Aurora Cannabis closes sale of Edmonton-area facility for $15M | 24CA News

Aurora Cannabis Inc. says it has closed the sale of its Aurora Polaris facility.

The Edmonton-based firm says gross proceeds from the sale totalled about $15 million.

Aurora introduced in 2021 that it will shut the Alberta property as a part of a plan to streamline its operations.

The firm mentioned on the time eight per cent of its international workforce can be impacted by the closure.

It additionally mentioned that the placement’s medical distribution operations would transfer to the Aurora Sky facility, whereas manufacturing can be relocated to Aurora River in Bradford, Ont.

An Alberta authorities web site detailing main initiatives within the area exhibits the Aurora Polaris facility was about 2,787 sq. metres, with one-third of the area devoted to warehousing and distribution of hashish merchandise and the rest internet hosting product manufacturing.

The web site says the property had an estimated value of $50 million and was adjoining to the Sky facility by the Edmonton International Airport.

In May 2022, the corporate introduced plans to shut a number of different amenities — together with the Sky facility and two in British Columbia — and address pricing pressures that ate into revenues already hampered by the COVID-19 pandemic.

At the time, the third-quarter loss the business reported was up from a greater than $160 million loss in the identical quarter final yr and was coupled with $741.7 million in goodwill impairment prices and $176.1 million in impairment associated to property, vegetation and tools.

The firm mentioned its present steadiness sheet stays in a web money place, with about $320 million of money and money equivalents together with about $63 million of restricted money.

Aurora additionally reiterated its expectation of reaching profitability primarily based on adjusted earnings earlier than curiosity, taxes, depreciation and amortization for the quarter ended Dec. 31, 2022.