Full Press Release Details
Aurora Completes Final Repayment of Convertible
Senior Notes Representing ~$465 Million in Total Repayments Since 2021; Cannabis Operations Are Now Debt Free[1]
EDMONTON, AB, Feb. 29, 2024 /CNW/ - Aurora Cannabis
Inc. ("Aurora" or the "Company") (NASDAQ: ACB) (TSX: ACB), the Canada-based leading global medical cannabis company,
today announced that it has repaid an aggregate of approximately $7.2 million (US$5.3 million), representing the final payment on the
principal amount of its convertible senior notes ("Notes") at a total cash cost of $7.4 million (~US$5.5 million), including
accrued interest. Following the completion of this repayment, Aurora's remaining debt1 of $47.9 million relates to Bevo Farms
"This final repayment represents a significant
milestone for Aurora, as we have now fully paid off nearly $465 million in convertible debt," stated Miguel Martin, Chief Executive
Officer of Aurora. "Our focus on balance sheet strength has saved the Company millions in interest and we feel confident that our
continued financial discipline will support the achievement of our target of positive free cash flow this calendar year," Mr. Martin
This announcement does not constitute an offer to
sell, or a solicitation of an offer to buy any security and shall not constitute an offer, solicitation, or sale in any jurisdiction in
which such offering would be unlawful.
Aurora's only remaining debt will be $47.9 million relating to Bevo Farms Ltd as detailed in the FY2024 Q3 Financial Statements.
Aurora is opening the world to cannabis, serving both
the medical and consumer markets across Canada, Europe, Australia and South America. Headquartered in Edmonton, Alberta, Aurora is a pioneer
in global cannabis, dedicated to helping people improve their lives. The Company's adult- use brand portfolio includes Aurora Drift, San
Rafael '71, Daily Special, Tasty's, Being and Greybeard. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical
Marijuana Co, as well as international brands, Pedanios, Bidiol, IndiMed and CraftPlant. Aurora also has a controlling interest in Bevo
Farms Ltd., North America's leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on
high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, wellness and adult recreational
Aurora's Common Shares trade on the NASDAQ and TSX
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, but are not limited to, statements regarding the Company's final repayment
of outstanding Notes, expectations for the Company's global cannabis business to be debt free, continued financial discipline, and the
achievement of positive free cash flow in calendar 2024.
These forward-looking statements are only predictions.
Forward looking information or statements contained in this news release have been developed based on assumptions management considers
to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly
available information from governmental sources as well as from market research and industry analysis and on assumptions based on data
and knowledge of this industry which the Company believes to be reasonable. 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. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure
to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and
retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer
demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration
of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability
to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield
from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes
in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of
COVID-19, and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information
form dated June 14, 2023 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile
on SEDAR at www.sedarplus.com and filed with and available on the SEC's website at www.sec.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.
SOURCE Aurora Cannabis Inc.
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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 17:00e 29-FEB-24