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Aurora Cannabis Inc
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Close 2017-11-22 C$ 6.42
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Aurora Cannabis talks up Health Canada pot proposal

2017-11-22 09:24 ET - News Release

Mr. Terry Booth reports


Aurora Cannabis Inc. is encouraged by the proposed approach to the regulation of cannabis, as published by Health Canada on Nov. 21, 2017. The document, presently at the consultative stage, proposes a wide range of new regulations to create a vibrant and inclusive cannabis industry that is anticipated to grow rapidly into multi-billion dollar sector of the economy.

The new consultation document offers a number of proposals as to how the cannabis industry is to function under Canada's new Cannabis Act. When adopted in this form, the new regulations strongly validate the strategic choices made by Aurora, such as the company's investments in and partnerships with Hempco and Radient Technologies that, among others, allow for the production and sale of cannabidiol from hemp. Additionally, of great importance for Aurora's partner Radient, a new class of licences would be introduced, including a "licensed processor" category. The proposed new regulations also validate Aurora's horizontal diversification strategy. Under these proposals, Health Canada is enabling licensed producers to enter a market segment with over three million adult-use customers, and compete with the grey market by being able to provide a much more broadly diversified product offering.

The proposed regulations would also formalize the ability of licensed producers to continue exporting cannabis products for medical and scientific research purposes. Aurora, through its wholly owned subsidiary Pedanios in Germany, owns the largest wholesale distributor of cannabis in the European Union. Aurora is therefore exceptionally well positioned to dramatically grow in this market with potentially over 400 million people, driven in part by the ability to rapidly increase the production of GMP flower, oils, and cannabidiol-based products.

Neil Belot, chief global business development officer, added: "We are delighted that under these proposals cannabis would be removed from the Controlled Drug and Substances Act, and would instead be subject to the Cannabis Act and its regulations. This is a historical day where our federal government has recommended cannabis no longer be classified as a narcotic. We are also pleased with the proposed freedom for patients to choose the right medical-cannabis supplier to meet their specific needs, and we will continue to be a leader in this space and provide the best patient experience possible. Finally, we appreciate that the proposal supports a broader inclusion of members of the community that under previous regulations were fully excluded from participating in an industry that they have righteously fought for."

"The proposed regulations, once implemented, further cement Canada's position as the absolute global leader in the cannabis sector," said Terry Booth, chief executive officer. "When adopted, the new act in this form would create an incredibly vibrant market, which fosters innovation and diversity and will allow for the pursuit of the incredible opportunities in both the medical and adult consumer markets. Aurora, through its diverse initiatives, innovations and strategic investments is exceptionally well positioned to pursue accelerated growth. The proposed broadening of the saleable product range to include prerolled cannabis, vaping solutions, concentrates, edibles, puts expanding and innovative companies such as Aurora in a prime position to pursue this multibillion dollar opportunity."

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, known as Aurora Mountain, a second 40,000-square-foot high-technology production facility known as Aurora Vie in Pointe-Claire, Que., on Montreal's West Island, and is currently constructing an 800,000-square-foot production facility, known as Aurora Sky, at the Edmonton International Airport.

In addition, the company holds approximately 9.6 per cent of the issued shares (12.9 per cent on a fully diluted basis) in leading extraction technology company Radient Technologies, based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1 per cent. Furthermore, Aurora 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.

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