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Cannabis Summary for May 15, 2019

2019-05-15 20:55 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index lost 13.67 points to 834.52 Wednesday. Aurora Cannabis Inc. (ACB) rose 35 cents to $11.67 on 28.69 million shares after the company reported revenue of $75.23-million in its fiscal third quarter of 2019, up from $62-million in the previous quarter. The biggest increase in its revenue came from the Canadian recreational market. Though the company is still far from profitable, it managed to decrease the cash cost of producing a gram by 26 per cent to $1.42 per gram. Aurora doubled its production capacity to 15,590 kilograms compared with the fiscal second quarter.

The company already completed a $345-million (U.S.) convertible note offering in January, 2019. Near the bottom of its long Q3 results news release, Aurora Cannabis revealed that it has filed a prospectus for a $400-million (U.S.) offering on the New York Stock Exchange. With all $400-million (U.S.) worth of shares issued, the financing would dilute current shareholders by about 5 per cent. The shares will be issued from time to time at Aurora's discretion over a period of up to 25 months. The company says it will use the proceeds for future acquisitions, debt repayments, capital expenditures and working capital; in other words, just about anything.

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