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Aurora Cannabis records $67.2M net loss in most recent quarter

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Aurora Cannabis Inc. announced Thursday that it has completed a transformation plan delivering $340 million in annualized savings since February 2020, but said it still incurred a $67.2 million net loss in its most recent quarter.

The plan involved an extensive restructuring and several rounds of layoffs and facility closures over the last three years as it contended with shifting COVID-19 measures and grappled with aligning supply and demand.

The Edmonton company’s goal was to reach profitability based on adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) by the end of 2022.

READ MORE: Aurora Cannabis closes sale of Aurora Polaris facility at EIA for $15M

The company behind brands like Daily Special, Drift, Greybeard and San Rafael achieved that feat with an adjusted EBITDA of $1.4 million in its second quarter ended Dec. 31 compared with a loss of $7.4 million in its first quarter and $7.1 million in the



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Kingston, Ont., cannabis store operators reflect on five years post-legalization

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Kingston cannabis store Calyx and Trichomes, which operates two locations in the city, has been open for business since getting its license in 2020.

This week marks five years since cannabis was legalized in Canada, and Jennawae Cavion, Co-Owner at Calyx and Trichomes, said it’s been quite an experience.

One topic that sticks out when it comes to the sale of legalized cannabis is the over-saturation of the market.

“It is over-saturated right now but unfortunately there’s only so many people in Kingston and people are going to shop wherever’s convenient,” said Cavion.

In Kingston there are currently over 15 different cannabis stores.

Xavier Cyr is the manager at Inspired Cannabis in downtown Kingston, and he echoes Cavion’s observations.

“A lot of people saw the profits that were happening in the U.S., and wanted to jump on the bandwagon,” said Cyr.

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For both of these cannabis sellers, it



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Meth, fentanyl, guns seized following year-long drug investigation: Kelowna RCMP

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A drug bust last week saw the long arm of the law stretch across Canada following a year-long investigation.

Kelowna RCMP say they began investigating a local individual in June 2022, and soon found out he had ties to criminal activities not only in B.C., but also in Alberta, Saskatchewan, Manitoba and possibly Ontario.

In fact, they said the unnamed suspect frequently travelled to Vancouver, Burnaby, Chilliwack, Edmonton, Calgary, Winnipeg and Toronto, “engaging in numerous suspicious cash transactions with individuals previously convicted of drug and firearms offences.”

2:19 2 days after setting sobering new record, B.C. marks International Overdose Awareness Day

And nine days ago, on Aug. 31, RCMP said that Kelowna Strike Force members arrested the suspect after he left a known stash location in West Kelowna.

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Afterwards, seven search warrants were



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Mississauga votes to allow legal retail cannabis stores

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Ontario’s largest municipality without any legal cannabis retail stores has voted to now allow the shops.

Mississauga, Ont., was one of dozens of municipalities to bar retail cannabis stores from their communities when legalization came into effect in 2018.

But now, four and a half years later, city council has voted 8-4 to opt in.

It comes after a city report highlighted that Mississauga residents are “disproportionately” served by the illegal market in the absence of legal stores.

Read more: Mississauga set to reconsider ban on cannabis retail stores

Coun. Dipika Damerla put forward the motion, saying that opting out of the legal framework has allowed illegal stores to flourish in the city, including one in her ward that police have unsuccessfully tried six times to shut down.

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