Daily Cannabis Hit: September 27, 2021

The Daily Hit

It’s time for your Daily Hit of cannabis financial news for September 27, 2021.

On The Site

Aurora

After delaying its earnings announcement, Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) released its financial results for the fourth quarter and full-year fiscal 2021 ending June 30, 2021. Aurora reported that its revenues in the quarter fell 20% in the quarter to $54.8 million from last year’s $68.4 million for the same time period. Revenue also dropped sequentially from the third quarter’s $55.1 million. The amount of kilograms sold during the quarter fell 32% to 11,346 from last year’s 16,748.

The net loss for the quarter was a whopping $133 million, which is down from the third quarter’s net loss of $160 million and last year’s eye-popping $1.8 billion for the same time period. For the full year, Aurora reported a net loss of $693 million versus 2020’s net loss of $3.2 billion. Aurora said it has identified cash savings of $60 million to $80 million and said it expects to deliver $30 million to $40 million of annualized cash savings within the next year, and the remainder by the end of the second fiscal quarter 2023. Aurora said that its consumer cannabis net revenue was $19.5 million ($20.2 million excluding provisions), a 45% decrease from $35.3 million ($37.1 million excluding provisions) in the prior year.

Delix Therapeutics

Delix Therapeutics closed on a $70 million Series A financing round.  The company said it expects to use the money to advance two lead candidates through Phase 1 clinical trials, further expand its drug discovery platform of novel neuroplasticity-promoting compounds known as psychoplastogens, and expand its team.

RWB

Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF)reported that it has completed a refinancing of an aggregate principal amount of $18.6 million debentures (plus accrued interest to September 1, 2021) previously issued to an arm’s-length investor. The Prior Debentures were replaced with a new debenture in the principal amount of $19.3million.

Audacious

Australis Capital Inc., operating as Audacious (CSE: AUSA) (OTC: AUSAF)  announced that it has retained DelMorgan & Co., an internationally recognized investment firm, to assist it with its $15 million capital raise.

In Other News

Perfect Union

-based Perfect Union recently reached its latest funding round goal of $15 million to bolster its expansion efforts. Now, the cannabis company is looking to raise at least double that in its next funding round in 2022. David Spradlin, CEO of Perfect Union, disclosed last October that the company’s investment arm, MWG Holdings Group Inc., was planning a $15 million equity offering. According to a recent filing with the Securities and Exchange Commission, the company raised the funds through 16 investors.

 With the closing of the Series B round, Spradlin told the Business Journal that Perfect Union will have raised around $30 million since it held its first funding round in 2017. The latest funds, he said, will continue to help the company finish infrastructure projects, bolster its cultivation efforts, establish a commercial kitchen where it plans to develop new edible lines, and expand more into distribution.

Flower One

Flower One Holdings Inc.  (CSE: FONE) (OTCQX: FLOOF) has closed the first tranche of its non-brokered private placement (the “Private Placement”), raising aggregate gross proceeds of $5M.

The post Daily Cannabis Hit: September 27, 2021 appeared first on Green Market Report.