion of these repurchases, Aurora will have
approximately $79 million
(US$59 million) of Notes
outstanding.
The purpose of the transactions was to reduce the Company's debt
and annual cash interest costs, reinforcing our commitment to
financial discipline. Aurora has repurchased an aggregate of
approximately $385 million
(US$286 million) principal amount of
its convertible senior notes since December
2021, resulting in annual cash interest savings of
approximately $21 million
(US$16 million).
Aurora's balance sheet remains amongst the strongest in the
Canadian cannabis industry. Having achieved the goal of Adjusted
EBITDA Profitability for the quarter ended December 31, 2022, Aurora expects to continue to
focus on profitable growth in both global medical and Canadian
adult use markets.
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. 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, Whistler, Being and Greybeard, as well
as CBD brands, Reliva and KG7. Medical cannabis brands include
MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co.
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, performance, wellness and adult recreational markets
wherever they are launched. Learn more at www.auroramj.com and
follow us on Twitter 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 commitment to financial discipline, including
the repurchase of notes, future interest savings, and
balance sheet strength, and the Company's continued focus on
profitable growth in both global medical and Canadian adult use
markets.
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 September 20, 2022 (the "AIF")
and filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR at www.sedar.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.