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Canadian producer Aurora cannabis lost another $1 billion

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In the three months ended March 31, struggling marijuana producer Aurora cannabis reported a net loss of C $1 billion ($770 million) due to a sharp decline in sales of adult marijuana products, bringing its loss this year to about C $1.1 billion. The latest loss of $1 billion brings the Edmonton, Alberta based company's cumulative net loss since 2015 to approximately $5.3 billion. The company said it had identified cash savings of about $170 million per year, including the closure of its flagship planting production base in Edmonton, which had previously announced that the base would operate at about 25% of capacity. The average net selling price of less than $5.52 in the same quarter of last year was higher than that of the previous quarter. Aurora had approximately $480.6 million in cash as of March 31, 2022.

Source: mjbizdaily com/