Full Press Release Details
Interim Consolidated Financial Statements
For the three months ended September
(In Canadian Dollars)
| Condensed Interim Consolidated Statements of Financial Position | 1 |
| Condensed Interim Consolidated Statements of Comprehensive Income | 2 |
| Condensed Interim Consolidated Statements of Changes in Equity | 3 |
| Condensed Interim Consolidated Statements of Cash Flows | 5 |
| Notes to the Condensed Interim Consolidated Financial Statements |
| Note 1 | Nature of Operations | 7 | Note 15 | Assets Held for Distribution to Owners | 27 | |
| Note 2 | Significant Accounting Policies and Significant Judgments | 7 | Note 16 | Intangible Assets and Goodwill | 28 | |
| Note 3 | Cash and Cash Equivalents | 11 | Note 17 | Convertible Debentures | 29 | |
| Note 4 | Short-term Investments | 11 | Note 18 | Loans and Borrowings | 30 | |
| Note 5 | Accounts Receivable | 11 | Note 19 | Share Capital | 32 | |
| Note 6 | Marketable Securities and Derivatives | 11 | Note 20 | Share-based Payments | 36 | |
| Note 7 | Convertible Debenture Investments | 14 | Note 21 | Earnings Per Share | 38 | |
| Note 8 | Biological Assets | 15 | Note 22 | Finance and Other Costs | 38 | |
| Note 9 | Inventory | 17 | Note 23 | Related Party Transactions | 39 | |
| Note 10 | Property, Plant and Equipment | 18 | Note 24 | Commitments and Contingencies | 40 | |
| Note 11 | Investments in Associates and Joint Venture | 19 | Note 25 | Segmented Information | 41 | |
| Note 12 | Business Combinations | 22 | Note 26 | Fair Value of Financial Instruments | 42 | |
| Note 13 | Asset Acquisitions | 27 | Note 27 | Financial Instruments Risk | 44 | |
| Note 14 | Controlling Interest in Aurora Nordic Cannabis | 27 | Note 28 | Capital Management | 46 | |
| Note 29 | Subsequent Events | 46 |
AURORA CANNABIS INC.
Condensed Interim Consolidated Statements
of Financial Position
September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars)
| Notes | September 30, 2018 | June 30, 2018 | |
| $ | $ | ||
| Assets | |||
| Current | |||
| Cash and cash equivalents | 3 | 147,797 | 89,193 |
| Short term investments | 4 | 1,240 | 990 |
| Accounts receivable | 5, 23(c), 27(a) | 40,005 | 15,096 |
| Income taxes receivable | 3,010 | - | |
| Marketable securities | 6 | 346,243 | 59,188 |
| Biological assets | 8 | 10,400 | 13,620 |
| Inventory | 9 | 74,953 | 29,595 |
| Prepaids and other current assets | 23,736 | 7,594 | |
| 647,384 | 215,276 | ||
| Assets held for distribution to owners | 15 | - | 4,422 |
| 647,384 | 219,698 | ||
| Property, plant and equipment | 10 | 449,872 | 246,352 |
| Convertible debenture investment | 7 | 19,700 | - |
| Derivatives | 6 | 138,978 | 124,942 |
| Investments in associates and joint venture | 11 | 200,956 | 334,442 |
| Intangible assets | 16 | 617,829 | 256,232 |
| Goodwill | 16 | 2,880,642 | 729,050 |
| Total assets | 4,955,361 | 1,910,716 | |
| Liabilities | |||
| Current | |||
| Accounts payable and accrued liabilities | 23(c), 27(b) | 83,292 | 47,456 |
| Income taxes payable | - | 1,659 | |
| Deferred revenue | 1,835 | 2,266 | |
| Loans and borrowings | 18 | 1,199 | 2,451 |
| Contingent consideration payable | 26(e) | 12,612 | 21,333 |
| 98,938 | 75,165 | ||
| Convertible debentures | 17 | 199,788 | 191,528 |
| Loans and borrowings | 18 | 90,116 | 9,232 |
| Deferred gain on derivatives | 6, 26(d) | 1,869 | 2,254 |
| Deferred tax liability | 161,733 | 69,406 | |
| Total liabilities | 552,444 | 347,585 | |
| Shareholders' equity | |||
| Share capital | 19 | 4,202,610 | 1,466,433 |
| Reserves | 78,719 | 4,920 | |
| Accumulated other comprehensive income (loss) | 5,862 | (533) | |
| Retained earnings | 112,328 | 87,749 | |
| Total equity attributable to shareholders of Aurora | 4,399,519 | 1,558,569 | |
| Non-controlling interest | 12(d)(e), 14 | 3,398 | 4,562 |
| Total equity | 4,402,917 | 1,563,131 | |
| Total liabilities and equity | 4,955,361 | 1,910,716 |
Nature of Operations (Note 1)
Commitments and Contingencies (Note 24)
Subsequent Events (Notes 6(a), 17(c), 24(d) and 29)
The accompanying notes are an integral part of these Condensed
Interim Consolidated Financial Statements.
AURORA CANNABIS INC.
Condensed Interim Consolidated Statements
of Comprehensive Income
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of
Canadian dollars, except per share amounts)
| Notes | 2018 | 2017 | |
| $ | $ | ||
| Revenue from sale of goods | 26,458 | 7,315 | |
| Revenue from provision of services | 3,216 | 934 | |
| Total revenue | 29,674 | 8,249 | |
| Cost of sales | 9,542 | 3,072 | |
| Gross profit before fair value adjustments | 20,132 | 5,177 | |
| Changes in fair value of inventory sold | 14,361 | 2,572 | |
| Unrealized gain on changes in fair value of biological assets | 8 | (2,279) | (6,205) |
| Gross profit | 8,050 | 8,810 | |
| Expense | |||
| General and administration | 23(a) | 35,943 | 2,993 |
| Sales and marketing | 29,376 | 3,668 | |
| Acquisition costs | 14,980 | 340 | |
| Research and development | 3,426 | 107 | |
| Depreciation and amortization | 10, 16 | 15,122 | 634 |
| Share-based payments | 20(a), 23(b) | 21,076 | 2,486 |
| 119,923 | 10,228 | ||
| Loss from operations | (111,873) | (1,418) | |
| Other income (expense) | |||
| Interest and other income | 750 | 590 | |
| Finance and other costs | 22 | (8,527) | (2,016) |
| Foreign exchange | 129 | (247) | |
| Share of loss from investment in associates | 11 | (2,115) | - |
| Gain on loss of control of subsidiary | 11(a) | 410 | - |
| Unrealized loss on changes in contingent consideration fair value | 26(e) | (1,373) | - |
| Unrealized gain on derivatives | 6, 26(c) | 85,848 | 817 |
| Unrealized gain on convertible debenture investments | 7, 26(c) | 1,097 | 6,937 |
| Gain on deemed disposal of significant influence investment | 11(f) | 144,368 | - |
| 220,587 | 6,081 | ||
| Income before income taxes | 108,714 | 4,663 | |
| Income tax expense | |||
| Deferred, net | (4,533) | (1,103) | |
| (4,533) | (1,103) | ||
| Net income | 104,181 | 3,560 | |
| Other comprehensive income (loss) | |||
| Deferred tax | (7,464) | (1,632) | |
| Unrealized gain on marketable securities | 6 | 87,586 | 12,551 |
| Foreign currency translation | (3,256) | (4) | |
| 76,866 | 10,915 | ||
| Comprehensive income | 181,047 | 14,475 | |
| Net income (loss) attributable to: | |||
| Aurora Cannabis Inc. | 105,462 | 3,560 | |
| Non-controlling interests | (1,281) | - |
| Comprehensive income (loss) attributable to: | ||
| Aurora Cannabis Inc. | 182,342 | 14,475 |
| Non-controlling interests | (1,295) | - |
| Earnings per share | |||
| Basic | 21 | $0.12 | $0.01 |
| Diluted | 21 | $0.12 | $0.01 |
The accompanying notes are an integral part of these Condensed
Interim Consolidated Financial Statements.
AURORA CANNABIS INC.
Consolidated Statements of Changes in Equity
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars, except
| Share Capital | Reserves | AOCI | |||||||||||||
| Note | Common Shares | Amount | Share-Based Compensation | Compensation Options/ Warrants | Convertible Notes | Change in Ownership Interest | Total Reserves | Fair Value | Deferred Tax | Foreign Currency Translation | Total AOCI | Retained Earnings (Deficit) | Non-Controlling Interests | Total | |
| # | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
| Balance, June 30, 2018 | 568,113,131 | 1,466,433 | 38,335 | 307 | 41,792 | (75,514) | 4,920 | (539) | (55) | 61 | (533) | 87,749 | 4,562 | 1,563,131 | |
| Shares issued for business combinations & asset acquisitions | 19(b)(i) | 384,033,926 | 2,655,341 | 75,490 | 19,556 | - | - | 95,046 | - | - | - | - | - | - | 2,750,387 |
| Shares released for earn out payments | 19(b)(ii) | - | 10,094 | 10,094 | |||||||||||
| Conversion of notes | 19(b)(iv) | 20,994 | 86 | - | - | (33) | - | (33) | - | - | - | - | - | - | 53 |
| Exercise of stock options | 19(b)(iv), 12(d) | 8,727,084 | 65,158 | (41,875) | - | - | - | (41,875) | - | - | - | - | - | 127 | 23,410 |
| Exercise of warrants | 19(b)(iv) | 906,156 | 4,046 | - | (70) | - | - | (70) | - | - | - | - | - | - | 3,976 |
| Forfeited options | - | - | (341) | - | - | - | (341) | - | - | - | - | 341 | - | - | |
| Share-based payments | 20(a) | - | - | 21,076 | - | - | - | 21,076 | - | - | - | - | - | - | 21,076 |
| Change in ownership interests in subsidiaries | 12(d) | - | - | - | - | - | (4) | (4) | - | - | - | - | - | 4 | - |
| Australis Capital first tranche private placement proceeds | 11(a) | - | 7,800 | - | - | - | - | - | - | - | - | - | - | - | 7,800 |
| Australis Capital NCI reclass on loss of control | - | (6,348) | - | - | - | - | - | - | - | - | - | - | 6,348 | - | |
| Spin-out of Australis Capital | 6(b) | - | - | - | - | - | - | - | - | - | - | - | (151,695) | (6,348) | (158,043) |
| Reclass gain from Australis Capital shares on derecognition upon spin-out | 6(b) | - | - | - | - | - | - | - | (76,873) | 6,402 | - | (70,471) | 70,471 | - | - |
| Comprehensive income (loss) for the period | - | - | - | - | - | - | - | 87,586 | (7,464) | (3,256) | 76,866 | 105,462 | (1,295) | 181,033 | |
| Balance, September 30, 2018 | 961,801,291 | 4,202,610 | 92,685 | 19,793 | 41,759 | (75,518) | 78,719 | 10,174 | (1,117) | (3,195) | 5,862 | 112,328 | 3,398 | 4,402,917 |
The accompanying notes are an integral part of these Condensed Interim
Consolidated Financial Statements.
AURORA CANNABIS INC.
Condensed Interim Consolidated Statements of
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars, except
| Share Capital | Reserves | AOCI | |||||||||||||
| Note | Common Shares | Amount | Share-Based Compensation | Compensation Options/ Warrants | Convertible Notes | Change in Ownership Interest | Total Reserves | Fair Value | Deferred Tax | Foreign Currency Translation | Total AOCI | Retained Earnings (Deficit) | Non-Controlling Interests | Total | |
| # | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||
| Balance, June 30, 2017 | 366,549,244 | 221,447 | 7,591 | 3,420 | 9,734 | - | 20,745 | 6,077 | (885) | (25) | 5,167 | (28,426) | - | 218,933 | |
| Shares issued for acquisition | 19(b)(i) | 89,107 | 248 | - | - | - | - | - | - | - | - | - | - | - | 248 |
| Warrants issued for acquisition | 12 | - | - | - | 136 | - | - | 136 | - | - | - | - | - | - | 136 |
| Shares issued for earn out payments | 19(b)(ii) | 3,178,177 | 6,785 | - | - | - | - | - | - | - | - | - | - | - | 6,785 |
| Conversion of notes | 19(b)(iv) | 125,000 | 229 | - | - | (37) | - | (37) | - | - | - | - | - | - | 192 |
| Deferred tax on convertible notes | - | 15 | - | - | - | - | - | - | - | - | - | - | - | 15 | |
| Exercise of stock options | 19(b)(iv) | 697,080 | 1,028 | (402) | - | - | - | (402) | - | - | - | - | - | - | 626 |
| Exercise of warrants | 19(b)(iv) | 1,271,250 | 680 | - | (11) | - | - | (11) | - | - | - | - | - | - | 669 |
| Forfeited options | - | - | (242) | - | - | - | (242) | - | - | - | - | 242 | - | - | |
| Share-based payments | 20(a) | - | - | 2,837 | - | - | - | 2,837 | - | - | - | - | - | - | 2,837 |
| Comprehensive income (loss) for the period | - | - | - | - | - | - | - | 12,551 | (1,632) | (4) | 10,915 | 3,560 | - | 14,475 | |
| Balance, September 30, 2017 | 371,909,858 | 230,432 | 9,784 | 3,545 | 9,697 | - | 23,026 | 18,628 | (2,517) | (29) | 16,082 | (24,624) | - | 244,916 | |
| Shares issued for acquisitions and investment in associates | 19(b)(i) | 78,680,600 | 824,837 | - | - | - | - | - | - | - | - | - | - | - | 824,837 |
| Shares issued for earn out payments | 19(b)(ii) | 2,139,867 | 9,536 | - | - | - | - | - | - | - | - | - | - | - | 9,536 |
| Shares issued for equity financings | 19(b)(iii) | 25,000,000 | 75,000 | - | - | - | - | - | - | - | - | - | - | - | 75,000 |
| Share issue costs | 19(b)(iii) | - | (6,646) | - | 2,285 | - | - | 2,285 | - | - | - | - | - | - | (4,361) |
| Conversion of notes | 19(b)(iv) | 42,348,435 | 176,898 | - | - | (37,024) | - | (37,024) | - | - | - | - | - | - | 139,874 |
| Equity component of convertible notes | - | - | - | - | 76,201 | - | 76,201 | - | - | - | - | - | - | 76,201 | |
| Deferred tax on convertible notes | - | (15) | - | - | (7,082) | - | (7,082) | - | - | - | - | - | - | (7,097) | |
| Deferred tax on share issuance and convertible debenture costs | - | 2,540 | - | - | - | - | - | - | - | - | - | - | - | 2,540 | |
| Exercise of stock options | 19(b)(iv), 12(d) | 4,112,363 | 10,978 | (5,773) | - | - | - | (5,773) | - | - | - | - | - | 2,027 | 7,232 |
| Exercise of warrants | 19(b)(iv) | 41,929,631 | 135,613 | - | (3,669) | - | - | (3,669) | - | - | - | - | - | 1,669 | 133,613 |
| Exercise of compensation options/warrants | 19(b)(iv) | 1,865,249 | 6,051 | - | (1,854) | - | - | (1,854) | - | - | - | - | - | - | 4,197 |
| Exercise of restricted share units | 19(b)(iv) | 127,128 | 1,209 | (351) | - | - | - | (351) | - | - | - | - | - | - | 858 |
| Forfeited options | - | - | (289) | - | - | - | (289) | - | - | - | - | 289 | - | - | |
| Share-based payments | 20(a) | - | - | 34,964 | - | - | - | 34,964 | - | - | - | - | - | - | 34,964 |
| Non-controlling interest from acquisitions | 12(d)(e), 14 | - | - | - | - | - | - | - | - | - | - | - | - | 38,577 | 38,577 |
| Change in ownership interests in subsidiaries | 12(d)(e) | - | - | - | - | - | (75,514) | (75,514) | - | - | - | - | - | (35,002) | (110,516) |
| Unrealized gain on Cann Group marketable securities | - | - | - | - | - | - | - | 31,524 | - | - | 31,524 | - | - | 31,524 | |
| Cann Group marketable securities transferred to investments in associates | - | - | - | - | - | - | - | (50,463) | - | - | (50,463) | 50,463 | - | - | |
| Deferred tax for marketable securities transferred to investment in associates | - | - | - | - | - | - | - | - | 830 | - | 830 | (6,755) | - | (5,925) | |
| Unrealized gain on CanniMed marketable securities | - | - | - | - | - | - | - | 10,423 | - | - | 10,423 | - | - | 10,423 | |
| CanniMed marketable securities derecognized upon acquisition of control | - | - | - | - | - | - | - | (10,423) | - | - | (10,423) | 10,423 | - | - | |
| Comprehensive income (loss) for the period | - | - | - | - | - | - | - | (228) | 1,632 | 90 | 1,494 | 57,953 | (2,709) | 56,738 | |
| Balance, June 30, 2018 | 568,113,131 | 1,466,433 | 38,335 | 307 | 41,792 | (75,514) | 4,920 | (539) | (55) | 61 | (533) | 87,749 | 4,562 | 1,563,131 |
The accompanying notes are an integral part of these Condensed Interim
Consolidated Financial Statements.
AURORA CANNABIS INC.
Condensed Interim Consolidated Statements
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars)
| Notes | 2018 | 2017 | |
| $ | $ | ||
| Cash provided by (used in) | |||
| Operating activities | |||
| Net income for the period | 104,181 | 3,560 | |
| Adjustments for non-cash items | |||
| Unrealized gain on changes in fair value of biological assets | 8 | (2,279) | (9,577) |
| Changes in fair value included in inventory sold | 14,361 | 5,696 | |
| Depreciation of property, plant and equipment | 10 | 6,254 | 359 |
| Amortization of intangible assets | 16 | 9,770 | 417 |
| Share-based payments | 20(a) | 21,076 | 2,486 |
| Share of loss from investment in associates | 11 | 2,115 | - |
| Unrealized gain on derivatives | 6, 26(c) | (85,848) | (7,754) |
| Unrealized gain on convertible debenture investments | 7, 26 (c) | (1,097) | - |
| Unrealized gain on deemed disposal of significant influence investment | 11(f) | (144,368) | - |
| Gain on loss of control of subsidiary | 11(a) | (410) | |
| Loss on changes in fair value of contingent consideration | 26(e) | 1,373 | - |
| Non-cash acquisition costs | 12(c) | 2,230 | - |
| Accrued interest and accretion expense | 7,378 | 1,947 | |
| Interest and other income | (63) | (59) | |
| Deferred tax expense (recovery) | 4,533 | 1,103 | |
| Changes in non-cash working capital | |||
| GST recoverable | (12,390) | (1,218) | |
| Accounts receivable | 2,178 | 224 | |
| Biological assets | 7,154 | - | |
| Inventory | (19,333) | (1,173) | |
| Prepaid and other current assets | (8,281) | (143) | |
| Accounts payable and accrued liabilities | 22,686 | (861) | |
| Income taxes payable | 216 | - | |
| Deferred revenue | (503) | 19 | |
| Net cash used in operating activities | (69,067) | (4,974) | |
| Investing activities | |||
| Short-term investments | 4 | (250) | - |
| Marketable securities, derivatives and convertible debenture investments | 6, 7 | (19,772) | - |
| Promissory notes receivable | - | (4,736) | |
| Purchase of property, plant and equipment | 10 | (72,089) | (21,061) |
| Acquisition of businesses, net of cash acquired | 12 | 114,403 | (2,635) |
| Investments in associates | 11 | 962 | - |
| Net cash provided by (used in) investing activities | 23,254 | (28,432) | |
| Financing activities | |||
| Proceeds from long term loans | 89,357 | - | |
| Repayment of long term loans | (8,986) | - | |
| Repayment of short term loans | (2,311) | (17) | |
| Shares issued for cash, net of share issue costs | 27,367 | 1,296 | |
| Net cash provided by financing activities | 105,427 | 1,279 | |
| Effect of foreign exchange on cash and cash equivalents | (1,010) | 246 | |
| Increase (decrease) in cash and cash equivalents | 58,604 | (31,881) | |
| Cash and cash equivalents, beginning of year | 89,193 | 159,796 | |
| Cash and cash equivalents, end of year | 147,797 | 127,915 |
AURORA CANNABIS INC.
Consolidated Statements of Cash Flows
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars)
| 2018 | 2017 | |
| $ | $ | |
| Supplementary information: | ||
| Property, plant and equipment in accounts payable | 11,097 | 8,148 |
| Capitalized borrowing costs | 935 | 1,245 |
| Interest paid | 257 | 4 |
| Interest received | 239 | 496 |
The accompanying notes are an integral part of these Condensed
Interim Consolidated Financial Statements.
AURORA CANNABIS INC.
Notes to the Condensed Interim Consolidated
Financial Statements
Three months ended September 30, 2018 and 2017
(Unaudited - In thousands of Canadian dollars, except share
and per share amounts)
Aurora Cannabis Inc. (the "Company"
or "Aurora") was incorporated under the Business Corporations Act (British Columbia) on December 21, 2006. The
Company's shares are listed on the New York Stock Exchange under the symbol "ACB", on the Toronto Stock Exchange
under the symbol "ACB", and on the Frankfurt Stock Exchange under the symbol "21P".
The head office and principal address of the
Company is Suite 500 - 10355 Jasper Avenue, Edmonton, Alberta, Canada, T5J 1Y6. The Company's registered and records office
address is Suite 1500 - 1055 West Georgia Street, Vancouver, BC V6E 4N7.
The Company's principal business is the
production and distribution of cannabis in Canada pursuant to the Cannabis Act, the distribution of wholesale medical cannabis
in the European Union pursuant to the German Medicinal Products Act and German Narcotic Drugs Act, and the production of
medical cannabis in Denmark under the Danish Medicines Act. Through its recent acquisitions (Note 12), the Company expanded
its business to include research and development, the production and sale of indoor cultivation systems, and the production and
sale of hemp related food products.
Aurora does not engage in any U.S. cannabis-related
activities as defined in Canadian Securities Administrators Staff Notice 51-352. While the Company previously held an interest
in a U.S. based company, Australis Holdings LLP ("Australis Holdings" or "AHL")(Note 11(a)), AHL has not
engaged in any cannabis-related activities for the periods presented. AHL was spun-out to Aurora shareholders as part of the Australis
Capital Inc. spin-out completed on September 19, 2018 (Note 6(b)).
Accounting Policies and Significant Judgments
The condensed interim consolidated financial
statements of the Company have been prepared in accordance with International Accounting Standards 34, "Interim Financial
Reporting" ("IAS 34"), using accounting policies consistent with International Financial Reporting Standards
("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the
IFRS Interpretations Committee ("IFRIC").
The condensed interim consolidated financial
statements do not include all of the information required for full annual financial statements. The accounting policies and critical
estimates used in preparing these condensed interim consolidated financial statements are the same as those applied in the Company's
annual consolidated financial statements as at and for the year ended June 30, 2018, except for the adoption of new accounting
standards described in Note 2(f).
The Company has reclassified certain immaterial
items on the comparative condensed interim consolidated statement of financial position and the condensed interim consolidated
statement of comprehensive income to conform with current period's presentation.
These condensed interim consolidated financial
statements were approved and authorized for issue by the Board of Directors of the Company on November 9, 2018.
These condensed interim consolidated financial
statements include the accounts of the Company and its subsidiaries with intercompany balances and transactions eliminated on consolidation.
Subsidiaries are those entities over which Aurora has the power over the investee, is exposed, or has rights, to variable returns
from its involvement with the investee, and has the ability to use its power to affect its returns. As of September 30, 2018, major
subsidiaries over which the Company has control include:
| Major subsidiaries | Percentage ownership |
| Anandia Laboratories Inc. ("Anandia") | 100% |
| Aurora Cannabis Enterprises Inc. ("ACE") | 100% |
| Aurora Deutschland GmbH ("Aurora Deutschland", formerly Pedanios GmbH) | 100% |
| Aurora Larssen Projects Ltd. ("ALPS") | 100% |
| B.C. Northern Lights Enterprises Ltd. ("BCNL") | 100% |
| CanniMed Therapeutics Inc. ("CanniMed") | 100% |
| CanvasRx Inc. ("CanvasRx") | 100% |
| MedReleaf Corp. ("MedReleaf") | 100% |
| Prairie Plant Systems Inc. ("PPS") | 100% |
| UAB Agropro ("Agropro") | 100% |
| UAB Borela ("Borela") | 100% |
| Urban Cultivator Inc. ("UCI") | 100% |
| Hempco Food and Fiber Inc. ("Hempco") | 52.33% |
| Aurora Nordic Cannabis A/S ("Aurora Nordic") | 51% |
AURORA CANNABIS INC.