Full Press Release Details
Aurora Cannabis Inc. ("Aurora"
500 - 10355 Jasper Avenue
Edmonton, Alberta T5J 1Y6
News releases announcing the material
changes referred to in this report were disseminated by Aurora on September 8, 2020 and filed on SEDAR under Aurora's profile
The Company announced that Miguel
Martin had been appointed as Chief Executive Officer effective immediately, replacing Michael Singer who served in that role from
In a separate release, the Company
announced that it had reached an agreement with its syndicate of banks regarding amendments to its secured credit agreement to
provide for better flexibility and had terminated its partnership with the UFC in consideration of a US$30 million termination
See attached news releases.
The following senior officer of
the Company is knowledgeable about the material change and this Material Change Report and may be contacted:
Michael Singer, Executive Chairman
Telephone: 1-855-279-4652
Aurora Cannabis Appoints Miguel Martin
EDMONTON, AB - September 8, 2020 - Aurora Cannabis
Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company defining the future
of cannabinoids worldwide, today announced that Miguel Martin has been appointed Chief Executive Officer, effective immediately.
With deep, diverse experience in consumer packaged goods, highly regulated industries and the U.S. cannabinoid industry, Miguel
is well-positioned to execute the next phase of Aurora's business transformation, with a focus on commercial strategy. Michael
Singer, who has served as Interim CEO since February 2020, has stepped down from his temporary role and will remain Executive Chairman.
Michael Singer stated, "In his short
time at Aurora, Miguel has demonstrated decisive leadership. Miguel is a highly experienced executive with an exceptional track
record of performance in a number of consumer products categories. After an extensive search which included evaluation of many
highly-respected candidates, Miguel stood apart with both strong commercial and cannabinoid sector expertise, as well as his passion
for Aurora's success. The Aurora Board and I firmly believe that under Miguel's leadership, Aurora's strategic
direction going forward will be characterized by leading market performance, sustainable growth, profitability and value creation
"I am excited to step into the role
of CEO at this inflection point in Aurora's business," said Miguel Martin. "In my early days, I have seen the
tremendous potential of this organization firsthand- a combination of deep industry knowledge, commitment to quality, great brands
and a passion for patients and consumers that is truly differentiated. I am confident that we have the infrastructure and capabilities
for long term success in the global cannabinoid industry. Given my 25 years of executing against regulated product opportunities,
including serving as President of one of the largest electronic cigarette companies, I believe we will be successful both with
the current portfolio and emerging margin accretive formats."
Mr. Martin is a 25-year consumer packaged
goods industry veteran who joined Aurora from Reliva where he served as Chief Executive Officer. He assumed the role of Chief Commercial
Officer of Aurora in July 2020. Prior to Reliva, Mr. Martin was the President of Logic Technology, one of the largest manufacturers
of electronic cigarettes. He also held the position of Senior Vice President and General Manager of Altria Sales & Distribution.
Mr. Martin has deep experience operating in highly regulated industries which will be very additive to Aurora's portfolio of high
quality, rigorously tested and compliant cannabinoid product formats.
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.
| For Media: | For Investors: |
| Michelle Lefler | ICR, Inc. |
| VP, Communications & PR | Investor Relations |
| media@auroramj.com | aurora@icrinc.com |
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. 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 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
10, 2019 (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.
Aurora Cannabis Provides Business Updates
and Announces New CEO
EDMONTON, AB - September 8, 2020 -
Aurora Cannabis Inc. (the "Company" or "Aurora") (NYSE | TSX: ACB), the Canadian company
defining the future of cannabinoids worldwide, today announced an update on its business operations along with certain unaudited
preliminary fiscal fourth quarter 2020 results. The Company also announced the appointment of Miguel Martin as its new CEO which
is detailed in a separate announcement released this morning.
"Over the last six months, Aurora has
focused on building the infrastructure and capabilities necessary for a successful and diversified business," stated Michael
Singer, Executive Chairman and former Interim CEO of Aurora. "The first phase of our business transformation, which is now
substantially complete, included the rationalization of our cost structure, reduced capital spending, and a more prudent and targeted
approach to capital deployment. As a result, we now have a far more efficient asset base and infrastructure to supply our key global
markets. I am delighted to now be transitioning the CEO responsibilities to Miguel and I am confident that Aurora is in a strong
position to succeed under Miguel's leadership."
"Material progress has been made to optimize
our Canadian operations and put Aurora on a much stronger footing," stated Miguel Martin, newly appointed CEO of Aurora.
"With market leading brands and a culture rooted in innovation and science, I now feel even more confident in the opportunity
to create a global leader in a rapidly growing industry."
Today, the Company is providing the following
Preliminary Unaudited Net Revenue, Adjusted
Gross Margin and SG&A Results for Q4 2020
Net revenue in Q4 2020 is expected to be between
$70 million and $72 million, compared to $75.5 million in Q3 2020. Cannabis net revenue is expected to be between $66 million and
$68 million, compared to $69.6 million in Q3 2020. We expect adjusted gross margin before fair value adjustments on cannabis net
revenue to be within a range of 46%-50%, with lower gross margins expected from non-cannabis business segments.