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Aurora Strengthens Leadership Position in Germany with EU-GMP Certification at Preeminent Local Cannabis Production Facility
7:05 AM ET 5/18/22 | Dow Jones
State-of-the-art facility readying first delivery of medical grade cannabis for German patients
EDMONTON, AB, May 18, 2022 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, announced today the company has received EU-GMP certification for its state-of-the-art medical cannabis production facility in Germany. As a leading manufacturer of medical cannabis worldwide, achieving EU-GMP certification of the company's first German manufacturing site marks a significant milestone in the fulfillment of an awarded tender by the German Federal Institute for Drugs and Medical Devices (BfArM). Aurora is the distinct market leader in the German flower segment and will now leverage receiving the world's highest quality standard to produce and distribute premium medical cannabis in Germany.
The new state-of-the-art production facility in Leuna, Saxony-Anhalt, Germany adds to the company's pan-European network of EU-GMP facilities supplying premium, high-quality cannabis flower and extracts for medical use by patients across existing and expanding markets. Germany's medical cannabis market currently serves approximately 100,000 patients, representing only 0.1% of the population. In mature medical cannabis markets like Canada, market penetration is upwards of 1%, therefore the German market has significant potential for growth.
"With the EU-GMP certification of our first German site, we once again demonstrate Aurora's excellence and leadership in establishing the necessary infrastructure to compete in the global cannabis market," said Miguel Martin, CEO of Aurora Cannabis. "As a leading provider of medical cannabis in Germany and several other European markets, we are eager to accelerate patient access to high-quality, reliable cannabis produced in accordance with the most stringent criteria. Our first shipment from our world class Leuna facility will deliver on our commitment to the German regulatory authority and expanding patient base, a significant step in our ongoing commitment to international market growth."
Aurora was awarded a tender/contract in 2019 by the German Federal Institute for Drugs and Medical Devices (BfArM) for the annual production of 1,000 kg of high-quality medical cannabis flower over a period of four years. Despite numerous challenges due to ongoing pandemic-related restrictions and international supply chain bottlenecks, the construction of Aurora Leuna, a nearly 3,600 sq. metre production site is complete, has received its EU-GMP certification and is preparing for the inaugural shipment. The first shipment from Aurora Leuna to German pharmacies is expected via the state's cannabis agency later this month.
Martin continued "As a leading provider of cannabis flower and extracts in Germany, we are excited by the possibility of growth in the market. Our investment in domestic production with the highest quality standards will help advance patient access to high-quality cannabis. I congratulate our team in Germany on achieving this important milestone for our Leuna facility and the commencement of local production in this critical market."
As a leading global cannabis company with a footprint on four continents, sales into 12 countries, and an expansive international production network, Aurora celebrates this important milestone in the company's pursuit of enabling access to high-quality medical cannabis to patients worldwide.
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 Corp., 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 Information
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 statements regarding the production and distribution of premium medical cannabis in Germany, timing for the first shipment of cannabis from the Aurora Leuna facility to German pharmacies, competitive advantages including those related to EU GMP certification, and the Company's execution against its commitment to the German Federal Institute for Drugs and Medical Devices (BfArM). .
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/aurora-strengthens-leadership-position-in-germany-with-eu-gmp-certification-at-preeminent-local-cannabis-production-facility-301549911.html
SOURCE Aurora Cannabis Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2022/18/c8136.html
/CONTACT:
For Media: Michelle Lefler, VP, Communications & PR, media@auroramj.com; For Investors: ICR, Inc., Investor Relations, aurora@icrinc.com
Copyright CNW Group 2022
> Dow Jones Newswires
May 18, 2022 07:05 ET (11:05 GMT)
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Aurora Cannabis Advances Premiumization Strategy by Acquiring Thrive Cannabis, and its Award-Winning Greybeard Brand, in a Margin Accretive Transaction
6:06 PM ET 3/22/22 | Dow Jones
-- Thrive's highly experienced and trusted cannabis team in craft
cultivation, product innovation, and operational execution will lead
Aurora's Canadian recreational business
-- Expands Aurora's brand offering with Greybeard, an award-winning,
super-premium, high margin brand regarded for its budtender appreciation
-- Transaction is expected to close in Aurora's Q4 fiscal 2022, contribute
immediate positive EBITDA and support Aurora's goal to reach EBITDA
profitability in the first half of fiscal 2023
NASDAQ | TSX: ACB
EDMONTON, AB, March 22, 2022 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, is pleased to announce today that the Company has reached an agreement to acquire all of the issued and outstanding shares of TerraFarma Inc. (parent company of Thrive Cannabis) ("Thrive") (the "Transaction"). The Transaction is based upon aggregate consideration of $38 million (the "Initial Consideration") payable in cash and Aurora common shares ("Aurora Shares"), plus two earnout amounts (the "Earnout Consideration") payable in Aurora Shares or cash (at the election of Aurora), if applicable, based on Thrive achieving certain revenue targets within two years of closing of the Transaction.
The Transaction is expected to strategically strengthen Aurora's position in the Canadian market by placing the Thrive team in charge of Aurora's Canadian recreational portfolio, advancing the shift in focus to innovative premium products including dried flower, pre-rolls, vapour products, and concentrates. The Transaction is expected to close, subject to customary closing conditions, in Aurora's fiscal Q4 2022. It is anticipated that the Transaction will provide immediate positive Adjusted EBITDA to Aurora, and support the Company's path to Adjusted EBITDA profitability in the first half of fiscal 2023.
Founded in 2018, Thrive is a licensed producer of super-premium cannabis concentrates and craft dried flower, and leverages innovative cultivation and extraction techniques with a singular focus on achieving the highest quality standards. Thrive is most widely known for its award-winning flagship recreational brand, Greybeard Cannabis Co. ("Greybeard"), which amongst other accolades was recognized as the #1 brand recommended by Canadian budtenders in 2021, and was the 2021 winner of Best Concentrate from the Kind Magazine Awards, as voted for by budtenders.
Management Commentary
"As consolidation among licensed producers accelerates, it's vital that any transactions we make, now or in the future, be strategic, accretive, and centred around adding exceptional talent and brands that align with our path to profitability," said Miguel Martin, Chief Executive Officer of Aurora. "In these respects, Geoff and the Thrive team have a track record seldom found elsewhere in the Canadian market. They are truly exceptional cultivators who have gained trust with consumers and developed products that have been recognized and acclaimed by Canadian budtenders and industry peers. We see a unique opportunity to leverage their expertise to deliver near and long-term benefits for both our recreational and medical markets," he continued.
"This transaction supports our path to profitability while ensuring that we are strategic in our M&A activity. Thrive's achievement of positive standalone EBITDA, combined with their exceptional operational and brand capabilities, truly set them apart, and we look forward to leveraging their expertise as we embark together on Aurora's path to profitability, " he concluded.
"We are excited to be joining a team that shares our vision for delivering the highest quality, premium cannabis products to consumers in a way that generates sustainable profitability," said Geoff Hoover, Chief Executive Officer of Thrive. "We look forward to combining our best-in-class products and innovation pipeline with Aurora's depth of operational capabilities, robust route to market and shared focus on superior science and genetics that is critical for advancement in this sector. This combining of two great companies will be transformative."
Strategic Rationale
Supports Aurora's Timeline to Profitability with Positive and Growing EBITDA: Transaction is aligned with Aurora's plan to achieve profitability in H1/FY23 on an Adjusted EBITDA basis. Thrive has achieved positive standalone EBITDA in the last 12 months ended December 2021, with additional cost synergies expected to drive further EBITDA growth.
Acquisition of Two Leading Cannabis Brands Synonymous with Quality & Consistency: Thrive adds two new brands to Aurora's portfolio, both of which have rapidly gained market share over the last twelve months and are expected to flourish with additional resources on Aurora's platform:
Greybeard is an ultra-premium, high-terpene, high-potency brand with a world class lineup of concentrates that has quickly developed recognition with budtenders and cannabis connoisseurs. Concentrates are produced using a proprietary hydrocarbon extraction and refining process that maximizes the cannabinoids and terpene content, resulting in aromatic and flavourful products that highlight the unique characteristics of each strain. Greybeard also utilizes industry leading cultivation practices to offer super-premium, small batch, AAAA quality dry flower and pre-rolls, featuring large pristine buds grown in its indoor facilities.
Being Cannabis is a wellness-oriented brand known for their sublingual THC and CBD strips. These fast-acting and precisely dosed sublingual strips dissolve under the tongue and don't require any accessories or preparation.
Addition of Highly Experienced Management Team with Leading Operational and Cultivation Expertise: Transaction will add a talented management team comprised of industry veterans with leading cannabis cultivation, extraction, and product development expertise. The Thrive team leading Aurora's Canadian recreational business will drive significant improvements to the consistency, quality, and yield of Aurora's cannabis products across the portfolio.
Robust Product Pipeline Led by Expansive Genetics Library: Thrive brings a genetics library that has consistently delivered 24%+ THC potency, high yielding (80g+ / plant) and disease-resistant cultivars. These new cultivars, along with various SKUs in the development pipeline for Greybeard and Being, will deliver innovative and on-trend products to Canadian consumers.
Transaction Details and Timing
The Transaction will be effected by way of a three-cornered amalgamation whereby Thrive will amalgamate with a wholly-owned subsidiary of Aurora resulting in Aurora owning all of the issued and outstanding shares of the amalgamated entity in exchange for the Initial Consideration to be issued to Thrive shareholders on a pro rata basis at deemed price per Aurora Share equal to the volume weighted average trading price ("VWAP") of Aurora Shares on the Toronto Stock Exchange ("TSX") for the 5 trading days immediately prior to the second business day prior to the effective date of the Transaction. The sum of $3 million of the Initial Consideration is subject to a holdback to be released on the 18-month anniversary of the closing of the Transaction subject to adjustment for any indemnification claims. The Earnout Consideration consists of up to $10 million for satisfying certain near-term revenue targets and up to $20 million for satisfying certain long-term revenue targets within 2 years of the closing of the Transaction, each payable in cash, Aurora Shares or a combination of both (at the election of Aurora).
The number of Aurora Shares to be issued under the Earnout Consideration, if any, will be calculated based on a deemed price per Aurora Share equal to the VWAP of Aurora Shares on the TSX for the 5 trading days immediately prior to the applicable earnout payment date.
The Transaction is subject to receipt of regulatory, third party and Thrive shareholders' approvals and other customary closing conditions and expected to close in Aurora's fiscal Q4 2022. Lazard Canada Inc. is acting as exclusive financial advisor to Aurora in connection with the Transaction. McMillan LLP is serving as legal counsel to Aurora.
About Aurora Cannabis
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.
About Thrive Cannabis
Founded in 2018, Thrive Cannabis is a vertically integrated cannabis company based in Simcoe, Ontario. Thrive is most widely known for its award-winning flagship adult-use brand, Greybeard Cannabis Co., which specializes in premium quality, small-batch craft cannabis concentrates and flower products. Thrive is also known for its adult-use wellness-oriented brand, Being. The Thrive team leverage their expertise in cannabis cultivation, extraction and product development with a singular focus on delivering the highest quality standard products to consumers. Learn more at www.thrivecannabis.ca.
Forward Looking Information
(MORE TO FOLLOW) Dow Jones Newswires
March 22, 2022 18:06 ET (22:06 GMT)
POLITICSGOP Congresswoman’s Marijuana Legalization Bill Draws Fire From Home-State Republican PartyPublished 1 hour ago on November 15, 2021By Kyle Jaeger
The South Carolina Republican party is coming out against a marijuana legalization bill that was introduced on Monday by a GOP congresswoman who represents the state.
Shortly after Rep. Nancy Mace (R-SC) held a press conference formally unveiling the legislation, South Carolina Republican Party Chairman Drew McKissick issued a statement affirming that the organization opposes “any” effort to end prohibition and making clear that the congresswoman’s bill is no exception.
“Our Party platform is clear: ‘We support firm enforcement of existing laws against the abuse and distribution of controlled substances, and we oppose any effort to legalize the use of controlled substances,’ and that includes marijuana,” McKissick said.
“We’ve seen Democrats across the country, even here at home with Joe Cunningham and Mia McLeod, campaign on legalizing weed against the wishes of law enforcement,” he added, referring to gubernatorial candidates of the other party. “Even just today Texas Democrat Beto O’Rourke announced in his campaign video for governor that he wants to legalize marijuana.”
“Unequivocally, the South Carolina Republican Party is against any effort to legalize, decriminalize the use of controlled substances, and that includes this bill,” the statement concludes. “Since this will have widespread negative impacts, from rising crime, violence, and mental health issues in children, I think it’s a safe bet to say most Republicans will be against it too.”
Already, however, Mace said that she already has a handful of GOP cosponsors on Capitol Hill. And she stressed on Monday that her office is “getting a lot of great feedback from Republicans and Democrats on this bill.”
“My main goal is to get as much Republican support as I can initially, and we’re hearing great feedback from both chambers, both sides of the aisle on this piece of legislation,” the congresswoman said.
Advocates and industry stakeholders are encouraged by Mace’s States Reform Act, which would federally deschedule cannabis, let states decide their own policies and also promote equity in part by providing opportunities to expunge non-violent marijuana convictions.
The hope is that the legislation will help facilitate bipartisan negotiations as Democrats in both chambers work to advance separate, broader legalization proposals.
But evidently, Mace should not expect the South Carolina legislature’s GOP party to have her back, despite having previously served in the state House before being elected to Congress.
The congresswoman mentioned at Monday’s presser that South Carolina has a limited CBD program but has yet to enact a comprehensive medical cannabis program, let alone advance adult-use legislation. She emphasized that her bill would not impose legalization on any given state, but rather leave the choice up to them.
Some Republicans in Congress have led, or joined their Democratic colleagues, on other marijuana bills, but they’ve generally been far more scaled back measures—simply protecting states that choose to legalize or descheduling cannabis without touching social equity issues or creating a federal tax on sales.
In any case, polling shows that the public is ready for an end to prohibition. Sixty-eight percent of U.S. adults said they back legalizing cannabis in a Gallup poll released this month—and that includes majorities of Democrats, Republicans and independents.
Surveys also show majority support for reform among South Carolina voters specifically. A poll released in February found that residents support legalizing medical marijuana by a ratio of five to one. But the state does not have a citizen-led initiative process that has empowered voters in other states to get the policy change enacted.
Support for medical marijuana among South Carolina residents has been notably stable, as a 2018 Benchmark Research poll similarly found 72 percent support for the reform, including nearly two-thirds (63 percent) of Republicans.
Also that year, 82 percent of voters in the state’s Democratic primary election voted in favor of medical cannabis legalization in a nonbinding ballot advisory vote. Lawmakers prefiled four marijuana measures for the 2019 session, but they did not advance.
State Sen. Tom Davis (R) said earlier this year that his own party’s stance, particularly as it concerns a medical cannabis bill he is sponsoring, is “an intellectually lazy position that doesn’t even try to present medical facts as they currently exist.”
Davis previously said that if the legislature doesn’t advance reform, he’d propose a bill to put the question of medical marijuana legalization to voters through a referendum.
The senator said in May that he’s received assurances from a top Senate leader that his medical cannabis measure will be taken up as the first order of business at the beginning of next year.
Photo courtesy of Philip Steffan.
Marijuana Moment is made possible with support from readers. If you rely on our cannabis advocacy journalism to stay informed, please consider a monthly Patreon pledge.
THank-you for that but didn't quite answer my question.
Will you please elaborate on what might happen at 2:00?
Lawsuits? Please give more details. Thank-you>
Very patriotic> Beware of mirrors. God bless America. GO DOGE>
It's nice to be anonymous. Musk is not anonymous. GO ELON>
Coinbase WAS a sell the news event. NOW that traders have taken their profits it should start to benefit us Dogecoin holdlers. IMO
Where is the best place to buy Doge coins besides Robinhood? Hopefully where you can deposit money and buy quickly. Not too difficult to navigate.
Thank-you and good luck to all.
LOL, Where can place my bet?
Loose some shares, gain some price. Should be interesting.
Hit .25
Ok, 48 hrs of halted trading. Is this not strange? I would think that whatever is going on is either pretty good or pretty bad. Either way I sure am curious.
IIROC Trading Halt - AUSA
Mon., February 22, 2021, 6:08 a.m.·1 min read
VANCOUVER, BC, Feb. 22, 2021 /CNW/ - The following issues have been halted by IIROC:
Company: Australis Capital Inc.
CSE Symbol: AUSA
All Issues: Yes
Reason: At the request of the Company Pending News
Halt Time (ET): 9:01 AM
IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - Halts/Resumptions
Cision
Cision
View original content: http://www.newswire.ca/en/releases/ar
What restrictions? Please post details. Thank-you>
Did I miss a day or is this a psychic prediction for tomorrows close? If it is I hope your right>
Oop! My mistake, I stand corrected. Thank-you.
Aurora is supposed to release their financials after hours. Sounds like it should be positive.
Monday after hours should tell us whether this stock is going up or going down>
Anyone know how long before Inmed is actually trading on the Nasdaq? Thank-you>
Good news! Thank-you for that post.
Hey Deet, what does this have to do with Office Depot? Honest question.
Great come-back Clay. Glad you finally responded to these paranoid misconceptions to your very basic but accurate chart analyses. I appreciate
them. Please keep them coming.
Just for the record, I rarely post, have been here longer than most & my average price buy-in is $2.22 per share. I am definitely long & do not trade or short. Glta. Go ACB!!!
Thank-you for your reply "tanguy". Didn't see your original post. Also didn't mean to disrupt the force around here.Aurora gummybears for everyone!
I believe I had a legitimate question.I appreciate your communication with the company. Still doesn't answer why it had been published by several news sources that the ipo was happening yesterday when it wasn't. Just curious, no nefarious intent.
No big deal.Just curious & maybe a bit naive. Was their an ipo yesterday? We saw a handful of articles stating an ipo for 4/12/18. If it did not happen, why? If it did it would have been trading, right? Is this an outlandish question? If so I apologize for my ignorance.
Did we not read from several sources that TGOD was supposed to have an IPO yesterday? Can you have an IPO without trading? What am I missing?
Thank-you for the reply "Mind1".G.L.T.A.
Does anyone Know how the TGOD ipo is going? Also is their a U.S. ticker symbol? T.Y.
Can anyone give a current quote on the tsx?
Fox news reporting the Russians knew ahead of time that chemical weapons were to be used in Syria & were probably complicit in attempting to cover it up. Will this affect the price of gold?
Crazy times we live in!
Bloomberg says the dollar rally is over.
Right in from of me on my Yahoo home page.
"LIFE
Eye Stem Cell Therapy: First Clinical Trial Successful In Asia
By Ruchira Dhoke on May 01 2015 10:00 PM
Great exposure continues. IMO & GLTA
Thank-you. GLTA
What exactly is "Form T"?
This is listed on the after hours trade.
Two digits to the left of the decimal Walt. IMHO>NBRI