Aurora Cannabis Inc announces financial results for the first quarter 2020
Aurora Cannabis Inc, the Canadian company defining the future of cannabis worldwide, announced today its financial and operational results for the first quarter of fiscal 2020 ended September 30, 2019.
"Over the past several years, Aurora has earned its place as a global leader in the cannabis industry. Despite short term distribution and regulatory headwinds in Canada that have temporarily impacted the industry, the long-term opportunity for Aurora in the global cannabis and cannabinoids markets is immense," said Terry Booth, CEO, Aurora Cannabis. "Aurora has, and will continue to focus on everything in our control.
Our success in doing this was demonstrated again this quarter by continued strong improvement in our core KPIs. We delivered solid operating results this quarter, exemplified by our industry-leading cash cost to produce which declined another 25% to $0.85 per gram this quarter, as well as by our industry-leading gross margins and market share."
Mr. Booth added, "In order to capitalize on this global market, we recognize the need to be nimble and proactive. To enhance our financial flexibility and position us to take maximum advantage of future growth opportunities, we have also taken decisive steps to immediately strengthen our balance sheet.
Specifically, these steps include: the announcement a formal plan to settle our 5.0% convertible debentures due March 2020, a reduction in our capital investments over the next several quarters by over $190 million to better match near-term capacity expansion with anticipated demand, while maintaining our long-term demand outlook, and (3) raising over US$124 million in gross equity proceeds since the start of fiscal 2020 through our at-the-market ("ATM") financing program."
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Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
To learn more about Aurora Cannabis visit their Company HQ here.
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