Aurora Cannabis Announces First Quarter 2020 Results & Corporate Action Plan NYSE | TSX: ACB Reports Industry Leading Gross Profit of $53.7 Million and 58% Cannabis Gross Margin Delivers Best-in-Class Indoor Cash Cost to

Aurora Cannabis Announces First Quarter

2020 Results & Corporate Action Plan

Reports Industry Leading Gross Profit of $53.7 Million

and 58% Cannabis Gross Margin

Delivers Best-in-Class Indoor Cash Cost to Produce

Announces Plan to Settle March 2020 5.0% Convertible

Revises Capital Expenditure Plan to Align with Long-Term

Generates Total Revenue of $75.6 Million Including

Medical and Consumer Cannabis Net Revenue of $60.5 Million, and Wholesale Cannabis Net Revenues of $10.3 Million

EDMONTON, Nov. 14, 2019 /CNW/ - Aurora Cannabis

Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company defining the future

of cannabis worldwide, announced today its financial and operational results for the first quarter of fiscal 2020 ended September

"Over the past several years, Aurora has

earned its place as a global leader in the cannabis industry. Despite short term distribution and regulatory headwinds in Canada

that have temporarily impacted the industry, the long-term opportunity for Aurora in the global cannabis and cannabinoids market

is immense," said Terry Booth, CEO, Aurora Cannabis. "Aurora has, and will continue to focus on everything in our control.

Our success in doing this was demonstrated again this quarter by continued strong improvement in our core KPIs. We delivered solid

operating results this quarter, exemplified by our industry-leading cash cost to produce which declined another 25% to $0.85 per

gram this quarter, as well as by our industry-leading gross margins and market share."

Mr. Booth added, "In order to capitalize

on this global market, we recognize the need to be nimble and proactive. To enhance our financial flexibility and position us to

take maximum advantage of future growth opportunities, we have also taken decisive steps to immediately strengthen our balance

sheet. Specifically, these steps include: (1) the announcement of a formal plan to settle our 5.0% convertible debentures due March

2020, (2) a reduction in our capital investments over the next several quarters by over $190 million to better match near-term

capacity expansion with anticipated demand, while maintaining our long-term demand outlook, and (3) raising over US$124 million

in gross equity proceeds since the start of fiscal 2020 through our at-the-market ("ATM") financing program."

First Quarter 2020 Highlights

(Unless otherwise stated, comparisons are

made between Fiscal Q1 2020 and Q4 2019 results and are in Canadian dollars)

Cash cost to produce

per gram sold declined 25% sequentially to $0.85 per gram, delivering on the Company's promised sub one dollar per gram target

Net cannabis revenue

of $70.8 million compared to $94.6 million in Q4 2019;

Non-wholesale cannabis

revenue declined 19% sequentially, comprised of:

Medical cannabis revenue

of $30.5 million, an increase of 3% sequentially

Canadian consumer cannabis

revenue of $30.0 million, a decline of 33% sequentially as provincial ordering slowed considerably during the summer as distributors

worked through inventories and as the industry was impacted by the slow pace of retail store licensing

Wholesale revenues of

$10.3 million, at 58% gross margin

Production volume increased

43% sequentially to 41,436 kgs

Total gross profit of

$53.7 million and gross margin on cannabis net revenue of 58%, driven by a significant reduction in cash cost of production

Aurora's medical patient

base expanded 8% to 91,116 sequentially. As at the date of this release, Aurora has approximately 91,408 active registered

Closed an amended and

upsized $360 million secured credit facility which includes an accordion feature that enables Aurora to upsize the facility by

approximately $40 million. As at the date of this release, approximately $160 million of this facility has not been drawn and remains

Sold remaining 28.8 million shares of The Green Organic

Dutchman Holdings Ltd. for gross proceeds of $86.5 million

Subsequent Events & Corporate Action

Subsequent to the quarter end, the Company

made several decisions designed to streamline its operations, provide financial flexibility and reduce financial leverage in response

to a changing market and regulatory environment, while supporting our long-term growth:

Aurora has secured the

commitment of investors holding approximately $155 million of the principal value of the 5% March 2020 Convertible Debentures

("March Convertible Debenture") to voluntarily convert their Debentures under a temporarily amended early conversion

privilege (the "Amended Early Conversion Privilege"). Under this contemplated transaction, all remaining holders of the

March Convertible Debentures will be granted an opportunity, for a period of time, at a price equal to a 6% discount to a 5-day

volume weighted average price ("VWAP") to convert their debentures. Any holders not exercising their early conversion

privilege will remain holders of their original debentures that have a 5% coupon, $13.05 conversion price and mature on March 9,

In an effort to expand

responsibly in line with global demand, the Company has made the decision to immediately cease construction activity at its Aurora

Nordic 2 facility in Denmark, which is expected to save approximately $80 million over the next 12 months. Aurora Nordic 1, a 100,000

square foot facility located in Odense, Denmark, is fully completed, has received a production license, and the Company expects

to receive a license to sell shortly. Furthermore, the Company has decided to defer the majority of the final construction and

commissioning activities at its Aurora Sun facility for the foreseeable future which is expected to conserve approximately $110

million of cash. With the work completed to date, both the Aurora Nordic 2 and Aurora Sun facilities are now fully enclosed.

The Company expects to have at least six flower rooms completed and in operation at Aurora Sun in 2020, for a total of 238,000

square feet. As global demand develops, or as Aurora's market share in the global cannabis market increases, we will reactivate

Aurora has been active under the US$400 million ATM distribution

program as it represents a strategically valuable source of equity capital. Fiscal year to date, the Company has raised gross

proceeds of US$124.4 million through the issuance of 29,057,944 common shares.

Q1 2020 Key Financial and Operational Metrics

The table below outlines the breakdown of cannabis

net revenue between our medical, consumer and wholesale bulk markets, as well as our dried cannabis and cannabis extracts for the

three months ended September 30, 2019 and the comparative periods.

Consolidated net revenue was $75.2 million

in Q1 2020 as compared to $98.9 million in the prior quarter. Medical cannabis net revenues increased to $30.5 million in Q1 2020,

up 3% over the prior quarter. Consumer cannabis revenues were $30.0 million in Q1 2020, a decline of 33% from the prior quarter

and contributed 40% to total consolidated net revenue. The decline in cannabis net revenues is primarily attributable to previously

identified constraints in Canadian consumer retail and distribution infrastructure coupled with a decline in wholesale revenues.

The Canadian wholesale market is rapidly evolving and remains an important long-term opportunity for Aurora.

As a leader in highly automated, low cost production,

Aurora is well positioned to align its operating assets to rapidly respond to evolving consumer preferences while pursuing potential

white label wholesale opportunities and building a strong inventory of high-quality derivative products for launch later this year.

Average net selling price of cannabis increased

by $0.36 per gram over the prior quarter from $5.32 in Q4 2019 to $5.68 in Q1 2020. This increase is primarily attributable to

an increase in the average net selling price of consumer cannabis coupled with a decrease in sales volumes to the bulk wholesale

markets which yield lower average net selling prices as compared to the consumer and medical markets.

Gross margin on cannabis net revenue remained

stable at 58% in Q1 2020, compared to 58% in the prior quarter.

During Q1 2020, Aurora produced 41,436 kilograms