Aurora Cannabis increasingly focuses on Europe

Aurora lost C$618.7 million ($461 million) in the fourth quarter ended June 30, 2022, bringing its loss for the fiscal year to C$1.7 billion, but the Alberta-based cannabis producer said it is on track to turn a profit next year due to strong growth in the European medical market. The company attributed most of its net loss to goodwill, intangible assets and impairment charges related to property, plant and equipment. aurora said it is the No. 1 Canadian producer of medical cannabis revenue worldwide and expects the business to be a key driver of future profitability. For the year ending June 30, 2022, the company reported international cannabis sales of $61.8 million, up about 82 percent from the previous year, with almost all of the growth occurring in the European Union.

Information source: mjbizdaily.com