Aurora Records its Highest Sales Volume Day and Week
CanvasRx Expands Leadership in Cannabis Patient Counseling
Aurora’s wholly owned subsidiary, CanvasRx, Canada’s largest network of cannabis patient counseling centres, continues to expand its leadership in patient outreach and registration. CanvasRx has now helped over 13,000 patients register with Licensed Producers, including more than 2,500 patients registered with Aurora. This represents growth in patient registration in excess of 30% since being acquired by Aurora in August, 2016. CanvasRx now has 20 locations across Canada, including Edmonton and Calgary. Five more locations are planned to be opened before the end of 2016.
Establishment of Onsite Analytical Laboratory
Aurora has begun taking receipt of the analytical equipment required for the establishment of its onsite laboratory. The equipment includes ultra-performance liquid chromatography, inductively coupled plasma mass spectrometry, and gas chromatography mass spectrometry. Once commissioned and once approved by Health Canada, the laboratory will save Aurora substantial time and money by allowing the Company to perform Health Canada mandated testing in-house. The facility will ensure that testing methodologies are applied consistently and accurately from batch to batch.
Additionally, the on-site lab facilities will accelerate releases by Quality Control of new batches of Aurora products to registered patients, shortening time to market and increasing sales capacity as the Company scales up to full production capacity.
Strong Revenue Generation – Fourth Consecutive Month Exceeding $1 Million
The Company’s gross revenues have exceeded $1 million for each of the months of July, August, September and October, 2016. In addition, on November 2, 2016 Aurora processed 1,096 orders and sold 19,745 grams of cannabis, the Company’s single highest volume day of sales since beginning commercial operations. The period from October 28 to November 3, 2016 represented Aurora’s largest seven-day sales performance ever, with a total of more than 50 kilograms sold.
Significantly Enhanced Cash Position with Strong Balance Sheet
With the recently announced closing of its $25 million convertible debenture, Aurora has significantly increased its current cash position. Aurora now has one of the strongest cash positions in the cannabis sector, with approximately $48 million in unrestricted cash available to execute on all the Company’s business strategies. These include funding the Company’s consolidated operations through to profitability and positive earnings per share, and the significant expansion of Aurora’s production capacity.
Furthermore, with the Company’s recent transition to the TSX Venture Exchange and greater access to growth capital, Aurora has leveraged this opportunity and immediately raised cash with limited shareholder dilution. This has enabled the Company to strengthen its balance sheet and improve its debt to equity ratio, through early repayment of its senior secured and high interest debt, and conversion into common shares of its $15 million 10% convertible debentures.
Down payments of approximately $2 million have been made to supply partners for the Company’s planned 650,000 square foot capacity expansion. Project planning and management teams have been formed and are progressing well with preparations.
“We continue to fire on all cylinders, reaching more patients, continuing to integrate industry-leading technology, and further building our operational capabilities from a position of unprecedented financial strength,” said Terry Booth, CEO. “The strength of our balance sheet provides an exceptional opportunity to continue expanding our leadership position in this rapidly growing medical cannabis market. Furthermore, it provides us with the necessary financial resources, without the need to return to the capital markets, to begin preparing and positioning ourselves for the pending legalization of recreational use in Canada, a market estimated at up to $10 billion per year once mature. These preparations include the expansion of our production capacity through the construction of an additional, very large scale, best-in-class production facility.”
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) and operates a 55,200 square foot, expandable, state-of-the-art production facility in Mountain View County, Alberta, Canada. Aurora trades on the TSX Venture Exchange under the symbol “ACB”.
On behalf of the Board of Directors,
AURORA CANNABIS INC.
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. 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. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. 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 law.
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Aurora Cannabis Inc.