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.
High Tide Inc. has announced a definitive agreement to acquire 80% of Enigmaa Ltd., operating as Blessed CBD, for £9.06 million. Blessed is a leading UK CBD brand, known for its direct-to-consumer model with £5.1 million in revenue and strong gross margins of 81%. This acquisition aims to enhance High Tide's UK e-commerce presence and capitalize on cross-selling opportunities. The deal is expected to close in October 2021, with an option for High Tide to acquire the remaining 20% in three years, positioning the company for further growth in the EU CBD market.
High Tide Inc. has opened two new retail cannabis stores in Windsor and Cornwall, Ontario, increasing its total to 101 locations in Canada and 30 in Ontario. September has seen the launch of eight new stores, underlining the company's growth despite pandemic-related challenges. The Windsor store is strategically located in a commercial district, while the Cornwall outlet sits in a prominent retail plaza. To celebrate its 100-store milestone, High Tide will support World Vision by sponsoring two additional children for each new store. The company aims to exceed 200 locations nationally by 2022.
Aurora Cannabis has launched Bidiol, the first domestically produced medical cannabis oil in Uruguay, available in 3% and 10% concentrations. This launch is a key component of Aurora's renewed strategy focusing on the Uruguayan market, aiming to establish the country as a center for medical cannabis production. The oil is authorized for treating refractory epilepsy in children and adolescents and is available in pharmacies. Aurora plans to expand its CBD oil portfolio in Uruguay shortly.
Aurora Cannabis (ACB) reported a 9% increase in total medical cannabis net revenue year-over-year, reaching $35 million. The company achieved an adjusted gross margin of 68% and narrowed its adjusted EBITDA loss by $17.6 million to $13.9 million. However, total cannabis net revenue decreased to $54.8 million, a 19% decline compared to the previous year. Aurora maintains a robust cash position of $440.9 million and announced cost savings of $60 to $80 million through its business transformation plan. The company aims for adjusted EBITDA profitability in the near future.
High Tide Inc. has been recognized as one of Canada’s top growing companies for 2021 by the Globe and Mail, ranking 82nd out of 448 firms with a remarkable three-year revenue growth of 733%. This recognition highlights High Tide's operational success since its first cannabis retail store opened in October 2018, growing from 160 employees to nearly 100 stores and over 900 employees. The Company plans to enhance revenue through further retail and e-commerce expansion in Canada, the United States, and Europe.
Aurora Cannabis Inc. (ACB) has rescheduled its conference call to discuss the fourth quarter and full fiscal year 2021 results to Monday, September 27, 2021, at 5:00 p.m. ET. The financial results and related annual disclosure documents will be released after market close on the same day. CEO Miguel Martin and CFO Glen Ibbott will host the call, allowing investors to submit questions via a designated weblink. Aurora, headquartered in Edmonton, Alberta, is a leader in the cannabis industry, focusing on high-quality cannabis products.
High Tide Inc. has revealed its new cannabis retail concept, Cannabis Chop Club, aimed at value-focused consumers. The stores will be smaller, averaging 1,000-1,200 square feet, and have lower build costs of $125,000 to $150,000. The Chop Club will offer exclusive deals for members and leverage High Tide’s existing loyalty programs. CEO Raj Grover highlights the potential to capture market share from the illicit cannabis market. The company, known for its retail cannabis and consumption accessories, operates 93 locations in Canada.
Aurora Cannabis (NASDAQ: ACB; TSX: ACB) will discuss its fourth quarter and full fiscal year 2021 results on September 21, 2021, at 5:00 p.m. ET. The financial results will be released after market close on the same day. The call will be hosted by CEO Miguel Martin and CFO Glen Ibbott, allowing investors to submit questions through the provided web link. The company will also conduct its Annual General Meeting virtually on November 12, 2021, at 12:00 p.m. ET.
High Tide Inc. has successfully converted all outstanding META Convertible Debentures into common shares, significantly reducing its total debt from approximately $71 million to $28.4 million, with $10.8 million being non-interest bearing. The company reported that total debt maturities for the next 12 months are $1.6 million. This move is part of High Tide's strategy to strengthen its balance sheet while expanding its e-commerce presence in the U.S. market. CEO Raj Grover emphasized growth in revenues and cash reserves since acquiring META in November 2020.
Aurora Cannabis Inc. (ACB) announced the successful delivery of its initial shipment of medical cannabis to France's pilot program, in partnership with Ethypharm. This pivotal milestone emphasizes Aurora's role as a primary supplier, fulfilling obligations to provide premium cannabis products sourced from its EU GMP facility in Denmark. The pilot program, set to serve patients shortly, marks a significant step toward increasing access to medical cannabis in France and potentially developing a large regulated market across Europe.