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Aurora Cannabis (NASDAQ:ACB) shares shot up nearly 70% in afternoon trading Monday after the Canadian cannabis company said it had repurchased around $9M of its senior convertible notes as part of its effort to achieve positive cash flow in 2024.
Aurora said it bought an aggregate of roughly $9M principal amount of its convertible senior notes through multiple transactions conducted between Aug. 16 and Sept. 8.
The cannabis company said the repurchase lowers the amount of notes outstanding to less than $39M. Aurora said the repurchase will help it achieve positive free cash flow in calendar 2024.
Several other cannabis stocks also climbed Monday, continuing a rally that began last week following news the US government may reclassify marijuana as a Schedule III drug under the Controlled Substances Act.
