September 27, 2021
(Reuters) – Aurora Cannabis Inc, reported a smaller fourth-quarter core loss on Monday, as the pot producer benefited from aggressive cost-cut measures and higher demand for cannabis and related products.
Pandemic-induced lockdowns have lifted demand for cannabis-related products from homebound customers, while the new sector-friendly policy changes, including access to federal banking, has sparked optimism among investors.
Aurora last week said it would shut down a facility in Edmonton, Alberta, without disclosing the number of employees that would be impacted by the move. The company had announced staff reductions and plans to shut five facilities in June last year.
The Edmonton-based company’s total revenue stood at C$54.8 million, compared with C$55.2 million in the third quarter.
On an adjusted basis, the company posted a loss before interest, taxes, depreciation and amortization of C$19.3 million ($15.25 million) for the three months ended June 30, compared with a loss of C$33.3 million, a year earlier.
($1 = 1.2652 Canadian dollars)
(Reporting by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi)
Source Link Aurora Cannabis posts smaller core loss on higher pot demand, cost cuts
Leave a Reply