Aurora Cannabis laid the foundation to raise up to $750 million (1 billion Canadian dollars) to fuel potential future acquisitions, other capital expenditures and debt repayments.
The Edmonton, Alberta-based company filed a base shelf prospectus with Canadian securities agencies and a corresponding shelf registration statement with the U.S. Securities and Exchange Commission.
As of Dec. 31, 2018, Aurora had cash and cash equivalents of CA$88 million, down sharply from CA$147 million as of Sept. 30, 2018.
The CA$1 billion would add to the CA$200 million the company raised earlier this year.
Demonstrating the capital requirements of companies such as Aurora, the firm’s giant cannabis greenhouse in Alberta came in over budget at CA$150 million. The company recently said the facility is fully licensed.
“With our recent listing on the (New York Stock Exchange), our successful financing in January 2019 led by U.S. institutional investors, and as we work with Nelson Peltz to explore potential partnership opportunities, this filing is a natural evolution for our company as we rapidly mature into a global and profitable organization,” Executive Chairman Michael Singer said in the release.