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Aurora Cannabis Reports $80 Million Q2 Loss Following Layoffs, Ceo Departure, Writedown

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Aurora Cannabis Inc.’s second quarter earnings were weighed down by a drop in cannabis production and the costs associated with ramping up efforts to roll out cannabis edibles and vapes.

The Edmonton-based company revealed Thursday that it incurred a loss in its second quarter and that its net revenue for the three months ended Dec. 31 was $56 million, up from $54.2 million a year earlier but down from roughly $75 million in the prior quarter ended Sept. 30.

The company says its net loss for the quarter amounted to $1.3 billion or $1.18 per share, compared with a loss of $239.6 million or 25 cents per share a year earlier. It earned $10.3 million in the first quarter.

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The loss came as Aurora has faced troubled times. A week ago it announced it was taking $1 billion in writedowns and would lay off 500 employees as part of a restructuring of its spending plans. The company also said its chief executive Terry Booth was retiring and a search was underway for his successor.

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“The past year has been challenging for the broader cannabis industry with issues of retail constraints, evolving consumer demand and provincial distributor inventory management adjustments,” said Michael Singer, Aurora’s interim chief executive, on a call with analysts.

“It is important to remind ourselves that the Canadian consumer market is just over a year old and will take time to develop, but we remain extremely bullish on the long-term potential of the Canadian medical and consumer markets as well as established international medical markets.”

Source: https://globalnews.ca/news/6545961/aurora-cannabis-loss-layoffs/

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