Aurora Cannabis of Edmonton, AB (NASDAQ: ACB) (TSX: ACB), the company that pioneered Canadian cannabis, and ranked #20 in the Global Cannabis 50, has been battling to buff its once shining star through a “transformation” of the company under CEO Miguel Martin. Aurora announced this week it is further solidifying it foundations through a substantial repurchase of convertible senior notes. Aurora, which holds a controlling interest in Bevo Farms Ltd., North America’s leading supplier of propagated agricultural plants, has repurchased an aggregate of approximately $34.3 million principal amount of its convertible senior notes.
Under the belt-tightening promised by Martin, the move further strengthens Aurora’s ledgers and will save the company $2.6 million in annualized interest payments. Following completion of this repurchase, Aurora will have approximately $76 million of notes outstanding. From the perspective of the battered Canadian market, Aurora’s balance sheet remains amongst the strongest in the Canadian cannabis industry. Aurora achieved its goal of Adjusted EBITDA profitability for the quarter ended December 31, 2022 by refocusing on medical cannabis.
Aurora has repurchased approximately $269 million of its convertible senior notes since December 2021, resulting in annual cash interest savings of approximately $15 million.
Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company’s adult-use brand portfolio includes Aurora Drift, San Rafael ’71, Daily Special, Whistler, Being and Greybeard, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co.
Learn more at www.auroramj.com
Cannaconvo with Peter Su of Green Check Verified
Cannabis Last Week with Jon Purow interviews Peter Su of Green Check Verified. Peter Su is a Senior Vice President with Green Check Verified, the top cannabis banking compliance software/consultancy in the space. A 20+ year veteran of the banking industry, Peter serves on the Banking & Financial Services committee of the National Cannabis Industry Association. He chairs the Banking and Financial Services Committee for the NYCCIA & HVCIA. He is an official member of the Rolling Stone Cannabis Culture Council. And, he is on the board of the Asian Cannabis Roundtable, serving as treasurer.