Exhibit 99.1

Aurora Cannabis Announces Fiscal 2023 Third Quarter and Files Full Year Results

NASDAQ |  TSX: ACB

• Achieves Second Sequential Quarter of Positive Adjusted EBITDA1
• Net Revenue Reaches $64 Million, Increasing 4% Sequentially and 27% YoY; Driving Adjusted Gross Profit1 of $30.6 Million
• Balance Sheet Remains Strong With a Cash Position of ~$230 Million Cash on Hand with ~$80 Million of Convertible Notes Remaining Outstanding
• Clear Path to Achieve Positive Free Cash Flow by the End of Calendar Year 2024 Through Additional $40 Million of Annualized Cost Efficiencies

EDMONTON, AB, June 14, 2023 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced its financial and operational results for the third quarter and fiscal year 2023 results. As a reminder, Fiscal 2023 is comprised of three quarters ending March 31, 2023.

"We are proud to have delivered our second sequential quarter of positive Adjusted EBITDA1 in Q3 2023, demonstrating our commitment to financial discipline. Over the last three years, our ongoing business transformation initiatives have delivered ~$400 million in annualized cost savings that have significantly reduced cash used in operating activities.  In fact, cash use continues to improve as evidenced by the reduction from $35.5 million in Q2 2023 to $15.1 million in Q3 2023, excluding working capital. This impressive improvement is the launching point for the initiatives that will support our drive to our new financial target of positive free cash flow by end of calendar year 2024," said Miguel Martin, Chief Executive Officer of Aurora.

"This quarter, revenues in both our global medical cannabis and Canadian consumer cannabis segments held mostly steady at $38 million and $14.5 million, respectively, and we benefitted from a strong $10.7 million contribution from our Bevo acquisition due to the onset of its traditionally strong seasonal period. Our adjusted gross profit rose to $30.6 million while our adjusted gross margins remained healthy with our medical business generating a stable, adjusted gross margin of 60%. Our consumer business produced an adjusted gross margin of 25%, up 500 bps from the prior quarter," he stated.

"Aurora is best differentiated from its peers by our high margin, core global medical business spanning 12 countries, and our ability to find new profitable markets for growth. We stand poised to be opportunistic with our strong balance sheet and net cash position in the current market environment. Our determination and ability to showcase our strategic progress positions us for significant value creation," he concluded.

Third Quarter 2023 Highlights

(Unless otherwise stated, comparisons are made between fiscal Q3 2023, Q2 2023, and Q3 2022 results and are in Canadian dollars)

Consolidated:

Total net revenue1 was $64 million, as compared to the prior quarter net revenue1 of $61.7 million and $50.4 million in the prior year period. The increase from the prior quarter was due to the contribution of $10.8 million from Bevo, acquired in August 2022.

Excluding the impact of the non-core bulk wholesales, adjusted gross margin before fair value adjustments on cannabis net revenue1 for Q3 2023 remained strong and steady, and well above the industry average, increasing to 51% from 49% in Q2 2023.

Medical Cannabis:

Medical cannabis net revenue1 was $38 million, a 3% decrease from the prior quarter, delivering 59% of Aurora's Q3 2023 consolidated net revenue[1] and 75% of Adjusted gross profit before fair value adjustments1.

The slight decrease in net revenue1 from Q2 2023 is largely due to a temporary situation of limited supply of high-demand cultivars in certain EU markets as the Company had production issues at its Nordic production facility. Following the year end, in May 2023, the Company made the decision to close the Nordic production facility and to return to providing European supply from Canada, a change expected to improve reliability of supply of existing and new, high potency cultivars, and increase gross margins over time. The revenue decrease was partially offset with higher volumes sold into Australia, a key export market for the Company.

Adjusted gross margin before fair value adjustments1 on medical cannabis net revenue remained steady at 60% for the three months ended March 31, 2023 as compared to 61% in the prior quarter, and within the Company's target range of 60% and above. The continuing positive impact of Aurora's new yield, high potency cultivars is expected to maintain margins in the target range for our medical business.

Consumer Cannabis:

Despite the significant structural challenges of the Canadian adult use market, Aurora's consumer cannabis net revenue1 was steady at $14.5 million, compared to $14.6 million in the prior quarter.

Adjusted gross margin before fair value adjustments1 on consumer cannabis net revenue was 25%, increasing by 5% compared to the prior quarter. The increase from the prior quarter is primarily driven by a mix shift in the quarter to core segment brands and lower per unit cost of goods sold from the consolidation of manufacturing assets.

Plant Propagation:

Plant propagation net revenue1 was wholly comprised from the Bevo business, contributing $10.8 million of net revenue1 and represents an increase of $4.1 million from the prior quarter. The increase is due to the seasonality of the Bevo business which delivers higher revenues in the late winter and spring months as orders are fulfilled.

Adjusted gross margin before fair value adjustments1 on plant propagation revenue was 36% for the Q3 2023 period as compared to 15% in the prior quarter. Due to seasonality of the vegetable and ornamental plant industry, it is expected that the late Winter and Spring months would deliver higher margins relative to the rest of the year as there is a high volume of production and orders being fulfilled in these months.

Selling, General and Administrative ("SG&A"):

Adjusted SG&A1, was $28.4 million in Q3 2023 which excludes $11 million of restructuring, non-recurring, and out-of-period costs, and $1 million in market development costs. Excluding the non-routine items, Adjusted SG&A1continue to be well controlled and below the Company's target of $30 million.

Adjusted R&D1, was $1.9 million in Q3 2023, increasing by $0.7 million compared to the prior quarter. The increase from the prior quarter relates primarily to additional costs from the use of cannabis materials and supplies as the Company continues to focus on product innovation.

Net Loss:

Net loss for the three months ended March 31, 2023 was $87 million compared to $67.2 million in the prior quarter. The increase in net loss of $20 million from the prior quarter was primarily due to an increase of $60 million in other expenses driven by changes in fair value on derivative investments. Offsetting these mark-to-market changes, the Company improved gross profit by $34.8 million and decreased operating expenses by $4.1 million.

Adjusted EBITDA:

Adjusted EBITDA1 was $0.3 million for the three months ended March 31, 2023, as compared to $1.4 million in the prior quarter. The change in Adjusted EBITDA is largely due to additional professional fees and consultant costs as the Company balanced lower corporate headcounts with ongoing compliance and regulatory needs.

Fiscal Q1 2024 Expectations:

The Company expects cannabis net revenue1 for fiscal Q1 2024 to be largely similar to fiscal Q3 2023, with the geographical mix slightly weighted towards the international medical segment. For plant propagation, we expect to see a seasonally strong quarter as we reach our peak selling period. Furthermore, the Company expects Adjusted Gross Margins to be consistent with fiscal Q3 2023 and expects to maintain our stated objective of a quarterly SG&A expense run rate below $30 million.

Operational Efficiency Plan, Balance Sheet Strength, & Cash Use:

Aurora completed its previously announced strategic transformation plan. The achievement of significant and sustainable operating cost and SG&A reductions resulted in two consecutive quarters with positive Adjusted EBITDA and is paving the path as the Company works towards positive free cashflow by the end of calendar 2024.

In Q3 2023, our operations used a net $15.1 million, excluding changes in working capital. The $15.1 million includes approximately $2.1 million in non-recurring termination costs.  During fiscal 2024, the Company is working to:

• Reduce operations cash use by a minimum of $5 million per quarter, by eliminating less efficient operations and focusing on supplying the globe from Aurora's highly efficient, high quality production facilities. 
• Removing a minimum of $5 million a quarter from several targeted efficiency and cost reduction initiatives in operations and SG&A.

In addition, compared to Q3 2023, the Company expects to save approximately $2 million per quarter in interest as the remaining $80 million of convertible debt is settled before the end of this fiscal year. 

Capital expenditures were approximately $3.6 million dollars in Q3 2023, and in fiscal 2024, are targeted to an average of $2 million quarterly, expected to save over $1 million a quarter compared to Q3 2023.

Aurora is now realizing the benefit of its long term commitment to science and quality cultivation in that demand for the Company's products globally is beginning to outpace supply.  Revenue growth, as it arrives, would be incremental to the path to positive cash flow.

Aurora has one of the most robust balance sheets in the Canadian Cannabis industry with approximately $230 million of cash and cash equivalents on hand and approximately $80 million outstanding in convertible debentures. The Company believes its cash on hand is sufficient to fund operations until the Company is cash flow positive, and is positioned with financial strength and realistic growth prospects to thrive over the long term as the global cannabis market expands.

Additionally, the Company has access to US$650.0 million under a Base Shelf Prospectus filed on April 27, 2023 (the "2023 Shelf Prospectus"), pursuant to which approximately US$409 million is allocated to the potential exercise of currently outstanding warrants issued in financing transactions from 2020 to 2022. As a result, approximately US$241 million is available for potential new issuances of common shares, warrants, options, subscription receipts, debt securities or any combination thereof during the 25-month period that the 2023 Shelf Prospectus remains effective. Volatility in the cannabis industry, stock market and the Company's share price may impact the amount and our ability to raise financing under the 2023 Shelf Prospectus.

During the three months ended March 31, 2023, the Company issued 4,650,088 common shares under the 2021 at-the- market (ATM) program (the "ATM Program") for net proceeds of US$3.6 million. Subsequent to March 31, 2023, the Company issued 2,145,350 common shares under the ATM Program for gross proceeds of US$1.4 million. Following the filing of the 2023 Shelf Prospectus the ATM Program ceased to operate. The Company may in the future file a supplement to the 2023 Shelf Prospectus in order to utilize a new ATM program to support strategic initiatives or debt settlement.

Subsequent to March 31, 2023, the Company repurchased approximately U.S$50.9 million aggregate principal amount of convertible senior notes for aggregate cash consideration of approximately U.S$46.0 million, and issued 6,354,529.00 Common Shares in settlement of a further U.S$4.0 million principal of this debt.

Key Quarterly Financial and Operating Results

Conference Call

Aurora will host a conference call today, Wednesday, June 14, 2023, to discuss these results. Miguel Martin, Chief Executive Officer, and Glen Ibbott, Chief Financial Officer, will host the call starting at 8:15 a.m. Eastern time | 6:15 a.m. Mountain Time. A question and answer session will follow management's presentation. 

Conference Call Details

This weblink has also been posted to the Company's "Investor Info" link at https://auroramj.com/investors under "Events".

About Aurora

Aurora is opening the world to cannabis, serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company's adult-use brand portfolio includes Aurora Drift, San Rafael '71, Daily Special, Whistler, Being and Greybeard, as well as CBD brands, Reliva and KG7. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co, as well as international brands, Pedanios, Bidiol and CraftPlant. Aurora also has a controlling interest in Bevo Farms Ltd., North America's leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora's brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on Twitter and LinkedIn. Aurora's common shares trade on the NASDAQ and TSX under the symbol "ACB".

Forward Looking Statements

This news release 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. Forward-looking statements made in this news release include, but are not limited to, statements with respect to:
pro forma measures including revenue, cash flow, Adjusted gross margin before fair value adjustments1, and expected SG&A run-rates; the Company's achievement of the previously announced strategic transformation plan and positive Adjusted EBITDA1;planned cost efficiencies and the Company's path and timing to achieve positive free cash flow; the Company's continued focus on profitable growth opportunities, ongoing discipline in capital deployment, cost savings and financial targets; competitive advantages including, but not limited to, the Company's high margin, core global medical business, balance sheet strength and net cash position, strategic progress, and the associated anticipated value creation; the Company's ability to fund operations until it is cash flow positive; the availability of funds under the 2023 Shelf Prospectus; the Company's ability to navigate complex import/export licensing requirements to participate in high-growth markets; balance sheet strength and availability of funds under the ATM Program; the acquisition of Bevo and the anticipated contribution to top line and Adjusted EBITDA1; and future shareholder value creation.

These forward-looking statements are only predictions. Forward looking information or statements contained in this news release have been developed based on assumptions management considers to be reasonable. Material factors or assumptions involved in developing forward-looking statements include, without limitation, publicly available information from governmental sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which the Company believes to be reasonable. Forward-looking statements are subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances could cause actual events, results, level of activity, performance, prospects, opportunities or achievements 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, management's estimates of consumer demand in Canada and in jurisdictions where the Company exports, expectations of future results and expenses, the risk of successful integration of acquired business and operations, management's estimation that SG&A will grow only in proportion of revenue growth, the ability to expand and maintain distribution capabilities, the impact of competition, the general impact of financial market conditions, the yield from cannabis growing operations, product demand, changes in prices of required commodities, competition, and the possibility for changes in laws, rules, and regulations in the industry, epidemics, pandemics or other public health crises, including the current outbreak of COVID-19, and other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual information form dated September 20, 2022 (the "AIF") and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with and available on the SEC's website at www.sec.gov. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. 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 securities law.

Non-GAAP Measures

This news release contains reference to certain financial performance measures that are not recognized or defined under IFRS (termed "Non-GAAP Measures"). As a result, this data may not be comparable to data presented by other licensed producers of cannabis and cannabis companies. Non-GAAP Measures should be considered together with other data prepared in accordance with IFRS to enable investors to evaluate the Company's operating results, underlying performance and prospects in a manner similar to Aurora's management. Accordingly, these non-GAAP Measures are intended to provide additional information and to assist management and investors in assessing financial performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

The information included under the heading "Cautionary Statement Regarding Certain Non-GAAP Performance Measures" in the Company's management's discussion and analysis for the three and nine months ended March 31, 2023 and 2023 (the "MD&A") is incorporated by reference into this news release. The MD&A is available on the Company's issuer profile on SEDAR at www.sedar.com.

As a reminder, fiscal 2023 is comprised of three quarters ending March 31, 2023, and the comparative year of fiscal 2022 is comprised of four quarters

Consolidated Statements of Financial Position

Consolidated Statements of Profit and Loss

Consolidated Statements of Cash Flows

Net Revenue, Adjusted Gross Profit and Margin

Net revenue, adjusted gross profit before FV adjustments, and adjusted gross margin before FV adjustments are Non-GAAP Measures and can be reconciled with revenue, gross profit and gross margin, the most directly comparable GAAP financial measures, respectively, as follows:

Net Selling Price of Dried Cannabis Excluding Bulk Sales

Net selling price of dried cannabis excluding bulk sales is a Non-GAAP Measure comprised of revenue from dried cannabis excluding bulk sales less excise taxes on dried cannabis revenue excluding bulk sales and can be reconciled with revenue, the most directly comparable GAAP financial measure, as follows: 

Adjusted EBITDA

Adjusted EBITDA is a Non-GAAP Measure and can be reconciled with net income (loss), the most directly comparable GAAP financial measure, as follows:

Adjusted SG&A

Adjusted SG&A is a Non-GAAP Measure and can be reconciled with sales and marketing and general and administrative expenses, the most directly comparable GAAP financial measure, as follows:

Adjusted R&D

Adjusted R&D is a Non-GAAP Measure and can be reconciled with research and development expenses, the most directly comparable GAAP financial measure, as follows:

Working Capital

Working capital is a Non-GAAP Measure and can be reconciled with total current assets and total current liabilities, the most directly comparable GAAP financial measure, as follows:

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SOURCE Aurora Cannabis Inc.

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For further information: For Media: Michelle Lefler, VP, Communications & PR, media@auroramj.com; For Investors: ICR, Inc., Investor Relations, aurora@icrinc.com

CO: Aurora Cannabis Inc.

CNW 07:00e 14-JUN-23