Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) has repurchased an aggregate of roughly CA$12.3 million ($9 million) principal amount of its convertible senior notes in multiple transactions between August 16 and September 8, 2023.
A total cash cost of CA$12.3 million, including accrued interest, was satisfied by issuing an aggregate of approximately 20.1 million common shares of Aurora, the Edmonton, Alberta-based company said on Friday.
The news comes on the heels of the Department of Health and Human Services’ call to the DEA to reclassify cannabis from a Schedule I to III under the Controlled Substances Act.
Why It Matters
The Canadian cannabis giant said that the transactions will reduce its debt and annual cash interest costs while helping it achieve positive free cash flow in 2024.
Additionally, the move would save Aurora CA$660 000 in annualized …