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Aurora Cannabis Sets Date for AGM

By Eric Volkman – Updated Sep 23, 2019 at 11:20PM

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In November, the cannabis company will put a lid on what was a difficult fiscal 2019.

Aurora Cannabis (ACB 4.31%), one of the largest and most high-profile marijuana stocks on the market, has set the date for its annual general meeting (AGM). The investor conclave has been scheduled for Friday, Nov. 8 and will take place not far from the company's Edmonton, Canada, headquarters.

The agenda of the meeting does not indicate anything outside of the usual end-of-fiscal-year business of companies presenting at such events. Shareholders will vote for seats on the board of directors, the number of which the company aims to fix at eight. They will also theoretically have their say on certain aspects of executive compensation.

Aurora stockholders of record as of the close of Sept. 10 are eligible to participate and vote in the AGM.

A green marijuana bush.

Image source: Getty Images.

The AGM will put a cap on Aurora's fiscal 2019, which was a difficult year for the company. A Q4 that was far worse than what both the company and analysts expected dampened full-year results. The company's bottom line flipped dramatically to a loss, at almost 298 million Canadian dollars from the fiscal 2018 profit of CA$69 million.

Even though Aurora's revenue figures saw quite a leap -- to almost CA$248 million from the previous year's CA$55 million -- this was due largely to last year's legalization of recreational cannabis in Canada, plus several acquisitions. Such a dynamic was also in force at rival marijuana companies, so that increase wasn't considered exceptional.

Aurora is expected to continue its loss-making ways into at least the proximate future. Although bottom-line estimates for the company are hard to come by, The Wall Street Journal pegs the average expected per-share shortfall at CA$0.04 for the current Q1 of fiscal 2020. Zooming out, the newspaper has it that analysts are collectively expecting a CA$0.12-per-share loss for the entirety of that fiscal year.

The company is slated to release its Q1 earnings on Oct. 28, according to the Journal.

This has been quite a roller coaster for investors in Aurora's stock. At one point it closed at nearly $10 per share, but at $5.08 per share, it's currently trading only slightly above its 2019 low.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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