Stocks look to continue rally on trade optimism - Fox Business

U.S. Stocks are pointing to another up session as the fog surrounding the trade war between the U.S. and China seems to be lifting.

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The two sides have in recent days softened their stance.

Dow Industrial futures are gaining 0.2 percent, S&P 500 futures are adding the same and Nasdaq futures are up by 0.3 percent.

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Investors drew encouragement from China's decision to exempt some U.S. products from a recent round of tariffs.

As a gesture of "goodwill," President Trump said on Twitter on Wednesday that the United States agreed to a two-week delay in a planned increase in tariffs on some Chinese imports.

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The moves could indicate that both sides are settling in for an extended conflict even as they prepare for talks in Washington aimed at ending the dispute that threatens global economic growth.

On Wednesday, the S&P 500 rose 0.7 percent, the first time it has finished above 3,000 points since July 30. The Dow Jones Industrial Average gained 0.8 percent, while the Nasdaq picked up 1.1 percent.

Ticker	Security	Last	Change	%Chg
I:DJI	DOW JONES AVERAGES	27137.04	+227.61	+0.85%
SP500	S&P 500	3000.93	+21.54	+0.72%
I:COMP	NASDAQ COMPOSITE INDEX	8169.678346	+85.52	+1.06%

In Asia on Thursday, Japan's Nikkei gained 1.1 percent, Hong Kong's Hang Seng index slipped 0.2 percent and China's Shanghai Composite picked up 0.2 percent.

Expectations are that the European Central Bank will kick off another wave of monetary easing by global central banks on Thursday morning.

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Investors continue to expect the Federal Reserve will cut interest rates at its meeting next week in another bid by the central bank to help maintain U.S. economic growth.

The Fed raised its benchmark interest rate in July by a quarter point. That was its first hike in a decade.

The Associated Press contributed to this article.

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https://www.foxbusiness.com/markets/us-stocks-sept-12-2019

2019-09-12 06:19:52Z
CBMiOmh0dHBzOi8vd3d3LmZveGJ1c2luZXNzLmNvbS9tYXJrZXRzL3VzLXN0b2Nrcy1zZXB0LTEyLTIwMTnSAT5odHRwczovL3d3dy5mb3hidXNpbmVzcy5jb20vbWFya2V0cy91cy1zdG9ja3Mtc2VwdC0xMi0yMDE5LmFtcA

The world's biggest brewer may resurrect its massive Hong Kong IPO - CNN

The world's biggest brewer said in a statement Thursday that there is no assurance that the transaction will go through "and the decision to proceed will depend on a number of factors and prevailing market conditions."

Asian stock markets have been turbulent this year, largely because of the trade war between the United States and China. Hong Kong's Hang Seng Index is down 5.1% since the beginning of July, hit by a political crisis that has seen months of mass demonstrations.

AB InBev was hoping to raise as much as $9.8 billion by listing Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, before pulling the planned July offering. The IPO would have topped Uber (UBER), which raised $8.1 billion in New York in May.

AB InBev could use the funds to reduce its massive debt load. The company has already made moves to steady its balance sheet, cutting its dividend in half last last year and unloading its Australian business for $11.3 billion in July.

AB InBev became the world's top brewer by borrowing money to fund a series of acquisitions. The company's most recent mega purchase, of SABMiller, increased its debt to $102.5 billion in 2018.

An Asia IPO could also help the company in China, the world's largest market for beer. AB InBev's sales in the country grew 8.3% last year, with brands like Budweiser and Corona performing especially well.

The listing would be a win for the Hong Kong Stock Exchange. Reports emerged last month that internet giant Alibaba (BABA) would delay plans to raise $15 billion through a secondary listing in Hong Kong amid the ongoing political unrest. Alibaba declined to comment at the time.

CNN Business' Laura He contributed to this report.

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2019-09-12 04:37:00Z
52780380913838

Trump calls on Fed to cut interest rates to zero 'or less' - BNNBloomberg.ca

President Donald Trump urged the Federal Reserve to lower interest rates to a level typically reserved for recessions or periods of persistently weak growth, suggesting that such a setting could allow the government to refinance Treasury debt at a lower cost.

The Fed should “get our interest rates down to ZERO, or less,” Trump said in an early Wednesday tweet that went beyond his previous attacks and demand for a cut of one percentage point. “We should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term.”

The idea is flawed. While it’s true that the government could sell bonds at lower interest rates than those on much of its outstanding debt, it would have to pay a big premium to buy back and retire some old bonds, effectively negating the financial benefits. Certain treasuries, for instance, fetch prices of as high as US$1.40 for every US$1 of face value.

Monetary authorities such as the European Central Bank, the Swiss National Bank and the Bank of Japan have had policies on interest rates that are effectively below zero, as a way to boost demand for loans and stimulate sluggish economies. The Fed’s benchmark rate is currently 2 per cent-2.25 per cent following a quarter-point reduction on July 31 -- the first cut since the Fed lowered rates effectively to zero in 2008, during the worst financial crisis and economic downturn since the Great Depression.

With Trump polling behind several Democratic candidates in his 2020 re-election campaign and Americans fearing a recession within the next year, the president is seeking to deflect blame for any economic ills. He has repeatedly blamed the Fed and Chairman Jerome Powell, who goes by Jay, for raising interest rates too steeply in 2018 and constraining the economy as the president pursues a trade war with China.

“No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing,” Trump continued in the post. “A once in a lifetime opportunity that we are missing because of ‘Boneheads.’”

....The USA should always be paying the the lowest rate. No Inflation! It is only the naïveté of Jay Powell and the Federal Reserve that doesn’t allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of “Boneheads.”

— Donald J. Trump (@realDonaldTrump) September 11, 2019

Trump’s reference to refinancing debt followed an online commentary last week by Stephen Moore, who withdrew his candidacy for the Fed board earlier this year. “The Trump administration should take advantage of today’s bargain-basement borrowing costs by immediately refinancing the national debt,” Moore wrote on the Heritage Foundation’s website.

Policy makers are widely expected to make another quarter-point cut when they next meet Sept. 17-18, though hardly anyone sees interest rates headed to zero in the next two years, according to a Bloomberg survey earlier this month. Meanwhile, economists in a separate poll predict the ECB will cut its deposit rate to minus 0.5 per cent from minus 0.4 per cent on Thursday.

Fed officials balked at cutting rates below zero during the last downturn in part because of fears doing so would hamper money-market functioning and hurt rather than help banks. There are also questions over whether the Federal Reserve Act even allows it to deploy negative rates.

A recent study published by the University of Bath found negative rates decreased lending. Fed Bank of San Francisco research also concluded the introduction of the policy in Japan actually lowered inflation expectations.

“I just don’t see the cost/benefit there being very attractive” Fed Governor Lael Brainard said in an Aug. 5 televised interview with Yahoo Finance.

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September 11, 2019 at 07:05PM

'We need to talk about Donald' — The elephant in oil's uncertain world - Financial Post

SINGAPORE — “Uncertainty” was the buzzword at the crude oil industry’s annual gathering in Asia, but virtually everybody was reluctant to talk about the root cause behind the sector’s discomfort – U.S. President Donald Trump.

Speaker after speaker at this week’s Asia Pacific Petroleum Conference (APPEC) highlighted the challenges to the crude oil industry, from supply issues around Iran and Venezuela to the mounting risk of global economic slowdown amid ongoing and escalating trade disputes.

But even in private conversations at the myriad of networking events, hardly anybody was keen to talk about what all the risks to the oil sector have in common, namely the mercurial U.S. president.

Trump is to the oil industry what Lord Voldemort is to Harry Potter - ‘he who must not be named’

The drop in supplies from Iran and Venezuela are the result of Trump imposing sanctions on both countries in thus-far failed attempts to get their leaders to bend to U.S. demands.

Meanwhile the threat to global growth from the trade dispute between the United States and China was triggered by Trump’s policies.

In some ways it doesn’t actually matter whether you think Trump’s actions are justified or flawed, so long as you recognize that they are having real impacts on global oil markets.

Hence the overuse of the word “uncertainty”: Oil industry insiders are reluctant to firstly acknowledge the role of U.S. policy in the current market dynamics, and even if they do recognize the issue in private, they won’t talk about it in public.

In some ways Trump is to the oil industry what the nefarious Lord Voldemort character is to the ‘Harry Potter’ series of books — “he who must not be named.”

Oil industry executives, analysts and traders generally have a view as to where they think crude prices are headed and why this is the case.

But currently they are struggling because they have learnt that Trump is an unpredictable actor on the global oil stage.

At the APPEC event last year, the general consensus was that crude prices were heading higher, with this view based on the output cuts instituted by OPEC and allied producers such as Russia, as well as price-supportive geopolitics.

The industry anticipated that Trump would re-impose sanctions on Iran’s oil industry and expected the loss of Iranian cargoes to boost prices.

But they also incorrectly assumed that the trade dispute would be resolved, since it was in the interests of both the United States and China to do so.

This meant that while there was uncertainty at last year’s APPEC, it was bullish uncertainty, and people were more open to expressing the view that prices would rise.

Uncertainty is Bearish

However, when industry leaders talk about uncertainty today, what they really mean is that they think crude prices are heading lower. But they don’t want to say that openly.

This is understandable, as oil producers or traders seldom want to talk down the market, just as they don’t want to be seen as talking about politics, even though politics is currently driving the market.

In effect, the industry has correctly identified that prices are currently in a tug-of-war between supply disruptions such as Iran and Venezuela, and the darkening outlook for global growth.

The conclusion is that the economic clouds are winning that battle so far and therefore crude prices are more likely to fall than rally.

This is despite most bottom-up analysis of the crude market based on supply and demand fundamentals pointing to higher prices, at least for the rest of 2019.

The dilemma for the oil market is that if Trump were to somehow settle all the disputes he has initiated, the outcome for crude is still uncertain

But oil industry insiders are also aware that the entire market can turn on a few tweets from Trump, and the possibility of U.S. rapprochements with Iran and China cannot be ruled out.

The dismissal of hawkish U.S. national security adviser John Bolton on Tuesday is a case in point, as this may make it more likely that some sort of accommodation can be reached with Iran.

The dilemma for the oil market is that if Trump were to somehow settle all the disputes he has initiated, the outcome for crude is still uncertain.

Allowing Iranian and Venezuelan barrels back on the market is bearish for prices; reaching a trade deal with China is bullish.

It’s possible that all the disputes could be resolved, or just one, or none at all. But the one key factor linking all of them is Trump — and he’s the one thing nobody wants to talk about.

© Thomson Reuters 2019

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September 12, 2019 at 12:08AM

Clothing retailer Roots reports nearly $9.7M loss in 2nd quarter - CBC News

Aurora Cannabis Announces Financial Results for the Fourth Quarter and 2019 Fiscal Year - Canada NewsWire

"In 2019 Aurora took its place as the global leader in cannabis production, research, innovation, and international market development. We are executing on all our strategic priorities," said Terry Booth, CEO. "Our best in class cultivation methods allow us to grow consistent, high-quality cannabis at scale. Because of this, we've delivered solid revenue growth in the fourth quarter. We are working to extend our reach in the U.S. markets. Our partnership with the UFC is a basis to explore CBD-from-hemp and hemp food products. We are also exploring additional opportunities and leveraging our Strategic Advisor. We are focused on building a sustainable, high-margin business while providing patients and consumers with access to safe and reliable medicine."

Glen Ibbott, CFO, added, "We continue to see strong growth in cannabis revenues in both medical and consumer categories. Our cultivation execution continues to drive production costs lower and improve gross margins. Aurora's diversified product portfolio remains in demand with patients and consumers alike. With the Canadian launch of derivative products in the coming months, we have made the necessary investments to ensure readiness and focus on a variety of value added products. We are very excited to supply an expanded consumer market with premium cannabis and new product forms."

Fourth Quarter 2019 Highlights

(Unless otherwise stated, comparisons are made between Fiscal Q4 2019 and Q3 2019 results and are in Canadian dollars)

• Net cannabis revenue up 61% sequentially to $94.6 million
• • Canadian consumer cannabis revenue up 52% to $44.9 million
  • Medical cannabis revenue up 10% to $29.7 million
  • Wholesale revenues of $20.1 million
• Cash cost to produce per gram sold declined 20% sequentially to $1.14 per gram in Q4 2019.
• Production volume increased 86% sequentially to 29,034 kgs.
• Gross margin on cannabis net revenue increased by 3% to 58% sequentially.
• Aurora's medical patient base expanded 10% to 84,729 sequentially. As at the date of this release, Aurora has approximately 89,700 active registered patients, a further increase of 6%.
• Adjusted EBITDA loss of $11.7 million represents an improvement of 68% compared to $36.6 million in Q3 2019.

Subsequent Events

• Closed an amended and upsized $360 million secured credit facility which includes an accordion feature that enables Aurora to upsize the facility by approximately $40 million,
• Sold its remaining 28,833,334 shares of The Green Organic Dutchman Holdings Ltd ("TGOD"), at a price of $3.00 per share for aggregate gross proceeds of $86.5 million, representing an approximate 50% internal rate of return for the Company.

Full Year Fiscal 2019 Highlights

• Net revenue of $247.9 million, up 349% compared to the prior year.
• Gross margin on cannabis net revenue of 55% in fiscal 2019 versus 65% in fiscal 2018.
• Kilograms produced and kilograms sold of 57,442 kgs and 36,628 kgs, up 920% and 629% respectively compared to fiscal 2018.

Q4 2019 Key Financial and Operational Metrics

($ thousands, except Operational Results)	Q4 2019 (6)	Q3 2019	$ Change	% Change
Financial Results
Net Revenue (1)	$98,942	$65,145	$33,797	52%
Cannabis net revenue (2)(3a)	$94,640	$58,652	$35,988	61%
Medical cannabis net revenue (2)(3a)	$29,651	$27,001	$2,650	10%
Consumer cannabis net revenue (2)(3a)	$44,882	$29,577	$15,305	52%
Wholesale bulk cannabis net revenue (2)(3a)	$20,107	$2,074	$18,033	869%
Gross margin before FV adjustments on cannabis net revenue (2)(3b)	58%	55%	N/A	3%
Gross margin before FV adjustments on medical cannabis net revenue (2)(3b)	60%	60%	N/A	0%
Gross margin before FV adjustments on consumer cannabis net revenue (2)(3b)	55%	50%	N/A	5%
Gross margin before FV adjustments on wholesale bulk cannabis net revenue (2)(3b)	61%	60%	N/A	1%
Selling, general and administration expense	$72,869	$67,104	$5,765	9%
Adjusted EBITDA (4)	($11,737)	($36,572)	$24,835	68%
Balance Sheet
Working capital	$227,802	$469,729	($241,927)	(52)%
Cannabis inventory and biological assets (5)	$144,275	$118,023	$26,252	22%
Total assets	$5,502,830	$5,549,780	($46,950)	(1)%
Operational Results – Cannabis
Cash cost to produce per gram sold (2)(3c)	$1.14	$1.42	($0.28)	(20)%
Active registered patients	84,729	77,136	7,593	10%
Average net selling price of medical cannabis (2)	$8.51	$8.51	$0.00	0%
Average net selling price of consumer cannabis (2)	$5.14	$5.48	($0.34)	(6)%
Average net selling price of wholesale bulk cannabis (2)	$3.61	$3.52	$0.09	3%
Kilograms produced	29,034	15,590	13,444	86%
Kilograms sold	17,793	9,160	8,633	94%

(1)	Net revenue represents our total gross revenue cannabis products effective October 17, 2018.
(2)	These terms are defined in the "Cautionary Statement Regarding Certain Performance Measures" section of this MD&A
(3)	Refer to the following sections for reconciliation of non-GAAP measures to the IFRS equivalent measure:
	a.	Refer to the "Revenue" section for a reconciliation of cannabis net revenue to the IFRS equivalent.
	b.	Refer to the "Gross Margin" section for reconciliation to the IFRS equivalent.
	c.	Refer to the "Cash Cost of Sales of Dried Cannabis and Cash Cost to Produce Dried Cannabis Sold – Aurora Produced Cannabis" section for reconciliation to the IFRS equivalent.
(4)	Adjusted EBITDA is calculated as net income (loss) excluding interest income (expense), accretion, income taxes, depreciation, amortization, changes in fair value of inventory sold, changes in fair value of biological assets, share-based compensation, foreign exchange, changes in fair value of financial instruments, gains and losses on deemed disposal, and non-cash impairment of equity investments, goodwill, and other assets.
(5)	Represents total biological assets and cannabis inventory, exclusive of merchandise, accessories, supplies, and consumables.
(6)	During the three months ended June 30, 2019, the Company recorded non-material year-end corrections to: (i) capitalize certain payroll, share-based compensation and borrowing costs, related to the construction of our production facilities that were incorrectly expensed in prior periods; and (ii) reverse items that had been over-accrued in prior periods.  The net impact of these adjustments to Q4 2019 Adjusted EBITDA was a $14.9 million reduction in reported operating expenses

($ thousands)	Three months ended				Year ended
	June 30, 2019		March 31, 2019		June 30, 2019		June 30, 2018		June 30, 2017
Medical cannabis net revenue
Canada dried cannabis	14,438		14,501		58,101		24,231		14,679
EU dried cannabis	4,481		4,004		14,141		9,835		439
Canada cannabis extracts (1)	10,732		8,496		34,447		8,690		804
Total medical cannabis net revenue	29,651		27,001		106,689		42,756		15,922
Consumer cannabis net revenue
Dried cannabis	41,813		27,461		88,603		—		—
Cannabis extracts (1)	3,069		2,116		7,992		—		—
Total consumer cannabis net revenue	44,882		29,577		96,595		—		—
Wholesale bulk dried cannabis net revenue	20,107		2,074		22,181		—		—
Total cannabis net revenue	94,640		58,652		225,465		42,756		15,922

(1)  Cannabis extracts revenue includes cannabis oils, capsules, softgels, sprays, and topical revenue.

($ thousands)	Three months ended				Year ended
	June 30, 2019		March 31, 2019		June 30, 2019		June 30, 2018		June 30, 2017
Net revenue	98,942		65,145		247,939		55,196		18,067
Design, engineering and construction services	—		(914)		(2,403)		(4,218)		—
Patient counseling services	(606)		(809)		(4,214)		(3,933)		(2,145)
Analytical testing services	(317)		(1,238)		(2,976)		—		—
Other cannabis segment revenues
(accessories, hemp, other)	(2,760)		(962)		(10,370)		(1,865)		—
Horizontally integrated business revenues	(619)		(2,570)		(2,511)		(2,424)		—
Cannabis net revenue	94,640		58,652		225,465		42,756		15,922

Consolidated net revenue increased 52% to $98.9 million in Q4 2019 as compared to $65.1 million in the prior quarter. Consumer cannabis revenues were $44.9 million in Q4 2019, an increase of 52% from the prior quarter and contributed 45% to total consolidated net revenue. Canadian medical cannabis net revenues increased to $25.2 million in Q4 2019, up 9% over the prior quarter. Revenue growth was primarily driven by additional production capacity and supply available for sale from Aurora Sky and Aurora River (Bradford).

Average net selling price of cannabis decreased by $1.08 per gram over the prior quarter from $6.40 in Q3 2019 to $5.32 in Q4 2019. This decrease is primarily attributable to the increase in sale volumes to consumer and bulk wholesale markets which yield lower average net selling prices as compared to medical markets.

Gross margin on cannabis net revenue increased to 58% in Q4 2019, compared to 55% in the prior quarter. Gross margin improvement was driven by the continued decline in cash cost to produce per gram and higher gross margins achieved on bulk sales.

During Q4 2019, Aurora produced 29,034 kilograms of cannabis as compared to 15,590 kilograms in the prior quarter. The 86.2% increase in production output was primarily due to the additional production capacity added by Aurora Sky, River (Bradford), and Ridge (Markham) facilities. Extraction capacity increased from 20,400 kilograms to 26,400 kilograms in Q4 2019.  Subsequent to the quarter end, Aurora's annual extraction capacity further increased to 45,600 kilograms.

Q4 2019 SG&A increased by 9% to $72.9 million, compared to the prior quarter. The change was primarily driven by an increase in fulfillment and shipping costs related to the growth in consumer cannabis sales and continued investment in sales initiatives, distribution network, and partnerships to conduct research, develop products, and drive brand awareness. Aurora will continue to invest in infrastructure and talent required for market share growth in the global medical and consumer cannabis markets but will remain intensely focused doing this as efficiently as possible.

In Q4 2019, adjusted EBITDA loss improved 68% to $11.7 million from $36.6 million in the prior quarter. Developing a profitable and robust global cannabis company is extremely important to Aurora. In fiscal 2019 Aurora was focused on excellence in execution, and the Company's KPIs show its success in this regard. Furthermore, Aurora has addressed previously identified production bottlenecks and continues to see strong sell-through of the Company's products at the retail level. However, the Canadian consumer channel continues to experience challenges at the retail level in key markets and resolution of this issue is beyond the Company's control. Aurora is working closely with all our regulatory and channel partners to streamline distribution as the Company continues to track toward positive adjusted EBITDA on a consolidated basis.

The Company's operating facilities current annualized run-rate production capacity is in excess of 150,000 kg per annum, based on planted rooms. As the industry leader in purpose-built cultivation, Aurora is focused on producing a consistent supply of high-quality, low-cost product to meet evolving market demand. Aurora is well-positioned to respond to market conditions quickly with shorter lead times, increased harvest cycles and high plant yields.

Outlook 

The global cannabis and hemp markets represent a significant opportunity for Aurora and the Company will continue to make the necessary investments today to build long-term value for shareholders. However, Aurora will take a balanced approach to these investments with a focus on operating a sustainable and profitable business.

The introduction of new product formats to the Canadian consumer market this fall represents a significant opportunity for the Company. Aurora expects to have a robust product line-up ready to launch in December. Given the very early stage of development of the consumer market in Canada and international medical markets, management anticipates that quarter to quarter sales volumes and revenues may be volatile. The Company expects adjusted EBITDA to continue to improve in the future due to expected revenue growth, improvements in gross margin and prudent SG&A growth.

The passing of the U.S. Farm Act presents new opportunities in the largest cannabis and hemp-derived CBD market globally, and as such Aurora is committed to establishing a substantial operating footprint in the U.S. As part of the U.S. market strategy, the Company is considering its stakeholders and how various state and federal regulations will affect its business prospects. A number of alternatives to grow Aurora's presence in the U.S. market are under evaluation and the Company is committed to only engage in activities which are permissible under both state and federal laws. Management believes there are currently market opportunities that are legal at both state and federal levels that can add operating cash flows and be critical pillars of Aurora's strategy and long-term success.

Conference Call

Aurora will host a conference call tomorrow, September 12, 2019, to discuss these results. Terry Booth, Chief Executive Officer, Glen Ibbott, Chief Financial Officer, Cam Battley, Chief Corporate Officer, and Michael Singer, Executive Chairman, will host the call starting at 9:00 a.m. Eastern time. A question and answer session will follow management's presentation.

Date:	Thursday, September 12th, 2019
Time:	9:00 a.m. Eastern Time | 7:00 a.m. Mountain Time
Webcast:	https://bit.ly/34gYCj5
Replay:	(416) 849-0833 or (855) 859-2056
	until 12:00 midnight Eastern Time Thursday, September 19, 2019
Reference Number:	6084057

About Aurora 

Headquartered in Edmonton, Alberta, Canada with funded capacity in excess of 625,000 kg per annum and sales and operations in 25 countries across five continents, Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, high value-add product development, home cultivation, wholesale and retail distribution.

Highly differentiated from its peers, Aurora has established a uniquely advanced, consistent and efficient production strategy, based on purpose-built facilities that integrate leading-edge technologies across all processes, defined by extensive automation and customization, resulting in the massive scale production of high-quality consistent product. Designed to be replicable and scalable globally, our production facilities are designed to produce cannabis at significant scale, with high quality, industry-leading yields, and low-per gram production costs. Each of Aurora's facilities is built to meet European Union Good Manufacturing Practices ("EU GMP") standards. Certification has been granted to Aurora's first production facility in Mountain View County, the MedReleaf Markham facility, and its wholly owned European medical cannabis distributor Aurora Deutschland. All Aurora facilities are designed and built to the EU GMP standard.

In addition to the Company's rapid organic growth and strong execution on strategic M&A, which to date includes 17 wholly owned subsidiary companies – MedReleaf, CanvasRX, Peloton Pharmaceutical, Aurora Deutschland, H2 Biopharma, BC Northern Lights, Larssen Greenhouses, CanniMed Therapeutics, Anandia, HotHouse Consulting, MED Colombia, Agropro, Borela, ICC Labs, Whistler, Chemi Pharmaceutical, and Hempco – Aurora is distinguished by its reputation as a partner and employer of choice in the global cannabis sector, having invested in and established strategic partnerships with a range of leading innovators, including: Radient Technologies Inc. (TSXV: RTI), Cann Group Ltd. (ASX: CAN), Micron Waste Technologies Inc. (CSE: MWM), Choom Holdings Inc. (CSE: CHOO), CTT Pharmaceuticals (OTCC: CTTH), Alcanna Inc. (TSX: CLIQ), High Tide Inc. (CSE: HITI), EnWave Corporation (TSXV: ENW), Capcium Inc. (private), Evio Beauty Group (private), and Wagner Dimas (private).

Aurora's Common Shares trade on the TSX and NYSE under the symbol "ACB", and is a constituent of the S&P/TSX Composite Index.

For more information about Aurora, please visit our investor website, investor.auroramj.com

Terry Booth, CEO       

Aurora Cannabis Inc. 

Forward Looking Statements and Non-IFRS Industry Measures

This news release makes reference to certain non-IFRS measures, including certain industry metrics. These metrics and measures are not recognized measures under IFRS do not have meanings prescribed under IFRS and are as a result unlikely to be comparable to similar measures presented by other companies. These measures are provided as information complimentary to those IFRS measures by providing a further understanding of our operating results from the perspective of management. As such, these measures should not be considered in isolation or in lieu of review of our financial information reported under IFRS. This news release uses non-IFRS measures including "cannabis net revenue", "Adjusted EBITDA", "cannabis inveventory and biological assets", "cash cost to produce per gram sold", "average net selling price per gram", "production capacity",  and "SG&A".  The foregoing are commonly used operating measures in the industry but may be calculated differently compared to other companies in the industry. These non-IFRS measures, including the industry measures, are used to provide investors with supplementary measures of our operating performance that may not otherwise be apparent when relying solely on IFRS metrics. Definitions of the non-IFRS measures can be found in our financial statements, MD&A and this news release.

This news also release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur and include, but are not limited to the execution of definitive agreements and the closing of the transaction. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, the ability to retain key personnel, the ability to continue investing in infrastructure to support growth, the ability to obtain financing on acceptable terms, the continued quality of our products, customer experience and retention, the development of third party government and non-government adult-use  sales channels, managements estimation of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the availability of additional capital to complete construction projects and facilities improvements, the risk of successful integration of acquired business and operations, the ability to expand and maintain distribution capabilities, the impact of competition, and the possibility for changes in laws, rules, and regulations in the industry. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither TSX, NYSE nor their applicable Regulation Services Providers (as that term is defined in the policies of the Toronto Stock Exchange and New York Stock Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE Aurora Cannabis Inc.

For further information: For Media: Heather MacGregor, +1.416.509.5416, heather.macgregor@auroramj.com; For Investors: Rob Kelly, +1.647.331.7228, rob.kelly@auroramj.com

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September 12, 2019 at 04:00AM

Jarislowsky Fraser throws lifeline to scandal-battered SNC-Lavalin - BNNBloomberg.ca

SNC-Lavalin Group Inc., the embattled Canadian engineering firm that has seen its stock spiral this year, just got some good news: Jarislowsky Fraser Ltd. purchased shares in the company, taking its stake to 11 per cent.

The $38 billion asset manager, now owned by the Bank of Nova Scotia, holds almost 19 million shares of SNC-Lavalin as of Aug. 31, according to an Aug. 10 filing. This is the first time the fund has purchased shares in the company since 2013.

SNC-Lavalin climbed as much as 11per cent in early trading Wednesday, extending its rally for a second day.

Earlier this year, Stephen Jarislowsky, founder of the Montreal-based investment firm, called on SNC-Lavalin to allow shareholders to vote on SNC’s proposed sale of a stake in a Toronto toll road to Canada Pension Plan Investment Board. The 10.01per cent stake sale for as much as $3.25 billion was completed last month.

SNC-Lavalin’s shares have climbed about 14 per cent in two days after CIBC analyst Jacob Bout said the company is trading close to the value of its concessions segment alone and resumed coverage with an outperform rating and a 12-month average share price target of $25. The shares traded at $18.35 in Toronto Wednesday.

Prior to the two-day surge, the stock had slumped more than 65per cent this year after the company issued three profit warnings, wrote down the value of its Middle East energy business and lost a contract in Chile valued at $260 million. It also found itself at the center of a political crisis after Prime Minister Justin Trudeau and his staff were accused of trying to help the company avoid a criminal trial over its dealings in Libya. Trudeau, facing an election next month, says he’s done nothing wrong.

The firm’s largest shareholder, Caisse de Depot et Placement du Quebec, has also been calling for change. Last month, the pension fund said that SNC must build a culture of execution and take a “major step up in discipline” to implement its new strategy.

--With assistance from Sandrine Rastello

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September 12, 2019 at 02:21AM