Full Press Release Details
Aurora Cannabis Provides Corporate Update
and Confirms Cannabis 2.0 Roll Out
Initial cannabis 2.0 shipments released to 10 provincial
regulators; new products have also been made available for order countrywide by Aurora's registered medical patients
Provides Update on Capital Expenditure Plan Aligned
to Long-Term Market Growth
Network of Strategic Partners Continue to Demonstrate
Value and Strong Execution
EDMONTON, Dec. 23, 2019 /CNW/ - Aurora Cannabis
Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company defining the future
of cannabis worldwide, today provided an update on the readiness of its operations with the introduction of new product formats,
recent industry recognitions and updates to existing operations. As a global leader in cannabis revenues, cannabis production,
research, innovation and international market development, the Company intends to provide regular updates to its stakeholders in
an effort to demonstrate continued transparency and disclosure.
Aurora's Cannabis 2.0 products have arrived
at High Tide's Canna Cabana location in Swift Current, Saskatchewan (CNW Group/Aurora Cannabis Inc.)
"We have focused our collective efforts
to be ready for the successful launch of Cannabis 2.0 as Canada takes the next step in the legalization of newly allowed product
forms. We are ready and have launched a diversified portfolio of new product formats and are excited for Canadians to have access
to high-quality, safe alternative cannabis products such as edibles, vape pens and other derivatives," said Terry Booth, CEO
of Aurora. "We have prudently deployed capital and we believe that we're ready with the appropriate combination of technology,
scale and consumer insights to have the right products on store shelves in a timely fashion. This was not an easy task and I would
like to thank the entire Aurora team for their collective efforts in getting 2.0 across the goal line in time for our provincial
Recent Corporate Initiatives
Aurora has taken steps to proactively rationalize
capital expenditures, reduce near term debt and bolster liquidity in an effort to position the Company for the long-term success.
The previously announced deferral of construction and commissioning activities is expected to conserve approximately $200 million
of cash in the near term. Aurora believes that its existing assets are sufficient to meet current demand at a low cost per gram.
The company expects to have the flexibility to ramp up projects as global demand dictates.
In late November, the Company also retired
$227 million of the $230 million 5% unsecured convertible debentures that were due in March 2020 with the issuance of shares
and thereby preserving cash. Aurora continues to evaluate multiple sources of capital and currently has access to undrawn capacity
under a CDN$360 million credit facility with a syndicate of banks, in addition to its US$400 million at-the-market ("ATM")
equity distribution program.
Cannabis 2.0 Product Launch
The Company has commenced shipments of initial
orders received to 10 of Canada's provincial regulators of Cannabis 2.0 products following December 17, 2019, however most Canadian
consumers will likely not see these products on retail store shelves until early January 2020 due to varied retail operations across
the country. Patients can now immediately access a variety of the new product formats.
Initially the Company is providing a variety
of CBD and THC vape and edible products, such as gummies, chocolates, baked goods and mints. These new cannabis products are being
produced at Aurora Sky in Edmonton, Alberta, Aurora River in Bradford, Ontario and Aurora Vie in Pointe-Claire, Quebec. These centres
have been outfitted to provide centralized production, packaging, logistics and distribution capabilities. The Company has prioritized
its resources to prepare for a successful initial launch and has built inventories to support an ongoing replenishment strategy
to help ensure consumers across Canada have access to a diverse portfolio of high-quality derivative products.
The Company encourages Canadian consumers to
review Aurora's "Ready for Edibles" campaign, which aims to educate consumers about the responsible consumption
of cannabis edibles. The campaign can be seen at cannabis retail outlets across Canada. For more information, visit the Ready for
To learn more about Aurora's upcoming portfolio
of new products please click here.
Provincial Regulatory Updates
Aurora commends Premier Ford, Minister Downey
and the Government of Ontario for committing to improving the province of Ontario's cannabis retail environment through the open
allocation of retail cannabis licensing. The new policy is expected to see the removal of the cap on the number of private cannabis
stores in the province as well as thoughtful pre-qualification requirements.
"We applaud this positive step by the
Province of Ontario to provide a retail environment which is conducive to a successful system that provides Canadians with
more safe, regulated cannabis products," said Terry Booth, CEO of Aurora.
Recent Executive Appointment
Aurora is pleased to announce that Rick Savone
has joined the company as Senior Vice President of Global Government Relations. In this new role, Rick will oversee Aurora's relationships
with governments around the world, helping them to create regulations that will allow greater access to medical cannabis products
for patients. Over the course of his career Rick has developed deep government relations experience, most recently as the Director
General for Global Affairs Canada. Prior to that, Rick was Canada's ambassador to Brazil and has held various other senior level
positions with the Department including as consul general in Shanghai.
International Market Developments
Aurora has received the very first approval
from the Danish Medicines Agency for the import of the Company's Sedamen Softgel capsules into Denmark. Aurora is currently working
to obtain an export permit from Health Canada and expects to complete the first shipment from its Aurora Ridge facility in Markham,
Ontario in the first calendar quarter of 2020.
On December 2, 2019, Aurora announced that
one of the Company's oil products has now been approved for use under Ireland's new Medical Cannabis Access Programme ("MCAP").
Aurora's High CBD Oil Drops received approval from the Irish authorities and have now been added to a regulatory schedule by the
Irish Minister of Health enabling importation, prescribing and supply under the schedule and is to date, one of only two products
to gain such authorization.
Flagship Retail Store Update
Aurora's Experiential Flagship Store Opens
in the West Edmonton Mall
The Company's flagship retail store official
opened on November 27, 2019 in North America's largest shopping mall. At approximately 11,000 square feet, the location in the
West Edmonton Mall combines a retail cannabis store that showcases Aurora brands and an immersive experiential space for cannabis
education, events and community engagement. With more than 30 million visitors to the West Edmonton Mall each year, Aurora's flagship
is already seeing a combined average of 700 visitors per day. On average, 94% of visitors to the cannabis and accessories store
make a purchase. Thus far, the top selling cannabis products have been Aurora's Hybrid and THC Pre-Rolls, Whistlers organic products
and the Company's popular cultivar, LA Confidential. To learn more about Aurora's new flagship store, please click here.
Facility Status Updates
Whistler Pemberton Facility Construction
Aurora's wholly-owned subsidiary, Whistler
Medical Marijuana Corp. ("Whistler"), recently completed construction of its 62,000 square foot production
facility in Pemberton, British Columbia (the "Pemberton Facility"). Construction of the Pemberton Facility commenced
April 2018, and is purpose built to European Union Good Manufacturing Practices (EU GMP) standards. The fifteen-room Pemberton
facility is Whistler's largest and has a designed capacity of 4,500 kg of premium, organic certified, cannabis per year.
The new Pemberton facility also incorporates a public lounge to educate visitors to the region about Whistler and its history of
pioneering organic certified cannabis cultivation.
Whistler product is in strong demand from both
medical and consumer markets, and its craft production commands a premium brand position and pricing. The additional capacity of
the Pemberton facility is expected to enable Aurora to increase the availability of Whistlers organic certified dried cannabis,
hand-rolled joints and cannabis. Whistler expects to introduce a new line of organic certified hashish and live rosin cannabis
Aurora Nordic 1 Receives Additional Licensing
Aurora Nordic 1, the Company's 100,000 square