With Bank of Montreal financing for growth capital now in place, Aurora Cannabis is further positioning itself as a global enterprise with a strong portfolio of diversified assets.
The $150-million term loan and $50 million revolving credit line are primarily secured by Aurora’s production facilities, including Aurora Sky, Aurora Mountain and Aurora Vie.
The financing deal includes an option to upsize the facility to $250 million once cannabis legalization is complete on October 17, 2018.
Aurora CEO Terry Booth said the deal gives the company “significant runway to expansion opportunities and provides “accelerated entry into multiple international markets.”
Company CFO Glen Ibbott said the new financing and an “extremely strong balance sheet” advances Aurora’s capacity move ahead with the development and launch of new products and the rapid expansion of domestic and international operations.
“The closing conditions of this debt facility included stringent due diligence of Aurora’s current production facilities as well as a thorough review of Aurora’s projected revenue growth across all of our divisions,” he said.