ACB expects to report revenue net of excise taxes for 2019 Q4

ACB, -2.21% ACB, +7.84% said Tuesday it expects to report revenue net of excise taxes for its fiscal fourth quarter of C$100 million ($75.8 million) to C$107 million, up from C$19.1 million in the year-earlier period. The company had revenue of C$65.1 million for the previous quarter to end March.3 hours ago

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PR NEWSWIRE August 6, 2019; 11:00 am UTC

EDMONTON, Aug. 6, 2019 /PRNewswire/ – Aurora Cannabis Inc. (“Aurora” or the “Company”) (NYSE | TSX: ACB), the Canadian company defining the future of cannabis worldwide, today provided a corporate update on selected financial metrics for the fourth quarter of the Company’s Fiscal 2019 (“Q4 2019”) period ended June 30, 2019. This reiteration of guidance and clarification of operations is intended to update our investors as Aurora continues to demonstrate leadership in transparency and disclosure as the industry navigates throughs periods of volatility. Full results will be published prior to September 15, 2019, details for which will be provided in advance.

Based on a preliminary (unaudited) review, the Company anticipates net revenues for the quarter ended June 30, 2019 of between $100 million and $107 million (net of excise taxes), compared to $19.1 millionin the period ended June 30, 2018, and compared to $65.1 million for the previous quarter ended March 31, 2019.  Fiscal Q4 2019 net cannabis revenue is expected to be between $90 million and $95 million, with growth anticipated across all key business segments including medical, both Canadian and international, and consumer markets.  The Company anticipates total net revenues for the fiscal year ended June 30, 2019 to be between $249 million  $256 million. The Company expects to report that production available for sale for Q4 2019 will be at the upper end of the range between 25,000 kg and 30,000 kg, ahead of previous guidance of 25,000 kgs.

These production and revenue estimates reflect strong delivery against corporate Key Performance Indicators (“KPIs”), the financial metrics the Company uses to evaluate the business on a day-to-day basis. The Company also expects to report sequential quarterly improvements in these KPIs, in particular: gross margins, kilograms of cannabis sold and cash costs per gram produced. The Company continues to track toward positive adjusted EBITDA, and in particular adjusted EBITDA from cannabis operations.

From the beginning, the Company’s core philosophy of “purpose-built facilities” has focused on high quality  cultivation of medical grade cannabis globally.  This approach is validated by material growth in production and revenue and continued improvement in the above KPIs. Aurora’s management team and Board of Directors continue to drive a culture rooted in quality, transparency, and regulatory compliance. Aurora has grown both organically and through acquisitions of companies with shared visions, and today this culture is ingrained in Aurora’s over 2,500 employees across the globe.

“Our Q4 2019 guidance highlights Aurora’s continued leadership,” said Terry Booth, CEO of Aurora. “We set out to be best-in-class cultivators, and through carefully evaluated acquisitions, that vision continues to drive exceptional results today. We are the leader in cultivation capacity, production available for sale and revenues for cannabis in the Canadian medical and consumer markets. We continue to lead the build out of European and other international medical cannabis markets. Our success to date comes from a focus on quality, regulatory compliance, appropriate Board of Directors oversight, and delivering a profitable, low risk and sustainable business for our shareholders.”

The preliminary estimated financial results and other data for the three months ended June 30, 2019 set forth above are subject to the completion of the Company’s financial closing procedures. This data has been prepared by, and is the responsibility of, the Company’s management. Aurora’s independent registered public accounting firm, KPMG LLP, is in the process of performing year-end audit procedures with respect to the accompanying preliminary financial results and other data, and accordingly does not express an opinion or any other form of assurance with respect thereto. The Company currently expects that its final results of operations and other data will be consistent with the estimates set forth above, but such estimates are preliminary and Aurora’s actual results of operations and other data could differ materially from these estimates due to the completion of its fiscal year-end audit procedures, final adjustments, and other developments that may arise between now and the time such annual audited consolidated financial statements for the twelve months ended June 30, 2019are released.

The Company defines adjusted EBITDA 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, changes in fair value of financial instruments, gains and losses on deemed disposal, and non-cash impairment of equity investments, goodwill and intangible assets. Adjusted EBITDA from cannabis operations is defined as adjusted EBITDA for the Company’s business units engaged in the production and sale of cannabis and legal derivatives thereof and excludes non-cannabis-related business units or operations.

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, and Chemi Pharmaceutical – 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. (RTI.V), Hempco Food and Fiber Inc. (HEMP.V), Cann Group Ltd. (CAN.AX), Micron Waste Technologies Inc. (CSE:MWM), Choom Holdings Inc. (CSE:CHOO), CTT Pharmaceuticals (CTTH), Alcanna Inc. (CLIQ.TO), High Tide Inc. (CSE:HITI), EnWave Corporation (ENW.V), 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 

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 “EBITDA”, “adjusted EBITDA”, “net cannabis revenue”, “adjusted EBITDA from cannabis operations” and “production available for sale”. EBITDA, adjusted EBITDA and production available for sale 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 most recent MD&A and in this news release.

This news release also 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 Company’s achievement of its production and revenue estimates and  the Company’s ability to report positive adjusted EBITDA for cannabis operations and  production available for sale for Q4 2019 . 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 consumer  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 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.

Cision
Cision

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This Hispanic voter supports Trump, but doesn’t talk about it

Hey! Check out this article I just read on the new Rush Limbaugh App..
View in RushLimbaugh.com

July 16, 2019

Caller to Rush Limbaugh talk radio show.

RUSH: This is James, Pueblo, Colorado. Glad you waited, sir. You’re next on the EIB Network. Hi.

CALLER: Rush, first thing I want to say, I’m a 38-year-old union worker, Hispanic, and I’m conservative, and I vote Republican. And there’s a lot of people out here that have the same views as I. We kind of fly under the radar. And it’s kind of insulting to hear some of the liberal community wanting people like us to be victimized. And we don’t want that. We want to be let to do what we want, let us work, let us take care of our families. So it’s insulting to people like me when I hear, for example, the press conference last night, that was a big insult to people like me.

RUSH: You mean The Squad’s press conference?

CALLER: Yes. Yes.

RUSH: It was an insult to you because of why? They were claiming to speak for you when they don’t?

CALLER: Well, they want people, brown people, black people, like me, I’d be considered a brown person to them —

RUSH: Oh, that. The Pressley babe. Yeah. Brown people need to speak up for brown people, black people for black people, Muslims for Muslims, and — she said it — queer for queer. LGBTQ for LGBTQ, the trannies. And so you felt offended being in included in that as though you’re mindless?

CALLER: Exactly. I’m smart enough to know, to see through the nonsense, and a lot of people are. We just fly under the radar. There are a lot of people that are Trump supporters here in southern Colorado that just kind of mind their own business because, you know, life’s not that bad, life is good, ’cause we make it that way. We don’t need someone —

RUSH: Wait a minute. Whoa, whoa, whoa, whoa. (crosstalk)

CALLER: — that I’m a victim.

RUSH: This is really key. This is really important. People like you — you said you’re Hispanic — people like you, you support Trump, but you keep your mouth shut and you mind your own business. I take it from that — and correct me if I’m wrong — that you’re trying to escape being a target of these people. You don’t want them targeting you, coming after you, focusing on you, your family or whatever. So you’re out there quietly going, “Yeah, yeah, yeah,” when Trump does this stuff, but you’ll call here under the cloak of anonymity because you don’t want to be noticed otherwise. Right?

CALLER: Exactly. And any conversation that would come to it would be honestly a waste of my time, to get into a conversation with someone else.

RUSH: With who? One of these people?

CALLER: Yeah, anybody that opposes what I think, it’s a waste of my time because I have better things to do than argue a mindless point.

RUSH: And so you don’t even think you could succeed in persuading them that they’re wrong, you think it’d be a waste of time for you to even entertain that?

CALLER: Yeah. Well, there’s a few conversations I’ve had, there is no persuading them, it becomes a waste of my time.

RUSH: You know why? Because you’re dealing with robots. You’re dealing with people that are not thinking. They have been propagandized. They’re incapable of thinking. It’s the whole point. They have been indoctrinated, propagandized. They can’t explain why they believe what they believe. All they can do is tell you that you’re a pig or you’re a racist or worse.

Obama administration placed children with human traffickers, report says

Article

The Obama administration failed to protect thousands of Central American children who have flooded across the U.S. border since 2011, leaving them vulnerable to traffickers and to abuses at the hands of government-approved caretakers, a Senate investigation has found.

The Office of Refugee Resettlement, an agency of the Department of Health and Human Services, failed to do proper background checks of adults who claimed the children, allowed sponsors to take custody of multiple unrelated children, and regularly placed children in homes without visiting the locations, according to a 56-page investigative report released Thursday.

And once the children left federally funded shelters, the report said, the agency permitted their adult sponsors to prevent caseworkers from providing them post-release services.

Sen. Rob Portman (R-Ohio) initiated the six-month investigation after several Guatemalan teens were found in a dilapidated trailer park near Marion, Ohio, where they were being held captive by traffickers and forced to work at a local egg farm. The boys were among more than 125,000 unaccompanied minors who have surged into the United States since 2011, fleeing violence and unrest in Guatemala, Honduras and El Salvador.

“It is intolerable that human trafficking — modern-day slavery — could occur in our own backyard,” Portman said in a written statement. “What makes the Marion cases even more alarming is that a U.S. government agency was responsible for delivering some of the victims into the hands of their abusers.”

The report concluded that administration “policies and procedures were inadequate to protect the children in the agency’s care.”

HHS spokesman Mark Weber said in a statement that the agency would “review the committee’s findings carefully and continue to work to ensure the best care for the children we serve.”

The report was released ahead of a hearing Thursday before the Senate Permanent Subcommittee on Investigations, which Portman co-chairs with Sen. Claire McCaskill (D-Mo.). It detailed nearly 30 cases where unaccompanied children had been trafficked after federal officials released them to sponsors or where there were “serious trafficking indicators.”

For example, one Guatemalan boy planned to live with his uncle in Virginia. But when the uncle refused to take the boy, he ended up with another sponsor, who forced him to work nearly 12 hours a day to repay a $6,500 smuggling debt, which the sponsor later increased to $10,900, the report said.

A boy from El Salvador was released to his father even though he told a caseworker that his father had a history of beating him, including hitting him with an electrical cord. In September, the boy alerted authorities that his father was forcing him to work for little or no pay, the report said; a post-release service worker later found the boy was being kept in a basement and given little food.

The Senate investigation began in July after federal prosecutors indicted six people in connection with the Marion labor-trafficking scheme, which involved at least eight minors and two adults from the Huehuetenango region of Guatemala.

One defendant, Aroldo Castillo-Serrano, 33, used associates to file false applications with the government agency tasked with caring for the children, and bring them to Ohio, where he kept them in squalid conditions in a trailer park and forced them to work 12-hour days, at least six days a week, for little pay. Castillo-Serrano has pleaded guilty to labor-trafficking charges and awaits sentencing in the Northern District of Ohio in Toledo.

The FBI raided the trailer park in December 2014, rescuing the boys, but the Senate investigation says federal officials could have discovered the scheme far sooner.

In August 2014, a child-welfare caseworker attempted to visit one of the children, who had been approved for post-release services because of reported mental-health problems, according to the report.

The caseworker went to the address listed for the child, but the person who answered the door said the child didn’t live there, the report added. When the caseworker finally found the child’s sponsor, the sponsor blocked the caseworker from talking to the child.

Instead of investigating further, the caseworker closed the child’s case file, the report said, citing “ORR policy which states that the Post Release Services are voluntary and sponsor refused services.”

That child was found months later, living 50 miles away from the sponsor’s home and working at the egg farm, according to the report. The child’s sponsor was later indicted.

VanSickle is a reporter for the Investigative Reporting Program, a nonprofit news organization at the University of California at Berkeley.

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