NYSE | TSX: ACB
- Filed Final Base Shelf Prospectus
- Reiterates Guidance on Previously Provided Fiscal 2021
First Quarter Financial Results
- Expects Full Compliance With All Fiscal Q1 Financial
Covenants
EDMONTON, AB, Oct. 30, 2020 /CNW/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (NYSE | TSX: ACB), the
Canadian company defining the future of cannabinoids worldwide,
today announced it has filed and been receipted on a final short
form base shelf prospectus (the "Shelf Prospectus") with securities
regulators in each of the provinces of Canada, except Quebec, and a corresponding shelf registration
statement on Form F–10 (the "Registration Statement") with the
United States Securities and Exchange Commission (the "SEC").
The filing of the shelf prospectus is expected to provide
financial flexibility to execute against previously stated business
objectives. The Company expects to be in full compliance with all
financial covenants as at September 30,
2020 under our amended and restated credit facility.
Aurora's relationship with the lending syndicate remains strong and
there are no new obligations to repay any portion of the credit
facility until its stated maturity date.
Following the divestiture of non-core subsidiaries during fiscal
2020, net revenue for the three months ended September 30, 2020 are expected to be comprised
almost entirely of cannabis net revenue and expected to be at the
high end of our previously announced $60
million to $64 million range,
compared to $67.5 million in Q4 2020.
The Company also expects adjusted gross margin before fair value
adjustments on cannabis net revenue to be at the high end of our
previously announced 46%-50% range.
SG&A costs (including R&D) for the three months ended
September 30, 2020 are expected to be
in the low $40 million range after
excluding certain one-time contract and employee termination
costs. Aurora continues to expect to achieve positive
adjusted EBITDA in the second quarter of fiscal 2021.
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 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.
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 statements regarding:
the Company's goals of achieving positive Adjusted EBITDA and
positive free cash flow. 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 ability to maintain SG&A
costs in line with current expectations, the ability to achieve
high margin revenues in the Canadian consumer market, 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 24, 2020 (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 twelve months ended
June 30, 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.