Aphria shares fall 12% despite higher revenues as cannabis company posts loss and writes down assets

Cannabis company Aphria Inc. reported a loss of $108.2 million in its latest quarter as it took a one-time non-cash charge related to its operations in Latin America that were the focus of a short-sellers.

Aphria says the Ontario Securities Commission requested it perform an impairment test on its LATAM assets and the company determined it should take a $50 million non-cash impairment charge.

The company said its loss for the quarter amounted to 43 cents per compared with a profit of $12.9 million or eight cents per share in the same quarter a year earlier.

Net revenue for the quarter ended Feb. 28 totalled $73.6 million, up from $10.3 million a year earlier.

Aphria shares fell 12.7 per cent when the TSX opened on Monday, which is on track for the sharpest one-day drop in four months.

GGB drops takeover attempt

Aphria also announced that it has struck a deal that will see Green Growth Brands Inc. drop its hostile takeover offer.

Green Growth says its offer will now expire on April 25 instead of May 9. The company has also agreed to pay $89 million for 27.3 million of its shares held by GA Opportunities Corp.

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