Aurora Cannabis Inc. Announces US$125 Million Bought Deal Financing NYSE | TSX

Aurora Cannabis Inc. Announces US$125

Million Bought Deal Financing

EDMONTON, AB, Jan. 21, 2021 /CNW/ - Aurora

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

of cannabinoids worldwide, today has announced today that it has entered into an agreement with a syndicate of underwriters led

by BMO Capital Markets and ATB Capital Markets, under which the underwriters have agreed to buy on bought deal basis 12,000,000

units of the Company (the "Units"), at a price of US$10.45 per Unit for gross proceeds of approximately US$125 million

(the "Offering"). Each Unit will be comprised of one common share of the Company (a "Common Share") and one

half of one common share purchase warrant of the Company (each full common share purchase warrant, a "Warrant"). Each

Warrant will be exercisable to acquire one common share of the Company (a "Warrant Share") for a period of 36 months

following the closing date of the Offering at an exercise price of US$12.60 per Warrant Share, subject to adjustment in certain

The Company has granted the Underwriters an

option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional

10% of the Offering to cover over-allotments, if any. This option may be exercised by the Underwriters for additional Units, Common

Shares, Warrants or any combination of such securities.

The net proceeds of the offering will be used

for general corporate purposes, which may include opportunistically reducing debt. The Company believes that the Offering fits

with its broader strategy to have a strong balance sheet while maintaining maximum flexibility to invest and build towards being

a leader in global cannabinoids.

The closing of the Offering is expected to

take place on or about January 26, 2021 and will be subject to customary conditions, including approvals of the Toronto Stock Exchange

and the New York Stock Exchange.

A prospectus supplement (the "Prospectus

Supplement") to the Company's short form base shelf prospectus dated October 28, 2020 (the "Base Shelf Prospectus")

will be filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec,

and with the U.S. Securities and Exchange Commission (the "SEC") as part of the Company's registration statement on Form

F-10 (the "Registration Statement") under the U.S./Canada Multijurisdictional Disclosure System. The Prospectus Supplement,

the Base Shelf Prospectus and the Registration Statement contain important detailed information about the Company and the proposed

Offering. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement

and the other documents the Company has filed for more complete information about the Company and this Offering before making an

investment decision.

Copies of the Prospectus Supplement, following

filing thereof, and the Base Shelf Prospectus will be available on SEDAR at www.sedar.com and copies of the Prospectus Supplement

and the Registration Statement will be available on EDGAR at www.sec.gov. Copies of the Prospectus Supplement, following filing

thereof, the Base Shelf Prospectus and the Registration Statement may also be obtained from BMO Capital Markets by contacting BMO

Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or

by telephone at (905) 791-3151 Ext 431 or by email at torbramwarehouse@datagroup.ca or from BMO Capital Markets Corp., Attn: Equity

Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627

or by email at bmoprospectus@bmo.com. Copies of such documents may also be obtained from ATB Capital Markets Inc., Attn: Gail O'Connor,

410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403) 539-8629 or by email from atbcm_dealflow@atb.com.

No securities regulatory authority has either

approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not

constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state

or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities

laws of any such state or jurisdiction.

Aurora is a global leader in the cannabis industry

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 brand portfolio includes Aurora, Aurora Drift, San Rafael '71, Daily Special,

AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Providing customers with innovative, high-quality cannabis products, Aurora's

brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they

are launched. For more information, please visit our website at www.auroramj.com.

Aurora's common shares trade on the TSX and

NYSE 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 statements regarding: the timing and completion

of the Offering and the expected use of proceeds of the Offering. These forward-looking statements are only predictions. Various

assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout

this news release. Forward looking statements are based on the opinions, estimates and assumptions of management in light of management's

experience and perception of historical trends, current conditions and expected developments at the date the statements are made,

such as current and future market conditions, the ability to maintain SG&A costs in line with current expectations, the ability

to achieve high margin revenues in the Canadian consumer market, the current and future regulatory environment and future approvals

and permits. 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, including the risks

associated with: entering the U.S. market, the ability to realize the anticipated benefits associated with the acquisition of Reliva,

achievement of Aurora's business transformation plan, general business and economic conditions, changes in laws and regulations,

product demand, changes in prices of required commodities, competition, the effects of and responses to the COVID-19 pandemic and

other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form

dated September 24, 2020 (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.edgar.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.

original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2021/21/c0339.html

For further information: For Media: Michelle Lefler, VP, Communications

& PR, media@auroramj.com; For Investors: ICR, Inc., Investor Relations, aurora@icrinc.com

CO: Aurora Cannabis Inc.

CNW 17:41e 21-JAN-21