NYSE | TSX: ACB
EDMONTON, May 28, 2020 /PRNewswire/ - Aurora Cannabis Inc.
(the "Company" or "Aurora") (NYSE | TSX: ACB), the
Canadian company defining the future of cannabinoids worldwide,
today announced it has completed the previously announced
acquisition of Reliva, LLC ("Reliva") a leader in the sale
of hemp-derived CBD products in the
United States for approximately US$40
million of Aurora common shares. The transaction also
includes a potential earn-out of up to a maximum of US$45 million payable at Aurora's option in
shares or cash contingent upon Reliva achieving certain financial
targets over the next two years.
"We are pleased to have closed the Reliva transaction ahead of
schedule. The partnership between Aurora and Reliva is expected to
create a market leading international cannabinoid platform that we
believe can deliver robust revenue and profitable growth," said
Michael Singer, Executive Chairman
and Interim CEO of Aurora. "I would like to officially welcome
Miguel Martin and his team to
Aurora, and look forward to increasing Aurora's operating scale,
international reach, and product and brand diversity while in
parallel, we remain focused on delivering Adjusted EBITDA
profitability in Canada for the
benefit of all shareholders."
Miguel Martin, CEO of Reliva
commented, "We are delighted to join the Aurora team. We
believe this partnership provides the opportunity for significant
growth in the United States and
internationally, and we're excited to get to work."
About Aurora
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 ROAR Sports. 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.
About Reliva
Reliva is a leader in delivering high quality hemp-derived CBD
products to consumers. Built on a philosophy of compliance,
testing, product innovation and approachable price points Reliva
has grown to become one of the largest retail CBD brands in the
U.S. Supported through long-term partnerships with leading national
wholesalers and retailers Reliva's products can be found in over
20,000 retail stores. Reliva's management team, which has decades
of regulated product experience, is uniquely positioned to manage
this dynamic and rapidly growing category. Reliva's products
contain CBD derived from industrial hemp in compliance with the
U.S. Agriculture Improvement Act of 2018 (2018 Farm Bill), and its
products are not subject to the U.S. Controlled Substances
Act. For more information, please visit our website at
www.relivacbd.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.
The Company uses financial measures regarding itself, such as
Adjusted EBITDA, that do not have standardized meaning under the
International Financial Reporting Standards ("IFRS") and may
not be comparable to similar measures presented by other entities
("non-IFRS measures"). Further information relating to
non-IFRS measures, is set out in the Company's management
discussion and analysis for the three and nine months ended
March 31, 2020 and 2019 under the
heading "Cautionary Statement Regarding Non-GAAP Performance
Measures" and the "Revenue" section for reconciliation to the IFRS
equivalent.
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SOURCE Aurora Cannabis Inc.