Company News

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

Avicanna Inc. (" Avicanna " or the " Company ") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the development advancement, and commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a non-brokered private placement offering of 7,210,194 ‎‎units of the Company (the " Units ") at a price of $0.35 per Unit for aggregate gross proceeds of approximately $2.5 million (the " Offering "). Each Unit is comprised of one common share in the capital of the Company (each, a " Unit Share ") and one-half of one (0.5) common share purchase warrant of the Company (each whole warrant, a " Warrant "); and, each Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until March 31, 2025.

The Company has paid an aggregate total of approximately $32,500 in cash finders' fees and issued an aggregate total of 92,857 finder's warrants (each a " Finder Warrants ") in connection with the Offering to certain finders in connection with subscriptions for Units made by purchasers introduced to the Company by such finders. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.40 per share, subject to adjustment in certain events, until March 31, 2025.

The Company intends to use the proceeds from the Offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development.

The Unit Shares and Warrants, and any securities issuable upon conversion or exercise thereof, are subject to a four-month hold period under applicable ‎securities laws in Canada. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

About Avicanna Inc.

Avicanna is an innovative, commercial-stage, and international biopharmaceutical company focused on the development, advancement, and commercialization of evidence-based cannabinoid-based products for the global consumer, as well as medical and pharmaceutical market segments. In leading global cannabinoid advancements, the Company actively collaborates with leading Canadian academic and medical institutions. Avicanna has established an scientific platform including R&D and clinical development that has led to the commercialization of more than thirty products across four main market segments:

Medical Cannabis & Wellness Products: Marketed under the RHO Phyto™ brand these medical and wellness products are a line of pharmaceutical-grade cannabinoid products containing varying ratios of cannabidiol ("CBD") and tetrahydrocannabinol ("THC"). The product portfolio contains a full formulary of products including oral, sublingual, topical, and transdermal deliveries that have been designed for controlled dosing, enhanced absorption and stability studies supported by pre-clinical data. The formulary is marketed with consumer, patient and medical-community education and training.

CBD Derma-Cosmetic Products: Marketed under the Pura H&W™ or Pura Earth™ brands, these registered, clinically tested, derma-cosmetic products include a portfolio of functional CBD topical products.

Pharmaceutical Pipeline: Leveraging Avicanna's scientific platform, vertical integration, and real-world evidence, Avicanna has created a pipeline of patent-pending drug candidates that are indication-specific and in various stages of clinical development and commercialization. These cannabinoid-based drug candidates look to address unmet medical needs in the areas of dermatology, chronic pain, and various neurological disorders. Avicanna's first pharmaceutical preparation (Trunerox™) is in the drug registration stage in South America.

Cannabinoid Raw Materials: Marketed under the Aureus™ brand, the Company's raw material business has successfully completed sales to 12 countries. Aureus™ offers cannabis dried flower, standardized seeds, full-spectrum extracts, and cannabinoid distillates, isolated cannabinoids such as CBD, THC, cannabigerol ("CBG") and other rare cannabinoids. Aureus™ products are produced at Santa Marta Golden Hemp S.A.S, the Company's majority-owned subsidiary in Colombia, which is also GACP certified and has United States Department of Agriculture USDA National Organic Program certification for its hemp cultivar.

SOURCE Avicanna Inc.

Stay Connected

For more information about Avicanna, visit www.Avicanna.com, contact Ivana Maric by email at info@Avicanna.com or follow us on social media on LinkedIn , Twitter , Facebook or Instagram .

The Company posts updates through videos from the official Company YouTube channel https://www.youtube.com/channel/UCFXPBGdKSxOUOf_VZoSFSUA.

Cautionary Note Regarding Forward-Looking Information and Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, "may", "would", "could", "will", "likely", "expect", "anticipate", "believe, "intend", "plan", "forecast", "project", "estimate", "outlook" and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of the proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company's future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company's annual information form dated September 3, 2021 and final short form prospectus dated November 27, 2020, filed with the Canadian securities regulators and available under the Company's profile on SEDAR at www.sedar.com. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.


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Avicanna Reports Q1 2022 Financial Statement and Management Change

Avicanna Reports Q1 2022 Financial Statement and Management Change

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

Avicanna Inc. (" Avicanna " or the " Company ") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce the filing of its interim financial statements for the three-month period ending March 31, 2022 (" Q1 2022 ") and the transition of the role of Chief Financial Officer.

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Mycotopia Therapies Inc. Update on Ei.Ventures and Strategic Investments

Mycotopia Therapies Inc. Update on Ei.Ventures and Strategic Investments

Mycotopia Therapies Inc. (OTC Pink: TPIA), a biopharma company focused on research, technology, and the development of medical psychedelics, and Ei.Ventures Inc., a technology company empowering mental wellness through psychoactive compounds, nutraceuticals and web 3.0, are pleased to announce several strategic investments to advance the combined company's business plan. Ei.Ventures completed its Regulation A+ financing round on March 22, 2022 after announcing plans to go public in a $360 million transaction with Mycotopia Therapies on December 07, 2021.

The combined company will be renamed PSLY.COM and focus its efforts on developing fungi and plant based Botanical Psychedelic API and Therapeutics instead of single molecule synthetic drugs with the belief that research will continue to confirm the importance of a synergistic approach. This will set PSLY.COM apart from virtually every other company in the space developing synthetic versions of Psilocybin. Ei.Ventures holds the IP for the extraction process of three botanical potential API compounds, Psilocybin, DMT and MDMA. PSLY.COM plans to further develop this API and file a Drug Master File with the FDA, which will provide the opportunity to potentially sell the API to other organizations while protecting its IP.

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Avicanna Announces Closing of Strategic Private Placement

Avicanna Announces Closing of Strategic Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAWS

Avicanna Inc. (" Avicanna " or the " Company ") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a commercial stage, international biopharmaceutical company focused on the commercialization of evidence-based, cannabinoid-based products, is pleased to announce that it has closed a strategic non-brokered private placement offering of 4,210,931 ‎‎units of the Company (the " Units ") at a price of $0.35 per Unit for aggregate gross proceeds of approximately $1.475 million (the " Offering "). Each Unit is comprised of one common share in the capital of the Company (each, a " Common Share ") and one-half of one (0.5) Common Share purchase warrant of the Company (each whole warrant, a " Warrant "). Each Warrant shall entitle the holder thereof to acquire one (1) Common Share at an exercise price of $0.40 per share, subject to adjustment in certain events, for a period of 36 months.

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Avicanna Expands RHO PhytoTM Formulary with the Introduction of Cannabigerol  Products into the Canadian Market

Avicanna Expands RHO PhytoTM Formulary with the Introduction of Cannabigerol Products into the Canadian Market

Avicanna introduces the rare cannabinoid CBG into its RHO Phyto product formulary which includes oral, sublingual, and transdermal formulations

RHO Phyto CBG products will be made available through various medical and adult-use channels across Canada by Q3 2022

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Avicanna Enters into Exclusive License and Supply Agreement with Major South American Pharmaceutical Company

Avicanna Enters into Exclusive License and Supply Agreement with Major South American Pharmaceutical Company

Avicanna Inc. ("Avicanna" or the "Company") (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development and commercialization of plant-derived medical and pharmaceutical cannabinoid-based products, is pleased to announce that it has entered into an exclusive license and supply agreement with an established South American pharmaceutical company to commercialize up to four (4) of Avicanna's proprietary cannabinoid-based pharmaceutical preparations.

The intellectual property related to Avicanna's proprietary cannabinoid-based pharmaceutical preparations was originally developed through the company's well established drug delivery platform and further studied through various Canadian research collaborations where the formulations demonstrated stability and bioavailability. The pharmaceutical form of these formulations was then manufactured in Colombia, through the Company's global vertical integration, where the cannabinoid raw material is also sourced from the Company's cultivation and extraction infrastructure.

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The Greenrose Holding Company to Hold First Quarter 2022 Conference Call on May 16, 2022 at 5:30 p.m. ET

The Greenrose Holding Company to Hold First Quarter 2022 Conference Call on May 16, 2022 at 5:30 p.m. ET

The Greenrose Holding Company Inc. (OTC: GNRS, GNRSW) ("Greenrose" or the "Company"), a multi-state grower and producer of cannabis brands and products, will hold a conference call on Monday, May 16, 2022 at 5:30 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2022. The Company will provide its financial results in a press release prior to the conference call.

Greenrose management will host the conference call, followed by a question and answer session.

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Canopy Growth to Report Fourth Quarter and Fiscal Year 2022 Financial Results on May 27, 2022

Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) will release its financial results for the fourth quarter and fiscal year 2022 ended March 31, 2022 before financial markets open on May 27, 2022 .

Canopy Growth to Report Fourth Quarter and Fiscal Year 2022 Financial Results on May 27, 2022 (CNW Group/Canopy Growth Corporation)

Following the release of its fourth quarter and fiscal year 2022 financial results, Canopy Growth will host an audio webcast with David Klein , CEO and Judy Hong , CFO at 10:00 AM Eastern Time on May 27, 2022.

Beginning this quarter, the Company will be using a question and answer platform developed by Say Technologies to enhance engagement with its shareholders, allowing verified retail and institutional shareholders to submit and upvote questions. Management will address a limited number of questions relating to Canopy Growth's business and financial results during the Q&A portion of the conference call. The platform will open on May 20, 2022 , at 10:00 a.m. ET and close on May 26, 2022 , at 10:00 a.m. ET .

Shareholders can submit questions, after the platform opens, by visiting https://app.saytechnologies.com/canopy-growth-corporation-2022-q4 .

Webcast Information

A live audio webcast will be available at:

https://produceredition.webcasts.com/starthere.jsp?ei=1540225&tp_key=a04693a9b2

Replay Information

A replay will be accessible by webcast until 11:59 PM ET on August 25, 2022 , at:

https://produceredition.webcasts.com/starthere.jsp?ei=1540225&tp_key=a04693a9b2

About Canopy Growth Corporation
Canopy Growth (TSX: WEED ) (NASDAQ: CGC) is a world-leading diversified cannabis and cannabinoid-based consumer product company, driven by a passion to improve lives, end prohibition, and strengthen communities by unleashing the full potential of cannabis. Leveraging consumer insights and innovation, we offer product varieties in high-quality dried flower, oil, softgel capsule, infused beverage, edible, and topical formats, as well as vaporizer devices by Canopy Growth and industry-leader Storz & Bickel. Our global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its colour-coded classification system and is a market leader in both Canada and Germany . Through our award-winning Tweed and Tokyo Smoke banners, we reach our adult-use consumers and have built a loyal following by focusing on top quality products and meaningful customer relationships. Canopy Growth has entered into the health and wellness consumer space in key markets including Canada , the United States , and Europe through BioSteel sports nutrition, and This Works skin and sleep solutions; and has introduced additional hemp derived CBD products to the United States through our First & Free and Martha Stewart CBD brands. Canopy Growth has an established partnership with Fortune 500 alcohol leader Constellation Brands. For more information visit www.canopygrowth.com .

Notice Regarding Forward Looking Statements
This press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable U.S. and Canadian securities laws (collectively, "forward-looking statements"), which involve certain known and unknown risks and uncertainties. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as "intend," "goal," "strategy," "estimate," "expect," "project," "projections," "forecasts," "plans," "seeks," "anticipates," "potential," "proposed," "will," "should," "could," "would," "may," "likely," "designed to," "foreseeable future," "believe," "scheduled" and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those forward‐looking statements and the forward‐looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. A discussion of some of the material factors applicable to Canopy Growth Corporation ("Canopy") can be found under the section entitled "Risk Factors" in Canopy's Annual Report on Form 10-K for the year ended March 31, 2021 , filed with the Securities and Exchange Commission and with applicable Canadian securities regulators, as such factors may be further updated from time to time in its periodic filings with the Securities and Exchange Commission and with applicable Canadian securities regulators, which can be accessed at www.sec.gov/edgar and www.sedar.com , respectively. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in the filings. Any forward‐looking statement included in this press release is made as of the date of this press release and, except as required by law, Canopy disclaims any obligation to update or revise any forward‐ looking statement. Readers are cautioned not to put undue reliance on any forward‐looking statement. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/canopy-growth-to-report-fourth-quarter-and-fiscal-year-2022-financial-results-on-may-27-2022-301546704.html

SOURCE Canopy Growth Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/13/c6398.html

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TerrAscend Reports First Quarter 2022 Financial Results

TerrAscend Corp. ("TerrAscend" or the "Company") (CSE: TER) (OTCQX: TRSSF), a leading North American cannabis operator, today reported its financial results for the first quarter ending March 31, 2022 . All amounts are expressed in U.S. dollars unless indicated otherwise and are prepared under U.S. Generally Accepted Accounting principles (GAAP).

First Quarter 2022 Financial Highlights

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Aurora Cannabis Announces Fiscal 2022 Third Quarter Results

  • Increasing Original Target for Expense Savings; Management Now Expects $150 to $170 Million in Annualized Cost Savings by H1/2023 versus Stated Target of $60 to $80 Million
  • Reiterating Adjusted EBITDA Profitability Run Rate by the End of Fiscal H1 2023
  • Remains #1 Canadian LP in High Margin Global Medical Cannabis Revenues; International Medical Revenue Increased 55% from Q3 2021
  • Strong balance sheet; Early Repurchase of $141.4 Million in Convertible Debt

Aurora Cannabis Inc. (the "Company" or "Aurora" ) (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the third quarter fiscal 2022 ended March 31, 2022 .

Aurora Cannabis Logo (CNW Group/Aurora Cannabis Inc.)

"We continue to steer our differentiated global cannabis business towards long term shareholder value creation. This is being accomplished through a sole focus on the most profitable growth opportunities, rationalization of our Canadian cost structure and disciplined use of capital. Our plan is working and we remain firmly on track to achieving a positive Adjusted EBITDA run rate by the first half of fiscal 2023. Today, we are announcing further cost savings which will enable us to increase our range of savings under our business transformation plan from $60 to $80 million to $150 to $170 million . Our balance sheet also remains among the strongest in the industry, enabling the repurchase of $141.4 million in convertible debt early, while also providing meaningful working capital to support organic growth and pursue strategic M&A, such as our recent acquisition of Thrive Cannabis," stated Miguel Martin , Chief Executive Officer of Aurora.

"During Q3, we continued focusing on our global medical cannabis business because it is both defensive and stable, with cash gross margins that exceed 60%. We were pleased to have experienced considerable top-line growth in this segment year over year, and with new international markets poised to open, our track record and ability to navigate complex regulatory environments position us ideally for a significant revenue opportunity globally.  In terms of the Canadian adult-use market, we continue to adjust to current conditions, are excited for future contributions from the Thrive team, and are committed to a continuous stream of innovation, including advancing our premiumization strategy," he concluded.

Third Quarter 2022 Highlights
(Unless otherwise stated, comparisons are made between fiscal Q3 2022, Q2 2022, and Q3 2021 results and are in Canadian dollars)

Medical Cannabis:

  • Medical cannabis net revenue 1 was $39.4 million , an 8% increase from the prior year period, delivering 78% of Aurora's Q3 2022 consolidated revenue and 92% of adjusted gross profit.
  • The increase in revenue was driven by growth in the international medical business, up 55% year over year as the Company continued to develop new, high margin medical markets, but down 26% sequentially. The sequential revenue decrease was primarily a result of $8.5 million of net sales generated from our Israel supply agreement in the previous quarter. Excluding the impact of Israeli sales, net international medical revenue increased sequentially by $1.8 million and was driven by growth in key markets including Germany , Poland , the UK, and Australia .
  • Adjusted gross margin before fair value adjustments on medical cannabis net revenue 1 was 64% compared to 63% sequentially and 53% in the prior year period. The year over year improvement was a result of an increase in international sales which yield higher margins and an overall reduction in production costs due to the closure of non-core facilities as part of our business transformation plan.

Consumer Cannabis:

  • Consumer cannabis net revenue 1 was $10.3 million compared to the prior quarter net revenue of $14.4 million , with the decline due mainly to industry-wide pricing pressures across our portfolio and exacerbated by retail store closures in key provinces for the Company's premium offerings.
  • Adjusted gross margin before fair value adjustments on consumer cannabis net revenue 1 was 29% versus 23% sequentially and 33% in the prior year period. The increase of 6% from Q2 2022 was driven by the Company's continuing shift toward a premium product portfolio.

Selling, General and Administrative ("SG&A"):

  • SG&A, including Research and Development ("R&D"), was $39.5 million (excluding $2.0 million of restructuring related costs and $0.7 million of prior period employee-related accruals) versus $40.9 million in the prior quarter and $43.0 million in the prior year period, presented on a comparable basis. Q3 2022 SG&A is now at the lowest level in almost four years.

Consolidated:

  • Q3 2022 total cannabis net revenue 1 was $50.4 million , down 17% sequentially. The Q3 2022 average net selling price per gram of dried cannabis 1 , excluding the effect of bulk wholesale sales, increased 20% to $5.41 from $4.52 in Q2 2022.
  • Adjusted gross margin before fair value adjustments on cannabis net revenue 1 was 54% in Q3 2022 versus 53% in the prior quarter and 44% in Q3 2021. The increase in Adjusted gross margin compared to the prior year period is due to increased sales in our international medical markets which command significantly higher average net selling prices and margins.
  • Adjusted EBITDA 1 loss declined to $12.3 million in Q3 2022 versus $9.0 million in Q2 2022 but narrowed from $20.9 million in the prior year period. The change from Q2 2022 was primarily driven by lower revenue that was partially offset by a decrease in SG&A, net of restructuring and one-time costs.

Operational Efficiency Plan, Balance Sheet Strength, & Cash Use:
Aurora has previously identified annualized cash savings of $60 million to $80 million and now expects to surpass the high end of this range with an additional $70 million to $90 million in savings by the end of H1 fiscal 2023, split evenly between costs of goods sold ("COGS") and SG&A, for a total of up to $170 million in cash savings under this transformation program. Projected COGS savings now include the closure of the Aurora Sky facility in Edmonton (previously announced to be operating at approximately 25% capacity), in keeping with our diversified business portfolio, prudent approach to capital allocation, and our strategy in the Canadian adult-use market to focus on higher margin premium categories. These cash savings will be reflected in our P&L either as they occur within SG&A savings, or as inventory is drawn down for production-related savings.

Resulting from these strategic changes, management concluded that the carrying value of goodwill in the Canadian market segment was impaired and that asset specific impairments were required for production facilities being made redundant. As a result of these decisions, Aurora recorded a number of one-time non-cash charges in Q3 2022 including a write down of goodwill of $741.7 million , asset-specific impairments of $176.1 million , and an inventory provision charge of $63.6 million .

At March 31, 2022 , Aurora had $480.6 million of cash, including $50.7 million in restricted cash, no secured term debt, and access to US$887.6 million of capital under its shelf prospectus, including an at-the-market (ATM) facility, of which currently US$187.6 million remains under the program. As disclosed previously, management considers the ATM to be available for strategic purposes.

During Q3 2022, Aurora repurchased a total of $13.4 million ( US$10.6 million ) in principal amount of convertible debt at a total cost, including accrued interest, of $11.8 million ( US$9.3 million ). Subsequent to Q3 2022, Aurora repurchased a total of $128.0 million ( US$100.0 million ) in principal amount of convertible debt at a total cost, including accrued interest, of $122.9 million ( US$96.0 million ). Aurora may, from time to time and subject to market conditions, repurchase its convertible debt, including in open market purchases and privately negotiated transactions.

_______________________________

1 These terms are non-GAAP measures, see "Non-GAAP Measures" below.


Aurora continues to materially improve cash use, as outlined in the following table:

($ thousands)

Q3 2022

Q2 2022

Q3 2021 (2)





Cash, Opening (1)

$383,753

$424,301

$434,386





Cash used in operations, including working capital

-$39,303

-$20,298

-$66,215

Capital expenditures and investments, net of disposals and government grant income

$9,879

-$11,497

-$12,320

Debt and interest payments

-$12,947

-$8,753

-$7,766

Cash use

-$42,371

-$40,548

-$86,301





Proceeds raised from sale of marketable securities and investments in associates

-

-

-

Proceeds raised through debt

-

-

-

Proceeds raised through equity financing

$139,170

-

$172,153

Cash raised

$139,170

-

$172,153





Cash, Ending (1)

$480,552

$383,753

$520,238



(1)

Includes restricted cash of $50.7M at Q3 2022, $51.3M at Q2 2022, and $50.0M at Q3 2021.

(2)

Previously reported amounts have been retroactively recast for the biological assets and inventory non-material prior period error. Refer to the " Significant Accounting Policies and Judgments " section in Note 2(d) of the Financial Statements.

Refer to the "Consolidated Statement of Cash Flows" in the "Consolidated Financial Statements" for our cash flow statements prepared in accordance with IAS 7 – Statement of Cash Flows.

($ thousands, except Operational Results)

Q3 2022

Q3 2021 (1)(2)

$ Change

% Change

Q2 2022

$ Change

% Change

Financial Results








Total net revenue (3)

$50,434

$55,161

($4,727)

(9%)

$60,586

($10,152)

(17%)

Medical cannabis net revenue (3)(4a)

$39,359

$36,378

$2,981

8%

$45,748

($6,389)

(14%)

Consumer cannabis net revenue (3)(4a)

$10,339

$18,023

($7,684)

(43%)

$14,373

($4,034)

(28%)

Adjusted gross margin before FV adjustments on cannabis net revenue (4b)

54%

44%

N/A

10%

53%

N/A

1%

Adjusted gross margin before FV adjustments on medical cannabis net revenue (4b)

64%

53%

N/A

11%

63%

N/A

1%

Adjusted gross margin before FV adjustments on consumer cannabis net revenue (4b)

29%

33%

N/A

(4%)

23%

N/A

6%

SG&A expense

$39,630

$41,684

($2,054)

(5%)

$42,961

($3,331)

(8%)

R&D expense

$2,637

$3,398

($761)

(22%)

$1,625

$1,012

62%

Adjusted EBITDA (4c)

($12,263)

($20,928)

$8,665

41%

($9,040)

($3,223)

(36%)









Balance Sheet








Working capital

$577,566

$646,310

($68,744)

(11%)

$481,574

$95,992

20%

Cannabis inventory and biological assets (5)

$118,729

$102,637

$16,092

16%

$139,625

($20,896)

(15)%

Total assets

$1,570,252

$2,839,155

($1,268,903)

(45%)

$2,485,384

($915,132)

(37)%









Operational Results – Cannabis








Average net selling price of dried cannabis excluding bulk sales (4)

$5.41

$5.00

$0.41

8%

$4.52

$0.89

20%

Kilograms sold (6)

9,722

13,520

(3,798)

(28%)

13,043

(3,321)

(25)%

(1)

Amounts have been retroactively recast for the biological assets and inventory non-material prior period error. Refer to the " Change in Accounting Policies and Estimates" section below for further detail.

(2)

As a result of the Company's dissolution and divestment of its wholly-owned subsidiaries, Hempco and AHE, during the year ended June 30, 2021, the operations of Hempco and AHE have been presented as discontinued operations and the Company's operational results have been retroactively restated, as required. Refer to Note 12(b) of the Financial Statements and Note 12(b) of the annual audited consolidated financial statements for the year ended June 30, 2021 for additional information.

(3)

Includes the impact of actual and expected product returns and price adjustments (Q3 2022 - $0.4 million; Q2 2022 - $3.7 million; Q3 2021 - $3.2 million).

(4)

These terms are defined in the " Cautionary Statement Regarding Certain Non-GAAP Performance Measures " section of this MD&A. Refer to the following sections for reconciliation of non-GAAP measures to the IFRS equivalent measure:


a)

Refer to the " Revenue " section for a reconciliation of cannabis net revenue to the IFRS equivalent.


b)

Refer to the " Cost of Sales and Gross Margin " section for reconciliation to the IFRS equivalent.


c)

Refer to the " Adjusted EBITDA" section for reconciliation to the IFRS equivalent.

(5)

Represents total biological assets and cannabis inventory, exclusive of merchandise, accessories, supplies and consumables.

(6)

The kilograms sold is offset by the grams returned during the period.


Conference Call

Aurora will host a conference call today, Thursday, May 12, 2022 , to discuss these results. Miguel Martin, Chief Executive Officer, and Glen Ibbott , Chief Financial Officer, will host the call starting at 5:00 p.m. Eastern time | 3:00 p.m. Mountain Time . A question and answer session will follow management's presentation.

Conference Call Details

DATE:

Thursday, May 12, 2022

TIME:

5:00 p.m. Eastern Time | 3:00 p.m. Mountain Time

WEBCAST:

Click here


This weblink has also been posted to the Company's "Investor Info" link at https://investor.auroramj.com/ under "News & Events".

About Aurora

Aurora is a global leader in the cannabis industry, serving both the medical and consumer markets. Headquartered in Edmonton, Alberta , 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, and Whistler, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora, Whistler Medical Marijuana Co, and Pedanios. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on Twitter and LinkedIn.

Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB" and is a constituent of the S&P/TSX Composite Index.

Forward Looking Statements

This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements made in this news release include, but are not limited to, statements with respect to:

  • pro forma measures including revenue, cash flow, Adjusted gross margin before fair value adjustments, and expected SG&A run-rates;
  • the Company's ability to execute on its business transformation plan, and path and timing to achieve Adjusted EBITDA profitability;
  • anticipated cost savings and planned cost efficiencies, including the execution of the Company's costs savings plan, including, but not limited to, asset consolidation, operational and supply chain efficiencies, and other reductions in SG&A expenses;
  • competitive advantages and associated revenue opportunities;
  • the Company's ability to fund organic growth and pursue strategic M&A
  • future contributions from the Thrive team;
  • the opening of new international markets and associated revenue opportunities;
  • the repurchase of additional convertible debentures; and
  • the use of proceeds from the ATM facility.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government consumer sales channels, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of COVID-19, and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated September 27, 2021 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.sec.gov . The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.

Non-GAAP Measures

This news release contains certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. For an explanation of these measures to related comparable financial information presented in the consolidated financial statements prepared in accordance with IFRS, refer to the discussion below. The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company. These Non-GAAP Measures include, but are not limited, to the following:

  • Cannabis net revenue represents revenue from the sale of cannabis products, excluding excise taxes. Cannabis net revenue is further broken down as follows:
    • Medical cannabis net revenue represents Canadian and international cannabis net revenue for medical cannabis sales only.
    • Consumer cannabis net revenue represents cannabis net revenue for consumer cannabis sales only.
    • Wholesale bulk cannabis net revenue represents cannabis net revenue for wholesale bulk cannabis only.
    • Ancillary net revenue represents non-cannabis net revenue for ancillary support functions only.
  • Management believes the cannabis net revenue measures provide more specific information about the net revenue purely generated from our core cannabis business and by market type.
  • Average net selling price per gram and gram equivalent is calculated by taking cannabis net revenue and removing the impact of cost of sales net against revenue in agency relationships, which is then divided by total grams and grams equivalent of cannabis sold in the period. Average net selling price per gram and gram equivalent is further broken down as follows:
    • Average net selling price per gram of dried cannabis represents the average net selling price per gram for dried cannabis sales only, excluding wholesale bulk cannabis sold in the period.
    • Average net selling price per gram of international dried cannabis represents the average net selling price per gram for international dried cannabis sales only, excluding wholesale bulk cannabis sold in the period.
    • Average net selling price per gram and gram equivalent of Canadian medical cannabis represents the average net selling price per gram and gram equivalent for dried cannabis and cannabis derivatives sold in the Canadian medical market.
    • Average net selling price per gram and gram equivalent of medical cannabis represents the average net selling price per gram and gram equivalent for dried cannabis and cannabis derivatives sold in the medical market.
    • Average net selling price per gram and gram equivalent of consumer cannabis represents the average net selling price per gram and gram equivalent for dried cannabis and cannabis derivatives sold in the consumer market.
  • Management believes the average net selling price per gram or gram equivalent measures provide more specific information about the pricing trends over time by product and market type. Under an agency relationship, revenue is recognized net of cost of sales in accordance with IFRS. Management believes the removal of agency cost of sales in determining the average net selling price per gram and gram equivalent is more reflective of our average net selling price generated in the marketplace.
  • Gross profit before FV adjustments on cannabis net revenue is calculated by subtracting (i) cost of sales, before the effects of changes in FV of biological assets and inventory, and (ii) cost of sales from non-cannabis ancillary support functions, from total cannabis net revenue. Gross margin before FV adjustments on cannabis net revenue is calculated by dividing gross profit before FV adjustments on cannabis net revenue divided by cannabis net revenue. Management believes that these measures provide useful information to assess the profitability of our cannabis operations as it excludes the effects of non-cash FV adjustments on inventory and biological assets, which are required by IFRS.
  • Adjusted gross profit before FV adjustments on cannabis net revenue represents cash gross profit and gross margin on cannabis net revenue and is calculated by subtracting from total cannabis net revenue (i) cost of sales, before the effects of changes in FV of biological assets and inventory; (ii) cost of sales from non-cannabis ancillary support functions; and removing (iii) depreciation in cost of sales; (iv) cannabis inventory impairment; and (v) out-of-period adjustments. Adjusted gross margin before FV adjustments on cannabis net revenue is calculated by dividing Adjusted gross profit before FV adjustments on cannabis net revenue divided by cannabis net revenue. Adjusted gross profit and gross margin before FV adjustments on cannabis net revenue is further broken down as follows:
    • Adjusted gross profit and gross margin before FV adjustments on medical cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated in the medical market only.
    • Adjusted gross profit and gross margin before FV adjustments on consumer cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated in the consumer market only.
    • Adjusted gross profit and gross margin before FV adjustments on wholesale bulk cannabis net revenue represents gross profit and gross margin before FV adjustments on sales generated from wholesale bulk cannabis only.
    • Adjusted gross profit and gross margin before FV adjustments on ancillary net revenue represents gross profit and gross margin before FV adjustments on sales generated from ancillary support functions only.
  • Management believes that these measures provide useful information to assess the profitability of our cannabis operations as it represents the cash gross profit and margin generated from cannabis operations and excludes (i) out-of-period adjustments to provide information that reflects current period results; and (ii) excludes the effects of non-cash FV adjustments on inventory and biological assets, which are required by IFRS.
  • Adjusted EBITDA is calculated as net income (loss) excluding interest income (expense), accretion, income taxes, depreciation, amortization, changes in fair value of inventory sold, changes in fair value of biological assets, share-based compensation, acquisition costs, foreign exchange, share of income (losses) from investment in associates, government grant income, fair value gains and losses on financial instruments, gains and losses on deemed disposal, losses on disposal of assets, restructuring charges, onerous contract provisions, out-of-period adjustments, and non-cash impairments of deposits, property, plant and equipment, equity investments, intangibles, goodwill, and other assets. Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and is widely used by industry analysts to compare Aurora to its competitors, and derive expectations of future financial performance for Aurora, and excludes out-of-period adjustments that are not reflective of current operating results. Adjusted EBITDA increases comparability between comparative companies by eliminating variability resulting from differences in capital structures, management decisions related to resource allocation, and the impact of FV adjustments on biological assets and inventory and financial instruments, which may be volatile and fluctuate significantly from period to period.

Non-GAAP measures should be considered together with other data prepared accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/aurora-cannabis-announces-fiscal-2022-third-quarter-results-301546474.html

SOURCE Aurora Cannabis Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/12/c0207.html

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(TheNewswire)

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Quizam Announces $201,000 Financing @ $0.06 with 24 months ½ warrant at $0.20

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About ontracktv and Quantum1 Cannabis

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The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This

news release may contain forward-looking statements including but not limited to comments regarding the timing and nature of

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events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.

Copyright (c) 2022 TheNewswire - All rights reserved.

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