Aurora Cannabis loses over $237M in Q2 even as revenues surge

Aurora Cannabis Inc. lost $237.7 million in the second quarter of its fiscal year even though net revenues surged to $54.2 million as sales of cannabis by weight increased six-fold.

The Edmonton-based company says that the loss attributable to common shareholders equalled 25 cents per diluted share, compared with a profit of two cents per share or $7.7 million a year earlier.

Net revenues for the three months ended Dec. 31 increased from $11.7 million in the second quarter of 2017.

The increase was driven by $21.6 million in consumer sales in Canada since recreational cannabis was legalized Oct. 17, and $26 million in Canadian and international medical marijuana sales. It produced 7,822 kilograms of marijuana and sold 6,999 kg.

READ MORE: Aurora Cannabis buying Whistler Medical Marijuana in deal worth up to $175M

The company was expected to lose $62.05 million or six cents per share on $51.84 million of revenues, according to analysts polled by Thomson Reuters Eikon.

Aurora’s average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.

READ MORE: Aurora Cannabis to acquire Mexican company following partnership deal

Global News

Help us improve GlobalNews.ca

Source link

Content Source

Global News
Global News
GlobalNews.ca offers Canadians from coast to coast a host of news and information – from breaking news in their town or city to deep engaging content that puts complex world issues in perspective. Our 11 local sites provide up-to-the-minute community-based news, weather and information, while our new umbrella national site features stories, analysis and deep, engaging content about issues in Canada and abroad.

Leave a Reply