Earlier this year, Aurora predicted it would be profitable by EBITDA standards within the year. Last month, the company adjusted their statement to say they were “on track” to profitability. This week, posting a $11.7M EBIDTA loss, Aurora said, “The Company expects adjusted EBITDA to continue to improve.”
- CCO Cam Battley said the loss “shouldn’t have happened,” but stressed it was not related to core cannabis revenues. He named the lack of retail stores as a major challenge.
- Reflecting on the loss, Battley said if there’s a “rollout of additional retail outlets in Canada and a successful rollout by Health Canada with regards to the derivative market,” Aurora could hit profitability by the second half of this fiscal year.
- Aurora’s sales are increasing, with net revenue up 52% quarter over quarter and sales volume nearly doubled.
CEO Terry Booth said the company is “laser focused” on the US CBD market.
MJ Biz Daily
- The company also closed a new $200M loan deal led by the Bank of Montreal.
MJ Biz Daily
- 48North co-CEO Jeannette VanderMarel, who also co-founded the Green Organic Dutchman, stepped down from her position for personal reasons, and will stay on as a board director.
Globe and Mail
- Both Aurora and Canopy Growth have developed secret formulas to predict when the US will either legalize REC or allow states to legalize.