Cannabis Weekly Round-Up: C$3.3 Billion Annual Loss for Aurora

This past trading week, a Canadian producer reported heavy losses for its fiscal year, while a MSO entered a new state market.

In the marijuana space this week, investors in one of the big Canadian cannabis producers found out just how well the company has been performing for the past year.

In the US market, a multi-state operator (MSO) announced its entry into the New York market.

Keep reading to find out more cannabis highlights from the past five days.

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Aurora reports C$3.3 billion loss in fiscal year

Aurora Cannabis (NYSE:ACB,TSX:ACB) has released the results from its fourth fiscal quarter for the market to evaluate. Miguel Martin, the new CEO of the company, told investors his goal is to reposition Aurora’s products and get back to a leading position in the Canadian market.

“Through successful execution, I believe what we build in Canada will be very portable to other larger global cannabinoid markets,” Martin said.

In terms of operations, the most notorious line from Aurora’s report was a net loss of C$3.3 billion for its 2020 fiscal year, which ended on June 30.

Meanwhile, the company reported total net revenue of C$72.1 million for the last quarter of its fiscal year, indicating a small decline from the previous reporting period.

The company is now expecting to produce cannabis net revenue of C$60 million to C$64 million for the first quarter of its 2021 fiscal year, a decrease from the C$67.5 million achieved in its fourth fiscal quarter of 2020. The Aurora team is still expecting to reach positive adjusted earnings before interest, taxes, depreciation and amortization in Q2 2021.

Curaleaf makes New York entrance with Select brand

Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) launched its Select brand of products in the New York medical cannabis market. The first item launched was its Select Elite cannabis oil cartridges.

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As part of the product launch in the state, the company is also making two separate undisclosed financial donations to Women Grow and the Equity Organization. Curaleaf plans to let investors know sometime later this year about a full social equity plan.

This launch represents the 13th state in which the Select brand is available.

Cannabis company news

  • Canopy Growth (NYSE:CGC,TSX:WEED) and Acreage Holdings (CSE:ACRG.U) told investors that an amended arrangement between them went into effect this past week. “The amended arrangement provides Canopy the most efficient entryway into the US, once federally permissible, and we believe will continue to benefit shareholders of both companies over the long-term,” Canopy Growth CEO David Klein said.
  • The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) released its financial report for its 2020 fiscal year, which ended on June 30. “Fiscal 2020 was an important transitional year for Supreme Cannabis where we streamlined our operations, reorganized our team, and expanded our portfolio of brands and products that will drive sustainable revenue growth,” said Beena Goldenberg, president and CEO of Supreme Cannabis.
  • PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) confirmed it has expanded the portfolio of offerings from its Rionegro facilities in Colombia. These products include a wide range of CBD items.
  • Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) opened a new store in Phoenix, Arizona. The company now has 15 stores in the state.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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