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Aurora Cannabis reports $87 million loss, aims for positive free cash flow

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Aurora Cannabis reported a loss of 87 million Canadian dollars ($65 million) for the three months ended March 31, 2023, up slightly from the CA$67.2 million net loss reported in the previous quarter.

However, the Edmonton, Alberta-based company posted positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of CA$300,000 for the three months – Aurora’s second straight positive adjusted EBITDA.

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The cannabis producer’s net sales amounted to CA$64 million in the third quarter, increasing 4% sequentially from the previous quarter’s CA$61.7 million.

The revenue and adjusted EBITDA figures came in slightly below the consensus among analysts.

Aurora changed its year-end to March 31, so the fiscal year 2023 results comprise only three quarters.

In a conference call with analysts, CEO Miguel Martin said the consecutive positive adjusted EBITDA figures demonstrate that the company’s “business transformation plan” is working.

He said the company’s next financial

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Sales of intoxicating hemp products in Missouri to resume despite gov’s order

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Sales of products containing intoxicating hemp-derived cannabinoids may resume in Missouri after a top state official indicated a change in enforcement priorities.

That move defies an order from Missouri Gov. Mike Parson that led the state Department of Health & Senior Services (DHSS) to use state food law as the legal basis for a wide-ranging embargo on intoxicating hemp products.

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Parson issued the order after Missouri’s secretary of state Jay Ashcroft rejected the governor’s ban of intoxicating hemp-derived products in an Aug. 1 executive order.

But that embargo is now over, the DHSS’ general counsel, Richard Moore, wrote in a Sept. 17 letter to the Missouri Hemp Trade Association, the Columbia Missourian reported.

According to Moore, Missouri regulators now will focus their attention on

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Martha’s Vineyard cannabis operator Fine Fettle poised for sale

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Massachusetts-based Black Harbor Group is positioned to purchase Fine Fettle, a licensed cannabis cultivator and manufacturer located on Martha’s Vineyard in West Tisbury, Massachusetts.

The Select Board of West Tisbury unanimously approved the change of ownership for Fine Fettle, which earlier this year announced it would permanently close “no later than September,” according to the Vineyard Gazette.

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The Select Board of West Tisbury agreed to the transfer of ownership with the stipulation that Fine Fettle address lighting concerns within six months, the Gazette reported.

Black Harbor Group, which was represented by an attorney at the Select Board meeting, was registered as a limited liability company in July, according to public records.

Fine Fettle’s closure earlier this year prompted a lawsuit that led

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‘Secretive’ Wyoming companies win Missouri marijuana social equity licenses

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Applicants for adult-use marijuana social equity business licenses in Missouri are crying foul after it was revealed that nearly half the licenses awarded in the Kansas City area went to companies registered out of state.

According to The Kansas City Star, “secretive” limited liability companies registered in Wyoming won microbusiness permits over local, Black-owned operators.

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Wyoming state law shields ownership information from being publicly disclosed.

Not Missouri’s first social equity controversy

This is only the latest round of controversy for adult-use social equity licensing in Missouri, where voters legalized recreational cannabis in November 2022.

Adult-use sales launched the following year at existing medical marijuana dispensaries.

This past March, Missouri regulators revoked nine of 48 social equity permits awarded in an initial round after

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