Aurora Cannabis Inc. reports developments in its global medical cannabis business, including product launches, brand expansion and regulated-market activity across Canada, Europe, Australia and New Zealand. The company serves medical and consumer cannabis markets through brands such as Aurora, MedReleaf, Pedanios, IndiMed, San Raf, Tasty's and Whistler, with GMP-certified manufacturing facilities in Canada and Germany.
Recurring announcements cover new formats such as dried flower, pre-rolls, pastilles and resin cartridges; operating and financial results; international market engagement; capital actions; and governance updates. Aurora's news also reflects its medical-first strategy and use of a global manufacturing network to supply regulated cannabis markets.
Aurora Cannabis (ACB) reported Q3 2022 results, highlighting a 8% year-over-year increase in medical cannabis revenue to $39.4 million, driven by a 55% rise in international sales. The company has increased its expense savings target to $150-$170 million by H1 2023, up from $60-$80 million. Adjusted EBITDA loss narrowed to $12.3 million, showing improvement from prior quarters. Despite a 17% sequential decline in total revenue to $50.4 million, management remains optimistic about achieving positive adjusted EBITDA by mid-2023. The balance sheet is strong with $480.6 million in cash.
Aurora Cannabis has completed its acquisition of TerraFarma Inc., parent company of Thrive Cannabis, for an initial $38 million in cash and shares. Additionally, up to $30 million may be paid out based on Thrive meeting revenue targets within two years. This acquisition aims to strengthen Aurora's position in Canada's recreational cannabis market, focusing on premium products. Former Thrive CEO Geoff Hoover joins Aurora as SVP, Consumer, expected to enhance product quality and consumer offerings.
Aurora Cannabis announced a conference call scheduled for May 12, 2022, at 5:00 p.m. Eastern Time to discuss its third quarter fiscal year 2022 results. The financial results will be released after market close on the same day. CEO Miguel Martin and CFO Glen Ibbott will host the call, which will include a Q&A session. Aurora, a leader in the cannabis industry, continues to focus on innovation and quality in its product offerings for both medical and consumer markets.
Aurora Cannabis has announced its agreement to acquire Thrive Cannabis, parent company of the award-winning Greybeard brand, for $38 million. The acquisition is expected to close in Q4 fiscal 2022 and aims to enhance Aurora's position in the Canadian recreational market. This strategic move is projected to contribute immediate positive EBITDA and support Aurora’s goal of achieving profitability by H1 fiscal 2023. Thrive's experienced team will lead the Canadian recreational business, focusing on premium product offerings and leveraging innovative cultivation techniques.
Aurora Cannabis reported global cannabis net revenue of $60.6 million for Q2 2022, a 1% increase sequentially. The company achieved an Adjusted EBITDA loss of $9.0 million, improved by 22% compared to Q1 2022. Aurora expects to achieve total cost savings of $60 to $80 million by H1 2023, with approximately $60 million implemented to date. Medical cannabis revenue surged by 18% year over year to $45.7 million, while consumer cannabis revenue fell 48% to $14.8 million. The company remains a leading player in the global medical cannabis market, experiencing a 24% increase in international revenue.
Aurora Cannabis Inc. (NASDAQ: ACB) announced the launch of KG7, a new high-quality CBD product line under its subsidiary Reliva, aimed at adult consumers with active lifestyles. The KG7 lineup includes gummies, topical creams, CBD oils, and drink mixes, all made from 100% hemp-derived CBD isolate and free of THC. Reliva aims to solidify its brand as the leading CBD provider in brick-and-mortar stores in the U.S. The products are available for purchase online and in various convenience stores across the United States.
Aurora Cannabis Inc. (NASDAQ: ACB) has announced a conference call scheduled for February 10, 2022, at 5:00 p.m. ET to discuss its second quarter fiscal year 2022 results, which will be published that same day after market close. The call will be hosted by CEO Miguel Martin and CFO Glen Ibbott, who will address inquiries from investors through a designated weblink. Aurora is a leading global cannabis company committed to providing high-quality products across medical and consumer markets, with a strong brand portfolio.
Aurora Cannabis (ACB) has announced the delivery of a C$10 million shipment of medical cannabis to Israel, marking its largest ever export to the country. This shipment, delivered in December, will be recognized as revenue in Aurora's FY22 Q2 period. The company continues to expand its international presence, solidifying its position as a leading Canadian licensed producer by revenue. Aurora is also engaged in a joint venture in The Netherlands for a Controlled Cannabis Supply Chain Experiment, reflecting its commitment to growth in international markets.
Aurora Cannabis Inc. (NASDAQ: ACB) has appointed Chitwant Kohli to its Board of Directors, expanding the Board to nine members, seven of whom are independent. Kohli, a senior financial executive with extensive experience in finance and operations from his tenure at Royal Bank of Canada, is expected to contribute significantly to Aurora's business transformation plan. Additionally, Theresa Firestone will take on the role of Committee Chair for the Human Resources and Compensation Committee effective immediately.
Aurora Cannabis (ACB) and 22nd Century Group (XXII) announced a licensing agreement with Cronos Group (CRON) to advance cannabinoid biosynthesis research. This non-exclusive deal aims to enhance the production of rare cannabinoids such as CBG, CBC, and CBN efficiently and with high purity. According to CEO Miguel Martin, the collaboration is a significant step towards commercializing cannabinoid products, which could benefit health and wellness applications. Aurora and 22nd Century also plan to enforce their intellectual property rights against infringements.