An anonymous director reports
AURORA CANNABIS OBTAINS RECEIPT FOR FINAL BASE SHELF PROSPECTUS REITERATES FISCAL Q1 GUIDANCE
Aurora Cannabis Inc. has filed and been receipted on a final short form base shelf prospectus with securities regulators in each of the provinces of Canada, except Quebec, and a corresponding shelf registration statement on Form F-10 with the United States Securities and Exchange Commission.
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 Sept. 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 Sept. 30, 2020, is expected to comprise almost entirely of cannabis net revenue and expected to be at the high end of the company's previously announced $60-million to $64-million range, compared with $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 its previously announced 46-per-cent to 50-per-cent range.
Selling, general and administrative costs (including research and development) for the three months ended Sept. 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 (earnings before interest, taxes, depreciation and amortization) in the second quarter of fiscal 2021.
About Aurora Cannabis Inc.
Aurora is a global leader in the cannabis industry serving both the medical and consumer markets. Headquartered in Edmonton, Alta., 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 (cannabidiol). 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.
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