New Production Facility to Expand Supply to
European Medical Cannabis Systems, Increasing Aurora's
International Footprint to 24 Countries
TSX | NYSE: ACB
EDMONTON,
Feb. 26, 2019 /PRNewswire/ - Aurora Cannabis Inc.
(TSX: ACB) (NYSE: ACB) (Frankfurt:
21P; WKN: A1C4WM) today announced that it has agreed to terms to
acquire a 51% ownership interest in Gaia
Pharm Lda., a license applicant in Portugal, to establish a local facility to
produce medical cannabis and derivative products. The company will
be renamed "Aurora Portugal Lda". On February 21, 2019, Gaia
Pharm Lda. received approval of its application to construct
an EU GMP compliant cannabis cultivation facility from INFARMED, a
division of the Portuguese Health Ministry, which is responsible
for the evaluation, authorization, regulation and control of human
medicines as well as health products for the protection of public
health.
This initiative is consistent with Aurora's strategy to achieve
early mover advantage in countries with nascent medical cannabis
markets. Construction of the new facility will be conducted in
phases, with the first phase expected to be completed in the third
calendar quarter of 2020. Upon completion, the first phase of the
facility is expected to have a production capacity of approximately
2,000 kg per annum, growing to 4,000 kg per annum upon completion
of the second phase.
Portugal, with a population of
more than 10 million, represents an attractive market. It is part
of the Eurozone, has a producer-friendly regulatory framework that
encourages the establishment of domestic production, and features
favourable labour costs. New Portuguese regulations enacted on
January 15, 2019 permit the
distribution of prescribed medical cannabis to Portuguese patients
in addition to export to other European Union member countries
where medical cannabis is currently legal.
Management Commentary
"We are very pleased to be entering yet another European market,
and look forward to collaborating with our joint venture partners,
the government of Portugal and the
Portuguese medical community, to encourage the development of a
rigorously regulated and safe medical cannabis system that is well
supplied and accessible to patients," said Terry Booth, CEO of Aurora. "With the addition
of this new project, we are now active in 24 countries, which we
believe represents the largest global footprint of any cannabis
company. Aurora's reputation in the medical cannabis sector,
bolstered by the high quality of our products and our commitment to
medical and plant research, provides distinct advantages in
establishing significant market share in the rapidly growing
European market."
Dr. Axel Gille, Aurora's VP
Business Development Europe, added, "The formation of this joint
venture and the approval of the cultivation facility in
Portugal are additional important
steps in Aurora's plan to develop a strong European manufacturing
presence, ensuring that patients across Europe have access to the pharmaceutical grade
medical cannabis they need."
About Aurora
Headquartered in Edmonton, Alberta,
Canada with funded capacity in excess of 500,000 kg per
annum and sales and operations in 24 countries across five
continents, Aurora is one of the world's largest and leading
cannabis companies. Aurora is vertically integrated and
horizontally diversified across every key segment of the value
chain, from facility engineering and design to cannabis breeding
and genetics research, cannabis and hemp production, derivatives,
high value-add product development, home cultivation, wholesale and
retail distribution.
Highly differentiated from its peers, Aurora has established a
uniquely advanced, consistent and efficient production strategy,
based on purpose-built facilities that integrate leading-edge
technologies across all processes, defined by extensive automation
and customization, resulting in the massive scale production of
high quality product at low cost. Intended to be replicable and
scalable globally, our production facilities are designed to
produce cannabis of significant scale, with high quality,
industry-leading yields, and low per gram production costs. Each of
Aurora's facilities is built to meet EU GMP standards, and its
first production facility, the recently acquired MedReleaf Markham
facility, and its wholly owned European medical cannabis
distributor Aurora Deutschland have achieved this level of
certification.
In addition to the Company's rapid organic growth and strong
execution on strategic M&A, which to date includes 15 wholly
owned subsidiary companies – MedReleaf, CanvasRX, Peloton
Pharmaceutical, Aurora Deutschland, H2 Biopharma, Urban Cultivator,
BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics,
Anandia Labs, HotHouse Consulting, MED Colombia, Agropro, Borela,
and ICC Labs – Aurora is distinguished by its reputation as a
partner and employer of choice in the global cannabis sector,
having invested in and established strategic partnerships with a
range of leading innovators, including: Radient Technologies Inc.
(TSXV: RTI), Hempco Food and Fiber Inc. (TSXV: HEMP), Cann Group
Ltd. (ASX: CAN), Micron Waste Technologies Inc. (CSE: MWM), Choom
Holdings Inc. (CSE: CHOO), Capcium Inc. (private), Evio Beauty
Group (private), Wagner Dimas (private), CTT Pharmaceuticals (OTCC:
CTTH), Alcanna Inc. (TSX: CLIQ) and High Tide Inc. (CSE:HITI).
Aurora's Common Shares trade on the TSX and NYSE under the
symbol "ACB", and are a constituent of the S&P/TSX Composite
Index.
For more information about Aurora, please visit our investor
website, investor.auroramj.com
Neither the TSX, NYSE nor their Regulation Services
Provider (as that term is defined in the policies of the TSX and
NYSE) accepts responsibility for the adequacy or accuracy of this
release.
Terry Booth, CEO
Aurora Cannabis
Inc.
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 and include, but are not limited to the
completion of the construction of the facility in Portugal, the production capacity of the
facility once completed, and the support of Portuguese authorities
to establish a local cannabis industry. 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.