Full Press Release Details
Aurora Cannabis Obtains Receipt for Final
Base Shelf Prospectus Reiterates Fiscal Q1 Guidance
Filed Final Base Shelf Prospectus
Reiterates Guidance on Previously Provided Fiscal
2021 First Quarter Financial Results
Expects Full Compliance With All Fiscal Q1 Financial
EDMONTON, AB, Oct. 30, 2020 /CNW/ - Aurora
Cannabis Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company defining the
future of cannabinoids worldwide, today announced it has filed and been receipted on a final short form base shelf prospectus (the
"Shelf Prospectus") with securities regulators in each of the provinces of Canada, except Quebec, and a corresponding
shelf registration statement on Form F-10 (the "Registration Statement") with the United States Securities and
Exchange Commission (the "SEC").
The filing of the shelf prospectus is expected
to provide financial flexibility to execute against previously stated business objectives. The Company expects to be in full compliance
with all financial covenants as at September 30, 2020 under our amended and restated credit facility. Aurora's relationship with
the lending syndicate remains strong and there are no new obligations to repay any portion of the credit facility until its stated
Following the divestiture of non-core subsidiaries
during fiscal 2020, net revenue for the three months ended September 30, 2020 are expected to be comprised almost entirely of cannabis
net revenue and expected to be at the high end of our previously announced $60 million to $64 million range, compared to $67.5
million in Q4 2020. The Company also expects adjusted gross margin before fair value adjustments on cannabis net revenue to be
at the high end of our previously announced 46%-50% range.
SG&A costs (including R&D) for the
three months ended September 30, 2020 are expected to be in the low $40 million range after excluding certain one-time contract
and employee termination costs. Aurora continues to expect to achieve positive adjusted EBITDA in the second quarter of fiscal
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 Company's goals
of achieving positive Adjusted EBITDA and positive free cash flow. 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.
The Company uses financial measures regarding
itself, such as Adjusted EBITDA, that do not have standardized meaning under the International Financial Reporting Standards ("IFRS")
and may not be comparable to similar measures presented by other entities ("non-IFRS measures"). Further information
relating to non-IFRS measures, is set out in the Company's management discussion and analysis for the three and twelve months ended
June 30, 2020 and 2019 under the heading "Cautionary Statement Regarding Non-GAAP Performance Measures" and the "Revenue"
section for reconciliation to the IFRS equivalent.
View original content to download multimedia:http://www.prnewswire.com/news-releases/aurora-cannabis-obtains-receipt-for-final-base-shelf-prospectus-reiterates-fiscal-q1-guidance-301163790.html
SOURCE Aurora Cannabis Inc.
View original content to download multimedia:
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 07:00e 30-OCT-20