VANCOUVER, April 13, 2017 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (TSXV: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) commended Canada's federal government on its legislative framework for the legalization of adult consumer use of cannabis, as tabled today in the House of Commons.
The new legislation, when implemented, will allow the legal sale and consumption of cannabis products by people no less than 18 years of age, and of an age to be determined in the future by each province and territory. It will also permit home cultivation of a limited amount of cannabis for personal use. Once the new legislation is adopted at the federal level, the next step will be for the provincial and territorial governments to develop retail sales models, which may differ somewhat across the 13 Canadian jurisdictions. It is anticipated that legal sales of cannabis to consumers will commence in the first half of 2018.
"This is a historic moment for Canada," said Terry Booth, CEO. "We're witnessing the beginning of the end of the prohibition of cannabis and the creation of a framework for safe, regulated adult use, and the establishment of a secure environment for the continued growth of a new cannabis economy that will generate significant investment, innovation, economic development and job creation. We would also like to acknowledge the pioneers of Canada's cannabis community. We owe our gratitude to them for their bravery and determination in bringing about change, leading to today's cannabis law reform. The federal government in turn has taken a rational, responsible and methodical approach to cannabis legalization, driven by clear and consistent policy objectives. Canada is legalizing cannabis in a way that will protect youth, consumers, public health and safety."
"The legislation and anticipated timeline for legalization validate Aurora's business strategy of building and acquiring the capacity to produce high quality cannabis on a massive scale, with low per-gram cost of production, and establishing what we believe is the industry's leading e-commerce and customer care platform," added Mr. Booth. "Aurora is exceptionally well-positioned to capitalize on this opportunity for extremely rapid market expansion. With our existing purpose-built production facility in Alberta, construction is well underway at our new 800,000 square foot facility at Edmonton International Airport, and the recent acquisition of a third production facility in Pointe-Claire, Quebec, we anticipate being one of the largest suppliers to both the rapidly-growing medical cannabis sector, and the much larger newly-legalized consumer market."
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, is currently constructing a second 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport, and has acquired and is undertaking completion of a third 40,000 square foot production facility in Montreal's West-Island in Pointe-Claire, Quebec. In addition, the company is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora's common shares trade on the TSX-V under the symbol "ACB".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
Terry Booth, CEO
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. The forward-looking statements include statements about the completion of the collaboration arrangements, the Offering and the use of proceeds thereof and Aurora's investment in the Debenture. 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 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 and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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 law.
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SOURCE Aurora Cannabis Inc.