Aurora Cannabis Inc (TSX:TSX:ACB, NASDAQ:ACB) said it has finalized the sale of its Polaris warehouse and distribution facility in Alberta for gross proceeds of approximately $15 million.
The sale is part of the cannabis company’s efforts to streamline its operations and focus on international opportunities under an ongoing transformation program.
In a release, Aurora assured shareholders that its balance sheet remains in a net cash position, with approximately $320 million of cash and cash equivalents inclusive of the Polaris sale.
The firm added that it expects to achieve Adjusted EBITDA profitability for the quarter ending December 31, 2022.
Aurora shares rose over 5% in Wednesday trading in New York at US$0.95 and around 3.2% in Toronto at C$1.29.
Based in Edmonton, Alberta, Aurora’s adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, Whistler, Being and Greybeard, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co.
Aurora also has a controlling interest in Bevo Farms, North America's leading supplier of propagated agricultural plants.