Aurora Cannabis Buys Back a Further C$13 Million of Convertible Notes

By Adriano Marchese

Aurora Cannabis said Tuesday that it has repurchased an additional 13 million Canadian dollars ($9.6 million) worth of convertible notes as it looks to reach profitability next year.

The Canadian cannabis company said the repurchase is aimed at reducing debt and related annual cash interest costs to reinforce the company's commitment to achieve positive free cash flow in 2024.

Last week, Aurora Cannabis repurchased C$12.3 million worth of its convertible senior notes, which sent the stock soaring. The stock closed at C$1.15 on Monday, above its recent 52-week low of C$0.59 a share but below its 52-week high of C$2.15.

This brings its total repurchase of principal amount of notes to C$428 million since the end of 2021, which has led to C$32 million of yearly cash interest savings, Aurora Cannabis said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

September 19, 2023 07:37 ET (11:37 GMT)

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