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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added 1.25 to 33.77, while the CSE Composite Index added 3.31 to 196.86. Canadian cannabis grower Aurora Cannabis Inc. (ACB) added four cents to $1.29 on 3.03 million shares, after finally finding a buyer for its Polaris facility in Edmonton. The sale comes about 16 months after Aurora closed the 330,000-square-foot facility in September, 2021. Now an undisclosed buyer is nabbing it for $15-million.

The price tag falls far short of what Aurora spent on Polaris, once one of its most-hyped buildings. When construction began in 2019, Aurora daydreamed of having a "centre of excellence" for high-margin products such as edibles, beverages, vapes, softgels and cosmetics. Yet it has since launched very few of these products, and as market conditions worsened in 2021, it deemed Polaris unnecessary and shut it down, transferring its operations to a different facility in Ontario. The full cost of Polaris remains undisclosed. The Alberta government, which maintains a database of projects in the province valued at $5-million or greater, has estimated Polaris's cost at $50-million (not including equipment inside). This suggests that Aurora is crystallizing a loss of at least $35-million.

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