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Aurora posts positive adjusted EBITDA on marijuana sales growth

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Edmonton, Alberta-based Aurora Cannabis posted positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) worth 1.4 million Canadian dollars ($1 million) in its second fiscal quarter of the year, the company announced late Thursday.

The positive adjusted EBITDA, a non-GAAP financial measure, was in line with Aurora’s prior guidance.

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The company’s net loss for the October-December quarter amounted to CA$67.2 million, an improvement over the previous year’s quarterly loss but up from the previous quarter’s loss of CA$51.9 million.

Aurora’s sales in the quarter were CA$61.7 million, a small improvement over the comparable quarter the previous year.

The sales momentum, albeit small, stands out in comparison to rivals such as Canopy Growth, whose sales dropped 28% in the October-December 2022 quarter, compared to one year earlier.

On a conference call with analysts, CEO Miguel Martin said Aurora’s newest milestone is achieving positive cash flow, which

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Florida Senate passes bill banning hemp-derived THC products

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Florida has taken another step toward banning hemp-derived products containing delta-8 and delta-10 THC in the state after the Senate unanimously passed a bill this week.

The bill now goes to the state House of Representatives, according to Tampa Bay TV station WTSP.

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Meanwhile, a House version of the measure has “yet to be taken up by its full chamber,” WTSP reported.

Products containing delta-8 THC – which is a less potent form of marijuana – has been sold in an increasing number of unlicensed stores across Florida since the 2018 U.S. Farm Bill legalized hemp.

The interest in delta-8 THC in Florida likely stems from the fact the state offers only legal medical marijuana, not adult-use products.

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Blumenauer pushes DEA to clarify timelines for marijuana rescheduling

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Oregon Democratic congressman Earl Blumenauer continues to push the U.S. Drug Enforcement Administration to reschedule marijuana and lay out a timeline for such action.

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In a Feb. 8 letter to DEA Administrator Anne Milgram, acting Chief Michael Miller, Attorney General Merrick Garland and Secretary of the Department of Health and Human Services Xavier Becerra, Blumenauer asked for updates on several time elements and the process related to the Drug Enforcement Administration’s rescheduling review, including:

The deadline to publish its draft rule on scheduling marijuana for public comment. Standard timelines for drug scheduling reviews. The date it launched the marijuana review process. How it’s incorporating state marijuana laws and regulations in its decision. How it’s communicating developments and receiving feedback from congressional

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Florida Senate advances 30% THC potency cap on adult-use cannabis

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Florida would become the third state in the U.S. to impose a market-wide potency cap on adult-use cannabis if a proposal advanced Tuesday by the Senate becomes law.

Though Florida is currently home to the country’s biggest medical marijuana market, an adult-use legalization proposal might appear on voters’ ballots in November.

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That’s pending a state Supreme Court ruling on a challenge to the measure.

Gov. Ron DeSantis recently said he expects adult-use marijuana to appear on the ballot.

The 30% THC cap on smokable flower, proposed in SPB 7050, received a favorable vote in the state Senate Health Policy Committee.

If the proposal were to pass the full Legislature and be signed into law by DeSantis, Florida would join Connecticut and Vermont as

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