Aurora Cannabis Provides Business Update and Announces Date of Third Quarter Fiscal Year 2024 Investor Conference Call

NASDAQ | TSX: ACB

• Re-affirms expectation of positive annual Adjusted EBITDA¹ for fiscal 2024 and Positive Free Cash Flow¹ generation in calendar 2024
• Announces Intention to Consolidate Common Shares
• Q3 2024 Investor Conference call scheduled for February 8, 2024 at 8:00 a.m. Eastern Time

EDMONTON, AB, Jan. 31, 2024 /CNW/ – Aurora Cannabis Inc. (“Aurora” or the “Company”) (NASDAQ: ACB) (TSX: ACB), the Canadian-based leading global medical cannabis company, provided key business updates today and confirmed that it will release financial results and host an investor conference call for its third quarter of fiscal 2024 ended December 31, 2023, on February 8, 2024.

Fiscal 2024 Update:

• Adjusted EBITDA¹ is expected to be positive on an annual basis in fiscal 2024.
• Management continues to expect that the Company will generate positive free cash flow¹ in calendar 2024.

Share Consolidation 

Aurora also today announced that its Board of Directors has approved, subject to required regulatory and stock exchange approvals, a plan to consolidate all of its outstanding Common Shares on the basis of 1 Common Share for every 10 Common Shares currently outstanding (the “Share Consolidation”), with such Share Consolidation to be effective on or about February 20, 2024. The Company expects the Share Consolidation to restore compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”) and to ensure the Company continues to have access to a wide range of institutional investors. Further details regarding the Share Consolidation can be found below under the heading “Information Regarding the Share Consolidation Plan”.

“We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow¹ this calendar year,” said Miguel Martin, Chief Executive Officer of Aurora. “Aurora is taking the required steps to comply with Nasdaq’s listing rules so that we can maintain the financial flexibility needed to continue our pursuit of profitable international growth,” added Mr. Martin.