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Aurora Cannabis Appoints Miguel Martin As CEO; Announces Amendments To Credit Facility

Aurora Cannabis Inc. (ACB,ACB.TO) announced the appointment of Miguel Martin as Chief Executive Officer, effective immediately. Michael Singer, who has served as Interim CEO since February 2020, will remain Executive Chairman. Martin is a 25-year consumer packaged goods industry veteran who joined Aurora from Reliva where he served as Chief Executive Officer. He assumed the role of Chief Commercial Officer of Aurora in July 2020.

Aurora Cannabis said it expects fourth quarter net revenue between $70 and $72 million, including $66 to $68 million Cannabis net revenue. The company will record up to $1.8 billion in goodwill impairment charges in its fourth quarter.

Also, Aurora announced the company and UFC have agreed to mutually terminate their partnership. In connection with this, the company expects to make a one-time payment of US$30 million to terminate the contract in first quarter.

Aurora has reached an agreement with its syndicate of banks regarding amendments to its secured credit agreement. These amendments are expected to provide additional flexibility during its Business Transformation Plan. The amendments include: reduction in the size of the revolving facility from $43 million to $15 million; and reduction in the adjusted EBITDA milestones required for the trailing twelve-month period ending June 30, 2021 from $51 million to $20 million, including delaying the requirement to generate positive adjusted EBITDA to second quarter.

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