Canadian marijuana producer Aurora Cannabis reported a net loss of more than 1.8 billion Canadian dollars ($1.4 billion) for its fourth quarter. Aurora ended its 2020 fiscal year with a CA$3.3 billion loss. The quarterly loss includes a previously signaled CA$1.6 billion write-down. Aurora’s recent market performance shows revenue from adult-use cannabis is down 8.5% on a quarterly basis. Although Aurora sold 36% more recreational cannabis by volume during the quarter, that product sold for 30% less than in the previous quarter. On a late Tuesday conference call with investors, Aurora’s new CEO, Miguel Martin, said he intends to adjust Aurora’s portfolio of adult-use cannabis brands.
Marijuana Business Daily, 09/22/2020 18:27:03