Aurora Cannabis raises $345 million through convertible debt offering

By Max A. Cherney

Aurora Cannabis Inc. ACB, -3.38% ACB, -2.98% said Thursday that it had raised $345 million through a convertible debt offering. Aurora stock was up 2.7% in afternoon trading Thursday. The company said the convertible debt is due in 2024 and carry an interest rate of 5.5%. In a statement, the company said it planned to use the cash to expand in Canada and abroad, among other things. Investors will receive 138.37 shares for very $1,000 of debt, which is equivalent to a conversion price of $7.23. Aurora stock has fallen 39% in the past year, as the ETFMG Alternative Harvest ETF MJ, -2.02% which tracks a basket of pot stocks among other things, has fallen 20%.

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