13:31:59 EDT Sat 18 Sep 2021
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or Name

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Aurora Cannabis Inc
Symbol ACB
Shares Issued 367,046,893
Close 2017-08-30 C$ 2.42
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Aurora Cannabis expects Aug. revenue of over $3-million

2017-08-31 07:23 ET - News Release

Mr. Terry Booth reports


Aurora Cannabis Inc. is providing the following operational update.

Continued strong patient growth

As of Aug. 28, 2017, Aurora has surpassed 19,000 active and pending registered patients less than 20 months after the company's first product sale in January, 2016. Aurora added approximately 3,000 patients during the months of July and August, 2017.

New monthly revenue and sales records

Aurora is on track to set a new monthly revenue record, projecting gross revenues for cannabis sales in Canada and Germany to exceed $3.0-million for August, 2017. In Canada, the company anticipates selling more than 275,000 grams or gram equivalents of cannabis products, and shipping approximately 15,000 orders this month. Both figures represent new highs for Aurora. Exceptional demand for the company's cannabis oil products has proven to be a significant revenue driver, with sales now representing approximately 26 per cent of gross revenues.

Pedanios update

Pedanios, Aurora's 100-per-cent-owned German subsidiary, reported on its progress:

  • Pedanios continues to grow revenues successfully, leveraging its access to supply from its existing partners in Canada and the Netherlands. At the same time, the organization has built record order backlog. Pedanios anticipates being able to introduce Aurora-grown product onto the German market in September, which will allow it to better meet this exceptional demand.
  • Pursuing further growth, Pedanios is actively progressing discussions regarding entry into other European jurisdictions.
  • Preparations for the organization's tender for a domestic cultivation licence remain on track, including detailed planning for the first-ever indoor cannabis cultivation facility in Germany. Results of the tender process are expected before the end of 2017.

Cann Group completes first harvest, signs vaporizer licensing and distribution agreement

Cann Group, in which Aurora holds a 19.9-per-cent stake, and which is the first company in Australia to be licensed to conduct research on and cultivate medical cannabis, recently reported two major milestones:

  • Cann Group successfully completed the harvest of its first cultivation cycle of medicinal cannabis at the company's Southern facility in Victoria. Cann is producing medicinal cannabis for manufacturing into a final product that can be accessed by patients via clinical trials, or through the TGA's authorized prescriber or special access scheme. The original press release can be accessed on-line.
  • Cann Group completed a licensing and distribution agreement with CannaKorp Inc. to import and sell the Cannacloud vaporizing device and to produce medical cannabis pods to be used with it. The vaporizing system will be sold as an open platform for licensed medicinal cannabis cultivators looking to have their cannabis available via a vaporization device. The original press release can be accessed on-line.

Wholesale supply agreement secured

Aurora has secured an agreement to purchase a significant volume of wholesale product from a licensed producer of high-quality cannabis, to help satisfy extremely high demand and support continued rapid sales growth. The additional supply, which will be designated on the Aurora product menu as Aurora Certified, will be tested and cleared by Anandia Labs. Anandia continues to be the laboratory of choice for Aurora, as it consistently achieves the testing requirements that meet the Aurora standard for production practices and product quality. Further details regarding this supply agreement will be disclosed in the coming weeks.

Appointment of John Barnet as chief cultivator

The company has promoted Mr. Barnet to the role of chief cultivator, reporting to the vice-president of production. Mr. Barnet joined Aurora in February, 2016, and his experience, skill set and attitude have made him a key contributor in establishing the Aurora standard as the industry benchmark for the large-scale cultivation of pesticide and gamma irradiation-free, premium-quality cannabis.

Mr. Barnet, an honours graduate from the Canadian College of Osteopathy, was a nationally ranked rock climber, is currently a sponsored ambassador for Kebbek Skateboards and Orangatang Wheels, and has completed several world tours as a professional long boarder in the World Cup of Downhill Skateboarding.

Aurora Sky construction update

Construction of the company's new 800,000-square-foot, plus-100,000-kilogram-per-annum Aurora Sky production facility at Edmonton International Airport (EIA) is progressing well. Daily, 80 to 100 construction and installation workers are on-site. Site supervision, co-ordination and general contracting have been awarded to Dawson Wallace Construction and David Robinson Construction, which are supported on site on a daily basis by the company's international engineering, construction and supply partners, PB Techniek, Kubo, Codema and Verkade.

To date, 250,000 square feet of greenhouse structure have been erected, 80 per cent of which with glass fully installed. Of a total of 17 planned growing bays, six have been erected, with two out of three vegetative rooms standing. Deep services (water and gas) are 70 per cent complete, while the electrical ring is nearly half complete. To date 120 out of 500 total required sea-cans have been received on site, with up to a further 100 presently in transit across the Atlantic. Providing another indication of the scale of the project, construction of the water reservoir has been completed, which will hold 17,000 cubic metres of water, equivalent to nearly seven Olympic-sized swimming pools.

With the project progressing well, management reiterates its expectation of having plants growing in the facility before the end of 2017, with completion of the Aurora Sky construction anticipated in the first half of 2018.

Quebec production facility update

Construction upgrades are nearly complete at Aurora's Pointe-Claire, Que., facility. Internal design and construction have been conducted specifically to ensure the facility meets good manufacturing practices (GMP) standards. The Aurora cultivation team has validated breeding and selection for approximately a dozen new strains of cannabis to be grown in Pointe-Claire. This will further enhance the company's market offering to clients. The company expects that production at the facility will commence before the end of 2017.

CanvasRx continues rapid expansion

CanvasRx remains the leading Canadian network of cannabis counselling and outreach centres, with more than 28,000 registered patients. Nearly 8,000 medical doctors across Canada have referred patients to CanvasRx or its affiliated medical clinics. On Sept. 12, 2017, CanvasRx welcomes its first location in British Columbia. Located in Vancouver, the newest centre will represent the 25th CanvasRx location and the seventh opened in 2017.

CanvasRx milestone payment

The company issued 3,178,177 common shares, at a deemed price of $2.135 per common share, to the vendors of CanvasRx Inc. in accordance with CanvasRx achieving certain earnout payment milestones for the period ended June 30, 2017, as set out in the share purchase agreement previously announced on Aug. 10, 2016.

About Aurora Cannabis Inc.

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, and is currently constructing a second 800,000-square-foot production facility, known as Aurora Sky, at the Edmonton International Airport; and it has acquired, and is undertaking completion of, a third 40,000-square-foot production facility in Pointe-Claire, Que., on Montreal's West Island. In addition, the company is the cornerstone investor with a 19.9-per-cent stake in Cann Group Ltd., the first Australian company licensed to conduct research on and cultivate medical cannabis, and owns Pedanios, a leading wholesale importer, exporter and distributor of medical cannabis in the European Union, based in Germany.

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