Full Press Release Details
Aurora Repurchases ~US$9.0 Million Principal
Amount of Convertible Notes; Continues Progress Towards Positive Free Cash Flow with less than ~US$39 Million of Notes Outstanding
EDMONTON, AB, Sept. 8, 2023 /CNW/ - Aurora Cannabis
Inc. ("Aurora" or the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today
announced that it has repurchased an aggregate of approximately $12.3 million (US$9.0 million) principal amount of its convertible senior
notes ("Notes") in multiple transactions between August 16 and September 8, 2023 at a total cash cost of $12.3 million (~US$9.0
million), including accrued interest, satisfied by the issuance of an aggregate ~20.1 million common shares of Aurora. Following completion
of these repurchases, Aurora will have approximately $53 million (US$39 million) of Notes outstanding.
The purpose of the transactions was to reduce the
Company's debt and annual cash interest costs, reinforcing our commitment to achieving our target of positive free cashflow in calendar
year 2024. In total, the transactions announced today will save Aurora $0.66 million in annualized interest payments. Aurora has repurchased
an aggregate of approximately $419 million (US$306 million) principal amount of its convertible senior notes since December 2021, resulting
in total cash interest savings of approximately $31.7 million (US$23.9 million).
"As of today, Aurora has reduced its convertible
debt from US$345 million to below US$39 million," stated Aurora's CEO Miguel Martin, "With one of the strongest balance sheets
of the Canadian LPs evidenced by our net cash position and continued commitment to prudent fiscal management, we are confident in our
ability to achieve our target of positive free cash flow within calendar year 2024."
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 is opening the world to cannabis, 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 adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, Whistler, Being and
Greybeard. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co. 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, performance,
Aurora's common shares trade on the NASDAQ and TSX
under the symbol "ACB".
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 repurchase of
convertible notes, savings in annualized interest payments, and the Company's commitment to prudent fiscal management and its ability
to achieve positive free cash flow in calendar year 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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2023/08/c9098.html
For further information: For Media: Michelle Lefler, VP, Communications
& PR, Investor Relations, media@auroramj.com; For Investors: ICR, Inc., aurora@icrinc.com
CO: Aurora Cannabis Inc.
CNW 17:30e 08-SEP-23