Aurora Cannabis Inc. Explained

Aurora Cannabis, Inc.
Type:Public
Traded As:
NASDAQ:
Founders:Terry Booth, Steve Dobler, Chris Mayerson, Dale Lesack
Area Served:Canada, Europe, Australia
Key People:Miguel Martin (CEO)
Industry:Cannabis
Revenue: Can$176 million (March 2023)[1]
Operating Income: Can$ -158 million (2023)
Net Income: Can$ -208 million (2023)
Assets: Can$484 million (2023)
Equity: Can$491 million (2023)
Num Employees:1130
Subsid:Pedanios GmbH, Urban Cultivator, Australis Capital Inc., CanvasRx Inc., H2 Biopharma Inc., Peloton Pharmaceuticals Inc., Aurora Larssen Projects Ltd., Larssen Ltd., Aurora Cannabis Enterprises Inc., BC Northern Lights Enterprises Ltd., Medreleaf (Australia)
Location City:Edmonton
Location Country:Canada

Aurora Cannabis Inc. is a Canadian licensed cannabis producer, headquartered in Edmonton. It trades on the Toronto Stock Exchange and Nasdaq as ACB.[2], Aurora Cannabis had eight licensed production facilities, five sales licences, and operations in 25 countries.[3] It had a funded capacity of over 625,000 kilograms of cannabis production per annum with the bulk of capacity based in Canada and a growing presence in international markets, particularly Denmark and Latin America.[4] The company began trading on the NYSE on October 23, 2018, using the ticker ACB.[5] [6]

After significant expansion in 2018, the company reduced expenses in the second half of 2019 when the Canadian recreational cannabis market had low sales due to excessive inventory and uncompetitive pricing with the black market.[7] In February 2020, cofounder and chief executive, Terry Booth, resigned, being replaced by Executive Chairman Michael Singer as interim CEO.[8]

History

Aurora was founded in 2006 by Terry Booth, Steve Dobler, Dale Lesack and Chris Mayerson. Booth and Dobler collectively invested over $5 million of their own capital. The founding group secured a 160+ acre parcel of land in Mountain View County, Alberta, where they established Aurora's first facility. The company received its license to grow cannabis in 2014, making it the first cannabis producer to obtain a federal license in that province.[9] They decided to establish the company in Alberta due to comparatively low corporate tax rates and an ideal farm credit program.[10] On November 27, 2014, Health Canada issued Aurora's first license to sell medical cannabis. Since then they have built, and are operating, numerous growing facilities throughout Canada, Europe, Asia, Latin America and Oceania.[10] On January 10, 2017, Aurora received a license from Health Canada to sell cannabis oils, having been granted a license to produce the oils in February 2016.[11] Sales of four product lines of cannabis oils commenced in April, 2017.

After legalization in Canada - October 2018

Canada legalized the retail sale of cannabis nationally on October 17, 2018.[12] Due to its significant capital investments, particularly in large growing facilities, Aurora had about 20% of the Canadian retail market for cannabis during early 2019.[13]

At its year-end in June 2019, Aurora had a market capitalization of US$4.8 billion. An October 2019 report stated that cannabis stocks had "crumbled to their lowest level since 2017"; Aurora shares were also at a two-year low.[14] [15] The fall in stock price for Aurora and other Canadian cannabis stocks in late 2019 was attributed to the missed benchmark revenues, general lack of profitability in the industry, slow rollout of retail stores in Canada, rise in vaping-related illnesses, non-competitiveness of pricing with black market cannabis, oversupply of commercial cannabis, termination of capital expenditures, and an FDA warning that cannabidiol may cause liver injury, among others.[16] [17] [18] [19]

Public trading and acquisitions

Aurora became a publicly traded company on the Toronto Stock Exchange on July 24, 2017,[20] and on the New York Stock Exchange on October 23, 2018.[21]

Aurora grew through several acquisitions. By 2018, Aurora's subsidiaries included Pedanios GmbH (Germany's largest distributor of cannabis to pharmacies),[22] CanvasRx (the largest medical cannabis patient outreach service in Canada),[23] BC Northern Lights (an indoor growing supplies manufacturer),[24] Aurora-Larssen Projects (a globally leading greenhouse engineering and design consultancy),[25] and H2 Biopharma (a late-stage ACMPR applicant in Quebec)[26]

By April 2018, the company had a market value of Can$4.5 billion; revenue in 2017 totaled Can$31.1 million.[27] At the time, the company was concluding its takeover merger of previous competitor CanniMed Therapeutics. The takeover was finalized in January 2018, based on a Can$1.1 billion deal. The subsequent plan to purchase MedReleaf was expected to make the company the largest in Canada with a market capitalization of approximately $7 billion.[28] [29] Competitor Canopy Growth Corporation's market value exceeded that amount by $3.7 billion, however after a partial takeover by Constellation Brands was announced in late August 2018.[30] By 24 September 2018, however, Tilray Inc., a portfolio company of Seattle-based Privateer Holdings, with growing facilities in Nanaimo, BC, had become the world's second most valuable cannabis company with a market capitalization of about US$10 billion.

A report in mid-September 2018 by BNN Bloomberg, stated that Coca-Cola was considering the development of cannabis-infused beverages for medical purposes (with a non-psychoactive ingredient, CBD) and was in preliminary discussion with Aurora. Although Coke and Aurora then announced that they were merely studying the market, and had no plan to announce regarding the distribution of such products.[31] Aurora's shares increased and its market cap reached US$10.71 billion on September 18, 2018.[32] On 20 September 2018, Tilray had become the world's most valuable cannabis company, but a major drop in share price (and a subsequent market capitalization of about US$10 billion) made it only the third largest, after Canopy Growth and Aurora.[33]

In September 2020, Aurora Cannabis reportedly lost more than Can$3.3 billion in its recently concluded fiscal year which caused shares to drop roughly 10% in after-hours trading. A major issue has been Aurora's focus on premium cannabis as it is more expensive for consumers.[34]

In May 2021, Aurora moved its U.S. listing from the NYSE to the Nasdaq.[35]

Class action lawsuits in the United States

During the fourth quarter of 2019, several law firms in the United States announced class action lawsuits against Aurora, citing the abrupt decline in stock price, failure to complete planned capital investments, and missed revenue and profit forecasts by the company as misleading to public investors.[16] [36]

Status at end of 2019

During an interview in November 2019, CEO Terry Booth discussed the poor retail performance of the Canadian cannabis industry, saying that "carnage" was possible unless certain producers were able to reduce the cost of operations when oversupply existed. In December, two of Aurora's senior executives departed the company: Chief Global Business Development Officer, Neil Belot,[37] and Chief Corporate Officer, Cam Battley,[7] when the price of the company's stock had dropped 61% over 2019.[38] During the fourth quarter of 2019, the company had suspended cannabis production in Denmark and at its greenhouses in Medicine Hat, Alberta.[15] The company's 15000square feet, non-operational, greenhouse in Exeter, Ontario was also listed for sale. This was part of the goal to "reduce its expenses and boost its cash balance after a series of weak quarters," according to a news report.[39] The company's second quarter report (for the period ending 31 December 2019) indicated a loss of US$981 million.[40]

Aurora claimed it had reduced the cost of producing cannabis to $0.85 per gram, when the national retail price of cannabis in Canada was $7.37 per gram.[41] In December, Aurora announced its release of products for "Cannabis 2.0"  - the retail market for edible cannabis products  - to include gummies, chocolates, baked goods, and mints.[38] [42]

Acquisitions and growth

Aurora owns Pedanios GmbH, a wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Berlin, Germany. Pedanios is the EU's largest distributor of cannabis by volume of product sold. As of March 2018, it is one of three distributors to offer cannabis flowers sourced from both Canada and the Netherlands.[43]

In January, 2018, Aurora became the first private company to be granted a supply agreement to the Italian market through its German subsidiary Pedanios. Aurora announced on January 23, 2018, that the first tender would consist of three lots of different cannabinoid profiles totalling .[44]

A statement from the company in early October 2019 reported a funding capacity for over of cannabis per year, with sales and operations in 25 countries.[45] Weeks later however, the company was reported to be having cash flow problems and the value of its stock had dropped significantly.[7] [46]

CanniMed takeover

On November 13, 2017, Aurora Cannabis delivered an all-stock takeover bid to CanniMed Therapeutics's board of directors, which became public on November 14.[47] It claimed that it had the support of 38% of shareholders. CanniMed management responded by rejecting the offer, and proposed an alternative merger with Newstrike Resources, a recreational cannabis firm, instead.[48] CanniMed also enacted a "poison pill" to fend off the acquisition by enacting a rights plan that would allow CanniMed shareholders to vote on the Newstrike deal. On November 20, Aurora launched a hostile takeover bid for CanniMed, conditional on shareholders rejecting the Newstrike deal.

The Ontario Securities Commission intervened in this, the first major hostile takeover bid in Canada's cannabis industry, ordering Aurora Cannabis Inc. to provide more disclosure regarding any ties to individuals "in a special relationship" with target CanniMed Therapeutics Inc. and blocking CanniMed from adopting the so-called "poison pill" defence. The ties were deemed unfounded by the Securities Commission. On January 17, 2018, Newstrike shareholders approved the proposed merger.[49] On January 18, CanniMed postponed its shareholder vote on the Newstrike deal, submitting that it will hold talks with suitor Aurora Cannabis.[50] On January 24, it was announced that Aurora Cannabis finally hammered out a deal to acquire CanniMed Therapeutics Inc. for $1.1 billion, and CanniMed dropped its plans to acquire Newstrike.[51]

In March 2018, Aurora completed their acquisition of Cannimed, with both parties agreeing to the transaction on friendly terms. This agreement brought Aurora's total patient count to 42,000 registered cannabis patients in Canada.

MedReleaf merger

In mid-May 2018, the company announced a merger with MedReleaf in a $3.2 billion stock deal already approved by the directors of both companies. The transaction closed in July, with MedReleaf shareholders receiving 3.575 Aurora shares for each MedReleaf share they owned. After the merger closed, the combined company's production capacity stood at 570,000 kilograms of cannabis at its nine grow operations in Canada and two in Denmark, if it uses all of the available capacity.[52] The value of the new company could be as high as $7 billion, made it larger than Canopy Growth Corporation with its market cap of $6.45 billion in 2018.[29] [53] It would have distribution agreements in a number of countries, including Germany, Italy, Brazil and Australia.[54]

MedReleaf's German partner filed damage claims against Aurora and MedReleaf in October 2018 for breaching an exclusive supply agreement.[55] Cannamedical had sponsored MedReleaf's Markham EU GMP certification and played a decisive role in the successful completion.[56]

In 2020, Aurora sold the former MedReleaf facility located in Exeter, Ontario.[39]

Growing facilities

Aurora Mountain was Aurora's first facility, completed in 2015. It is a 55200square feet production facility in Mountain View County.[9]

Aurora Vie is a 40000square feet, fully licensed, indoor production facility in Pointe-Claire, Quebec. It was the second licensed producer in Quebec, and was acquired in 2017 for $7 million when it was about 80% complete.[57]

In 2017, Aurora Cannabis began construction of Aurora Sky, an automated 800000square feet plant in Alberta that it said would be capable of producing 100,000 kilograms of cannabis annually.[58] The land is part of the acreage owned by the Edmonton International Airport.

Construction on the Nordic 2 project in Denmark was stopped in November 2019 when the company's stock dropped to a two-year low. The Aurora Sun project in Alberta was put on a temporary hold. These decisions would lead to a savings of $190 million.[59]

In 2021, Aurora shuttered its Aurora Polaris facility in Edmonton;[60] it was sold in 2023.[61] Aurora Sky was sold to Bevo Agtech in 2022, following a transaction in which Aurora took a 50.1 per cent stake in that company.[62]

Testing

Aurora states that all products are tested by a third-party laboratory and results are displayed on the company's website and mobile app. In March 2017, Aurora's online store and mobile app began providing public access to a simplified version of every Certificate of Analysis (CoA) for every cannabis product available.[63]

Retail

As of April 2019, Aurora had about 17 retail outlets in western Canada through its strategic partnership with Choom Holdings Inc. and acquisition of Clarity Cannabis Retail Stores, with 52 more store locations in development.[64] In November 2019, Aurora opened an 11,000 square foot (1,022 square meters) flagship retail store in West Edmonton Mall, making the store the largest cannabis retail space in Canada.[65] Aurora acquired a stake in Alcanna Inc. (parent company of Nova Cannabis retail stores) in 2018, at one point owning 25% of the company. These shares were completely divested in June 2020.[66]

External links

Notes and References

  1. Web site: Aurora Cannabis Inc. Common Shares (ACB) Financials. Nasdaq. 14 November 2023. November 15, 2023. https://web.archive.org/web/20231115023720/https://www.nasdaq.com/market-activity/stocks/acb/financials. live.
  2. Cady. Lang. June 13, 2016. Justin Trudeau Makes a Surprising Case For Legalizing Marijuana. Time. en. 2018-01-26. February 2, 2018. https://web.archive.org/web/20180202072351/http://time.com/4364344/justin-trudeau-marijuana-weed-legal/. live.
  3. Web site: Aurora Cannabis Inc.. TMX Money. QuoteMedia. 30 November 2019. July 7, 2018. https://web.archive.org/web/20180707231049/https://web.tmxmoney.com/financials.php?qm_symbol=ACB&type=BalanceSheet&rtype=A. live.
  4. Web site: Aurora Cannabis Inc. . en-US. 2019-08-15. 2019-08-15. https://web.archive.org/web/20190815211909/http://cbdlin.com/aurora-cannabis. dead. The WeedStocks Wiki.
  5. Web site: What's Ahead For Aurora Cannabis After An Impressive FY 2018. Forbes. 26 September 2018. September 26, 2018. September 26, 2018. https://web.archive.org/web/20180926221646/https://www.forbes.com/sites/greatspeculations/2018/09/26/whats-ahead-for-aurora-cannabis-after-an-impressive-fy-2018/#60f6a29917e5. live.
  6. Web site: Aurora Cannabis Inc.. TSX Inc.. 18 September 2018. August 9, 2024. https://web.archive.org/web/20240809132754/https://money.tmx.com/. live.
  7. News: Aurora stock still sliding as it reveals executive Battley was asked to leave . 26 December 2019 . The Toronto Star . The Canadian Press . 24 December 2019 . December 25, 2019 . https://web.archive.org/web/20191225021847/https://www.thestar.com/business/2019/12/24/aurora-stock-still-sliding-as-it-reveals-executive-battley-was-asked-to-leave.html . live .
  8. Web site: David . George-Cosh . Aurora Cannabis replaces CEO, sees up to $1B in write-downs . BNN Bloomberg . 6 February 2020 . 6 February 2020 . https://web.archive.org/web/20200206231354/https://www.bnnbloomberg.ca/aurora-cannabis-ceo-to-step-down-chairman-to-take-interim-role-1.1386220 . 2020-02-06.
  9. News: Julien. Lecacheur. This small Alberta village could soon be home to the world's largest marijuana factory. CBC News. 2018-05-15. en. December 25, 2016. May 10, 2018. https://web.archive.org/web/20180510074640/http://www.cbc.ca/news/canada/calgary/this-small-alberta-village-could-soon-be-home-to-the-world-s-largest-marijuana-factory-1.3865819. live.
  10. Web site: Robbie . Jeffrey. Apr 20, 2016 . Why impending legalization is fracturing the marijuana industry. Alberta Venture. en-US. 2018-06-26. https://web.archive.org/web/20180615124555/https://albertaventure.com/2016/04/marijuana-legalization-fracturing-alberta-marijuana-industry/. 2018-06-15. dead.
  11. News: Nick. Waddell. Aurora Cannabis's license to sell oils is an important milestone, says Canaccord Genuity. 2017-01-25. Cantech Letter. 2018-05-15. en-US. May 16, 2018. https://web.archive.org/web/20180516103433/https://www.cantechletter.com/2017/01/aurora-cannabiss-license-sell-oils-important-milestone-says-canaccord-genuity/. live.
  12. News: Canada becomes second nation in the world to legalize marijuana. Sapra. Bani. 20 June 2018. CNN. November 30, 2019. February 12, 2019. https://web.archive.org/web/20190212125138/https://www.cnn.com/2018/06/20/health/canada-legalizes-marijuana/index.html. live.
  13. Web site: Kevin . Kelleher . Aurora Cannabis Earnings Reveal More Money, More Problems for Recreational Pot Sales . Fortune . 30 November 2019 . 11 February 2019 . December 24, 2019 . https://web.archive.org/web/20191224154436/https://fortune.com/2019/02/11/aurora-cannabis-revenue-profit-canada-legalization-pot/ . live .
  14. News: Cannabis stocks crumble to 2017 lows after Hexo becomes latest to lower earnings expectations . 10 October 2019 . Financial Post . 16 November 2019 . Tilray fell as much 12 per cent, heading for a record low. Canopy slid 9.7 per cent, Aurora lost 5.9 per cent and Cronos Group Inc. fell 6.7 per cent. . Owram . Kristine . November 16, 2019 . https://web.archive.org/web/20191116153735/https://business.financialpost.com/cannabis/cannabis-business/cannabis-investing/cannabis-stocks-crumble-to-2017-lows-after-hexo-latest-to-lower-earnings-expectations . live .
  15. Web site: Aurora shares sink on weak results and halting construction of cannabis plants . 15 November 2019 . Guelph Today . Canadian Press . 16 November 2019 . 16 November 2019 . https://web.archive.org/web/20191116140208/https://www.guelphtoday.com/national-business/aurora-shares-sink-on-weak-results-and-halting-construction-of-cannabis-plants-1850091 . dead .
  16. Web site: Kevin . LaCroix . A Rash of Cannabis-Related Securities Class Action Lawsuits . The D&O Diary . 30 November 2019 . 25 November 2019 . December 22, 2019 . https://web.archive.org/web/20191222024207/https://www.dandodiary.com/2019/11/articles/securities-litigation/a-rash-of-cannabis-related-securities-class-action-lawsuits/ . live .
  17. Web site: Jason . MacLean . Aurora Cannabis is starting to look attractive, this investor says . CannTech Letter . 30 November 2019 . 25 October 2019 . December 24, 2019 . https://web.archive.org/web/20191224154432/https://www.cantechletter.com/2019/10/aurora-cannabis-is-starting-to-look-attractive-this-investor-says/ . live .
  18. News: Ross . Marowits . Aurora halts construction of two cannabis facilities to conserve cash . 30 November 2019 . CTV News . The Canadian Press . 15 November 2019 . November 30, 2019 . https://web.archive.org/web/20191130123917/https://www.ctvnews.ca/business/aurora-halts-construction-of-two-cannabis-facilities-to-conserve-cash-1.4687169 . live .
  19. Web site: Ciara . Linnane . Cannabis stocks rocked as FDA warning undermines case for CBD investments . MarketWatch . 30 November 2019 . 30 November 2019 . December 24, 2019 . https://web.archive.org/web/20191224154435/https://www.marketwatch.com/story/cannabis-stocks-rocked-as-fda-warning-undermines-case-for-cbd-investments-2019-11-26%3Fmod%3Dmw_quote_news . live .
  20. Aurora Cannabis Starts Trading on Toronto Stock Exchange . Cision . Vancouver . 30 November 2019 . 21 July 2017 . January 12, 2021 . https://web.archive.org/web/20210112061248/https://www.newswire.ca/news-releases/aurora-cannabis-starts-trading-on-toronto-stock-exchange-635823983.html . live .
  21. Web site: Tony . Owusu . Pot Company Aurora Cannabis Sinks in Its NYSE Debut . The Street . 30 November 2019 . 23 October 2018 . February 1, 2021 . https://web.archive.org/web/20210201011627/https://www.thestreet.com/investing/aurora-cannabis-canada-latest-pot-company-debuts-on-nyse-tuesday-14754095 . live .
  22. News: Aurora Cannabis ships medical marijuana to Germany to offset European supply shortage. 2017-09-19. Edmonton Journal. 2018-01-26. en-US. February 27, 2019. https://web.archive.org/web/20190227065508/https://edmontonjournal.com/business/local-business/aurora-cannabis-ships-medical-marijuana-to-germany-to-offset-european-supply-shortage. live.
  23. Aurora Cannabis Closes $23 Million Financing and Signs Definitive Agreement to Acquire CanvasRx. Canadian Insider. Vancouver. 2016-08-10. 2018-01-26. January 27, 2018. https://web.archive.org/web/20180127143301/https://www.canadianinsider.com/aurora-cannabis-closes-23-million-financing-and-signs-definitive-agreement-to-acquire-canvasrx. live.
  24. Aurora Cannabis Acquires BC Northern Lights and Urban Cultivator. Markets Insider. 2017-10-02. Vancouver. 2018-01-26. January 27, 2018. https://web.archive.org/web/20180127084301/http://markets.businessinsider.com/news/stocks/Aurora-Cannabis-Acquires-BC-Northern-Lights-and-Urban-Cultivator-564042. live.
  25. News: The Canadian Press. Aurora Cannabis to buy greenhouse design firm Larssen, terms not disclosed. 2017-11-23. CTVNews. 2018-01-26. en-CA. January 27, 2018. https://web.archive.org/web/20180127084014/https://www.ctvnews.ca/business/aurora-cannabis-to-buy-greenhouse-design-firm-larssen-terms-not-disclosed-1.3690626. live.
  26. Vancouver. 2017-12-05. Aurora Cannabis Completes Larssen and H2 Biopharma Acquisitions. Markets Insider. 2018-01-26. January 27, 2018. https://web.archive.org/web/20180127084229/http://markets.businessinsider.com/news/stocks/Aurora-Cannabis-Completes-Larssen-and-H2-Biopharma-Acquisitions-1010347497. live.
  27. Web site: Getting too high? Canadian marijuana stocks skyrocket, raising bubble fears. Mike. Murphy. MarketWatch. 21 May 2018. April 8, 2018. https://web.archive.org/web/20180408010146/https://www.marketwatch.com/story/getting-too-high-canadian-marijuana-stocks-skyrocket-raising-bubble-fears-2018-04-02. live.
  28. Web site: Aurora Cannabis to buy MedReleaf in all-stock deal worth $3.2 billion. Armina. Ligaya. 14 May 2018. CTV News. The Canadian Press. 21 May 2018. May 16, 2018. https://web.archive.org/web/20180516014809/https://www.ctvnews.ca/mobile/business/aurora-cannabis-to-buy-medreleaf-in-all-stock-deal-worth-3-2-billion-1.3928223. live.
  29. Web site: Aurora buys MedReleaf to cement status as world's biggest cannabis company. CBC News. Pete. Evans. May 14, 2018. 21 May 2018. May 15, 2018. https://web.archive.org/web/20180515083728/http://www.cbc.ca/news/business/aurora-medreleaf-pot-deal-1.4661629. live.
  30. News: With $5-billion Constellation deal, Canopy Growth is emerging as the Google of pot. Financial Post. 22 August 2018. 23 August 2018. Kristine. Owram. Bloomberg News. August 24, 2018. https://web.archive.org/web/20180824002312/https://business.financialpost.com/cannabis/with-5-billion-constellation-deal-canopy-growth-is-emerging-as-the-google-of-pot. live.
  31. News: Christina. Pellegrini. Aurora says there isn't a deal with Coca-Cola on marijuana-based drinks. The Globe and Mail. 18 September 2018. 18 September 2018. November 8, 2020. https://web.archive.org/web/20201108105624/https://www.theglobeandmail.com/cannabis/article-aurora-responds-to-report-of-talks-with-coca-cola/. live.
  32. Web site: CB:CNToronto Aurora Cannabis Inc . Bloomberg . September 18, 2018 . September 18, 2018 . https://web.archive.org/web/20180918231111/https://www.bloomberg.com/quote/ACB:CN . live .
  33. Web site: Pot stock Tilray tumbles, completely wiping out gains from last week's wild surge. CNBC. September 24, 2018. September 26, 2018. Fred. Imbert. September 26, 2018. https://web.archive.org/web/20180926001733/https://www.cnbc.com/2018/09/24/tilray-shares-wipe-out-gains-from-last-weeks-wild-ride.html. live.
  34. Web site: Owens. Jeremy C.. Aurora Cannabis lost more than C$3 billion in a chaotic year and the stock is falling. 2020-09-23. MarketWatch. en-US. September 23, 2020. https://web.archive.org/web/20200923153609/https://www.marketwatch.com/story/aurora-cannabis-lost-more-than-c-3-billion-in-a-chaotic-year-and-the-stock-is-falling-11600808375. live.
  35. News: 2021-05-13. Aurora Cannabis to move U.S. listing to Nasdaq. en. Reuters. 2021-06-28. June 28, 2021. https://web.archive.org/web/20210628032138/https://www.reuters.com/article/aurora-cannabis-listing-idUSL4N2N04BT. live.
  36. Web site: Nivedha . Elango . Aurora Cannabis Hit with Securities Lawsuits . 420 Investor Daily . 30 November 2019 . 25 November 2019 . 24 December 2019 . https://web.archive.org/web/20191224154317/https://420investordaily.com/2019/11/25/aurora-cannabis-hit-with-securities-lawsuits/ . dead .
  37. Web site: Matt . Lamers . Executives Belot and Battley exit struggling Aurora Cannabis . Marijuana Business Daily . 26 December 2019 . 23 December 2019 . December 24, 2019 . https://web.archive.org/web/20191224154147/https://mjbizdaily.com/battley-steps-down-as-aurora-cannabis-executive-joins-medreleaf-australia-board/ . live .
  38. Web site: Rajiv . Nanjapla . Aurora Cannabis Releases Update on Cannabis 2.0 . Market Realist . 26 December 2019 . 24 December 2019 . December 26, 2019 . https://web.archive.org/web/20191226065838/https://marketrealist.com/2019/12/aurora-cannabis-releases-update-on-cannabis/ . live .
  39. Web site: Aurora Cannabis is selling one of its biggest greenhouses to raise cash — and analysts are applauding . 7 January 2020 . Financial Post . 8 January 2020 . MKM Partners analyst says he expects $2-billion worth of writedowns . January 7, 2020 . https://web.archive.org/web/20200107131736/https://business.financialpost.com/cannabis/cannabis-business/aurora-selling-exeter-greenhouse-in-bid-to-raise-cash-cut-expenses . live .
  40. Web site: Aurora Cannabis shares rise after a dire earnings report and $1 billion loss . Ciara . Linnane . Max A. . Cherney . 14 February 2020 . . 14 February 2020 . shares rose 2% after the company posted a $981 million loss and batch of earnings that were mostly expected . February 15, 2020 . https://web.archive.org/web/20200215060806/https://www.marketwatch.com/story/aurora-cannabis-shares-rise-after-an-earnings-report-that-was-mostly-expected-2020-02-13 . live .
  41. News: Pot price in Canada falls 6.4 per cent to $7.37 a gram: StatCan . 26 December 2019 . CTV News . The Canadian Press . 9 October 2019 . December 26, 2019 . https://web.archive.org/web/20191226183436/https://www.ctvnews.ca/business/pot-price-in-canada-falls-6-4-per-cent-to-7-37-a-gram-statcan-1.4630721 . live .
  42. Aurora Cannabis Announces First Quarter 2020 Results & Corporate Action Plan . 26 December 2019 . Cision . Aurora Cannabis Inc. . 14 November 2019 . December 26, 2019 . https://web.archive.org/web/20191226183434/https://www.newswire.ca/news-releases/aurora-cannabis-announces-first-quarter-2020-results-amp-corporate-action-plan-874896491.html . live .
  43. Aurora Cannabis and its Subsidiary Pedanios GmbH Both Receive EU GMP Certification . Markets Insider . Vancouver . 2017-12-11 . 2018-06-26 . May 16, 2018 . https://web.archive.org/web/20180516103825/http://markets.businessinsider.com/news/stocks/aurora-cannabis-and-its-subsidiary-pedanios-gmbh-both-receive-eu-gmp-certification-1010933798 . live .
  44. News: Alberta medical marijuana supplier expands sales to Italy. CBC News. 2018-06-26. en. Anna. Desmarais. 2018-01-19. May 16, 2018. https://web.archive.org/web/20180516030734/http://www.cbc.ca/news/canada/edmonton/aurora-medical-cannabis-italy-1.4494494. live.
  45. Aurora Cannabis Provides Update on Global Operations and Growth Initiatives. Cision. Aurora Cannabis Inc.. 3 October 2019. Edmonton. December 24, 2019. December 24, 2019. https://web.archive.org/web/20191224161924/https://www.newswire.ca/news-releases/aurora-cannabis-provides-update-on-global-operations-and-growth-initiatives-891846040.html. live.
  46. News: Aurora CEO eyes U.S. amid looming 'carnage' for Canadian pot industry. BNN Bloomberg. 29 November 2019. David. George-Cosh. 26 December 2019. December 24, 2019. https://web.archive.org/web/20191224155651/https://www.bnnbloomberg.ca/aurora-ceo-eyes-u-s-amid-looming-carnage-for-canadian-pot-industry-1.1355362. live.
  47. News: CanniMed tells shareholders to wait while it reviews Aurora offer. CBC News. 2018-01-23. en. The Canadian Press. August 13, 2020. https://web.archive.org/web/20200813181037/https://www.cbc.ca/news/business/cannimed-therapeutics-aurora-cannnabis-takeover-bid-1.4403189. live.
  48. News: Aurora takeover bid 'makes no sense,' based on inflated share price: CanniMed. CBC News. 2018-01-23. en. The Canadian Press. November 9, 2020. https://web.archive.org/web/20201109024857/https://www.cbc.ca/news/business/aurora-cannabis-cannimed-therapeutics-takeover-bid-1.4417757. live.
  49. News: Up Cannabis-parent Newstrike's shareholders approve sale to CanniMed. 2018-01-23. en-CA. Reuters. . https://web.archive.org/web/20180124070815/https://ca.reuters.com/article/businessNews/idCAKBN1F62YO-OCABS . 2018-01-24.
  50. News: CanniMed postpones shareholder vote, will hold talks with suitor Aurora Cannabis. Financial Post. 2018-01-19. Mark. Rendell. January 20, 2018. https://web.archive.org/web/20180120194705/http://business.financialpost.com/news/cannimed-postpones-shareholder-vote-will-hold-talks-with-suitor-aurora-cannabis. live.
  51. News: 'Nobody got any sleep': Aurora Cannabis lands CanniMed after marathon talks. Financial Post. 24 January 2018. 2018-01-25. Rendell. Mark. January 26, 2018. https://web.archive.org/web/20180126014220/http://business.financialpost.com/commodities/agriculture/nobody-got-any-sleep-last-night-aurora-cannabis-lands-cannimed-for-1-1-billion-after-marathon-talks. live.
  52. News: Canopy Growth's position as top global cannabis company shaken by merger of two rivals. 15 May 2018. Ottawa Citizen. Lacquie. Miller. 21 May 2018. October 14, 2018. https://web.archive.org/web/20181014100532/https://ottawacitizen.com/news/local-news/canopy-growths-position-as-top-global-cannabis-company-shaken-by-merger-of-two-rivals. live.
  53. News: 'Our eyes are on the global market': Aurora acquires MedReleaf in largest cannabis deal yet. Mark. Rendell. 14 May 2018. Financial Post. 21 May 2018. May 16, 2018. https://web.archive.org/web/20180516023749/http://business.financialpost.com/cannabis/our-eyes-are-on-the-global-market-aurora-acquires-medreleaf-in-largest-cannabis-deal-yet. live.
  54. News: Edmonton's Aurora Cannabis buys MedReleaf for $3.2-billion, becoming 'largest cannabis producer in the world'. The Toronto Star. 14 May 2018. 21 May 2018. Maimann. Kevin. May 15, 2018. https://web.archive.org/web/20180515074258/https://www.thestar.com/edmonton/2018/05/14/edmontons-aurora-cannabis-buys-medreleaf-for-32-billion-becoming-largest-cannabis-producer-in-the-world.html. live.
  55. Web site: Liora. Ipsum. Failed Deliveries Could Cost Canadian LPs €14.7 Million. 8 Nov 2018. Leafly.com. 12 May 2019. May 12, 2019. https://web.archive.org/web/20190512152950/https://www.leafly.com/news/industry/cannamedical-sues-aurora-failed-deliveries. live.
  56. MedReleaf receives EU GMP certification for shipment from its Markham facility and completes first export to Cannamedical Pharma in Germany. 11 July 2018. Cision. Markham, ON. 21 May 2019. December 8, 2018. https://web.archive.org/web/20181208195815/https://www.newswire.ca/news-releases/medreleaf-receives-eu-gmp-certification-for-shipment-from-its-markham-facility-and-completes-first-export-to-cannamedical-pharma-in-germany-687868341.html. live.
  57. Web site: Aurora receives cultivation license for Pointe-Claire site. www.hortidaily.com. 2018-01-19. https://web.archive.org/web/20180120124243/http://www.hortidaily.com/article/38853/CAN-(QC)-Aurora-receives-cultivation-license-for-Pointe-Claire-site. 2018-01-20. dead.
  58. Web site: Aurora Sky rolls a big one. www.plant.ca. March 2017. 2018-01-19. January 20, 2018. https://web.archive.org/web/20180120124532/https://www.plant.ca/features/166604/. live.
  59. Web site: Aurora shares sink on weak results and halting construction of cannabis plants . 15 November 2019 . Guelph Today, Canadian Press . 16 November 2019 . Aurora announced after markets closed on Thursday that it will immediately cease construction of its Aurora Nordic 2 facility in Denmark to save about $80 million over the next year, as well as indefinitely defer completion of construction and commissioning at its Aurora Sun facility in Alberta to conserve $110 million. . 16 November 2019 . https://web.archive.org/web/20191116140208/https://www.guelphtoday.com/national-business/aurora-shares-sink-on-weak-results-and-halting-construction-of-cannabis-plants-1850091 . dead .
  60. Web site: Lamers. Matt. 2021-09-23. Aurora Cannabis cutting 8% of workforce, closing facility in Edmonton. 2022-01-28. MJBizDaily. en-US. January 28, 2022. https://web.archive.org/web/20220128213407/https://mjbizdaily.com/aurora-cannabis-cutting-8-of-workforce-closing-facility-in-edmonton/. live.
  61. Web site: Aurora Cannabis closes sale of Edmonton-area facility for $15M . 2023-01-04 . . https://web.archive.org/web/20230721225329/https://www.cbc.ca/news/canada/edmonton/aurora-cannabis-closes-sale-of-edmonton-area-facility-for-15m-1.6703567 . 2023-07-21 . live .
  62. Web site: Aurora Cannabis acquires majority share of vegetable seedling, flower supplier . . 2022-08-25 . https://web.archive.org/web/20230113033750/https://www.cbc.ca/news/canada/edmonton/aurora-cannabis-majority-share-deal-bevo-agtech-business-1.6562530 . 2023-01-13 . live.
  63. Web site: 2018-06-12. Aurora buys Canada's top cannabis lab for CA$112M. 2022-01-28. MJBizDaily. en-US. January 28, 2022. https://web.archive.org/web/20220128213413/https://mjbizdaily.com/aurora-buys-canada-cannabis-lab-112m/. live.
  64. News: The Top 5 Cannabis Retail Brands in Canada . 27 November 2019 . Mugglehead Media Corp . Global News . 1 April 2019 . November 27, 2019 . https://web.archive.org/web/20191127172308/https://www.globenewswire.com/news-release/2019/04/01/1790669/0/en/The-Top-5-Cannabis-Retail-Brands-in-Canada.html . live .
  65. News: Phil Heidenreich . Aurora Cannabis opening 11,000-square-foot store at West Edmonton Mall . Global News . 27 November 2019 . 26 November 2019 . November 27, 2019 . https://web.archive.org/web/20191127172308/https://globalnews.ca/news/6221550/aurora-cannabis-stores-west-edmonton-mall/ . live .
  66. Web site: Volkman . Eric . Aurora Cannabis Sells Out of Stake in Alcanna . The Motley Fool . en . 4 June 2020 . July 30, 2020 . September 22, 2020 . https://web.archive.org/web/20200922212831/https://www.fool.com/investing/2020/06/04/aurora-cannabis-sells-stake-in-alcanna.aspx . live .

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