Aurora Cannabis repurchases $23 million of convertible notes, backs adjusted EBITDA guidance

Aurora Cannabis Inc. ACB, +7.26% ACB, +6.47% said Friday it has repurchased C$31.3 million ($23 million) of convertible senior notes at a total cost of C$29.8 million. The purpose was to reduce its debt and interest costs and expects the move to generate savings of about C$11.9 million. The company still has about C$380 million of cash on its balance sheet and is still expecting a positive adjusted EBITDA run rate by year-end. Shares were up 4.5% premarket, boosted by President Joe Biden’s announcement late Thursday that he is asking his Justice Department to review how cannabis is classified under federal laws and taking executive action to pardon “all prior federal offenses of simple marijuana possession.” The news raised hopes that cannabis may finally be legalized at the federal level, sending cannabis stocks to record late-day gains.