Aurora Cannabis Announces Settlement of Patent Litigation
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced the company and WILLOW BIOSCIENCES, INC. (“Willow”) have successfully completed a confidential settlement resolving the ongoing patent litigation between the two parties in Canada.
Aurora Cannabis Inc. Logo (CNW Group/Aurora Cannabis Inc.)
“We are pleased with the negotiated settlement, which provides Aurora a favourable resolution that ensures our Canadian cannabis related patent rights are respected,” says Miguel Martin, Chief Executive Officer of Aurora. “Aurora is a pioneer in terms of the company’s genetics work in the Canadian cannabis industry and will not hesitate to continue to take the steps necessary, including legal action, to protect and enforce our intellectual property rights when necessary.”
Aurora commenced a patent infringement action in July 2021, alleging that Willow’s biosynthetic process for synthesizing cannabinoids infringed Aurora’s exclusive rights to patents co-owned by the University of Saskatchewan and the National Research Council (NRC). The technology of the asserted patents was invented by Anandia co-founder and former Chief Science Officer at Aurora, Jonathan Page and his colleagues, following their work at the University of Saskatchewan and the NRC, identifying key enzymes and corresponding genes in the biosynthetic pathways of cannabis plants.
In December 2022, Willow announced that it had consolidated its R&D operations, transferring equipment and key personnel from its Canadian facilities to Mountain View, California.
Aurora continues to advance the company’s leadership in genomic research and novel innovation that will differentiate the company’s position as a global leader.
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. 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 X and LinkedIn.
Aurora’s common shares trade on the NASDAQ and TSX under the symbol “ACB”.
Forward-looking Information
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 the Company’s commitment to enforce and defend its intellectual property rights, and the continued advancement of the Company’s leadership in genomic research and novel innovation and the expected impact on the Company as a global leader.
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 June 14, 2023 (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.
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SOURCE Aurora Cannabis Inc.
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