Highlights include:
Continued Strong Patient and Revenue Growth
- Recorded $8.2 million in revenues, up 169% from Q1 2017 and up 39% sequentially from Q4 2017.
- Sold 889,965 gram equivalent of cannabis, up 18% from Q4 2017.
- Added approximately 2,880 active registered patients during the quarter, an 18% increase.
Capacity Expansion
- Continued to progress on schedule and on budget with the construction of the 800,000 square foot Aurora Sky facility.
- The Company's subsidiary Pedanios passed the first stage of the tender application process to become a licensed producer of medical cannabis in Germany. Results of the tender process are expected March 2018.
- The Company's Mountain View facility meets EU GMP certification standards, required by the German government for export to that market, and anticipates receiving the certification shortly.
- Received its export permit issued by Health Canada, as well as provisional import status from the German Bundesopiumstelle (Federal Narcotics Bureau), to import medical cannabis products into Germany through Pedanios, which currently distributes cannabis to 1,700 pharmacies.
Product Line Expansion
- Entered into a subscription and an option agreement with Hempco and Hempco founders, which, upon exercise, would bring the Company's total ownership interest in Hempco to over 50% on a fully diluted basis.
- Completed the acquisition of BC Northern Lights and Urban Cultivator, leading companies, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home kitchens.
- Entered into a technical services agreement with Cann Group Limited of Australia (19.9% owned).
- Entered into an exclusive hardware supply agreement for the Canadian market with Namaste Technologies Inc. ("Namaste") whereby Aurora, through its website and mobile application, offers a specially curated selection of industry-leading vaporizers sourced through Namaste.
Financings
- Strengthened the balance sheet and liquidity position during the first quarter of 2018 with $1.5 million in new financings via the exercise of warrants, options and compensation options, as well as the conversion of convertible notes into common shares.
- Approximately $96 million in additional gross cash proceeds remain available from the future exercise of warrants, stock options and compensation options/warrants.
- The Company received 14,285,714 units and 77,540 units of Radient on conversion of $2.0 million in debentures and payment of final interest, respectively.
Management Team Expansion and Director Change
- Strengthened its senior management team to ensure the Company has the leadership to further grow and build shareholder value through execution of domestic and international objectives and opportunities. In July and August 2017, the Company appointed VPs in Finance, Market Development, and Production, as well as a Chief Cultivator.
- Graduated from the TSX Venture Exchange to the Toronto Stock Exchange in July.
- Mr. Barry Fishman resigned from the board of directors effective September 25, 2017.
- Increased the prices for its dried cannabis strains from $8.00 to $9.00 per gram (from $5.00 to $6.00 per gram for low-income patients).
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