Marijuana Business Daily

Aurora posts positive adjusted EBITDA on marijuana sales growth

Published

1 year ago

February 10, 2023

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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.

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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Union’s initiative to organize Oregon marijuana workers nears ballot

Published

2 days ago

July 25, 2024

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An Oregon union has spent more than $2 million trying to get an initiative on the November ballot that would make it easier for marijuana retail and processor employees to organize.

The United Food and Commercial Workers (UFCW) Local 555 – one of the biggest unions in Oregon with tens of thousands of members – went the ballot route this year after failing to get a similar measure passed through the Oregon Legislature in 2023, according to Oregon Public Broadcasting.

Michael Selvaggio, political director for the Local 555, estimated the union spent $2.4 million on the signature-collection campaign.

The UFCW is optimistic the initiative will make the ballot after submitting more than 163,000 signatures to the Oregon secretary of state’s office by

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Is hemp the enemy of Florida’s adult-use marijuana initiative?

Published

4 days ago

July 23, 2024

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Florida hemp businesses are lining up to oppose an adult-use marijuana legalization initiative that will appear on the state’s November ballot, according to campaign finance forms and MJBizDaily interviews.

They’re aggrieved by what they say is a monopoly play for a future adult-use market deliberately engineered by marijuana multistate operators.

And with more than 10,000 hemp businesses registered in the state – compared with a few dozen large marijuana companies – hemp operators opposed to Amendment 3 believe they have enough money and votes to defeat the recreational marijuana measure largely funded by Tallahassee-based MSO Trulieve Cannabis.

In response, advocates for regulated marijuana operators say the hemp firms are being used as pawns in a game played by Florida Gov. Ron DeSantis, who will

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Trump VP pick Vance opposed marijuana banking but silent on legalization

Published

1 week ago

July 16, 2024

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U.S. Sen. JD Vance, the Ohio Republican whom Donald Trump picked as his running mate for the November presidential election, is no supporter of federal marijuana reform.

Nor did the 39-year-old former investment banker and “Hillbilly Elegy” author support adult-use marijuana legalization in Ohio last year.

But Vance doesn’t appear to be much of a cannabis-culture warrior, either, preferring instead to spend his political capital elsewhere.

No ‘friend’ of marijuana industry

“Is Vance a friend of the industry? Absolutely not,” Steve Schain, a Philadelphia-based attorney who specializes in cannabis banking and taxation issues, told MJBizDaily by phone on Tuesday.

“His first and only concern is fortifying and furthering his federal role.

“That being said, like most classic libertarians, he doesn’t want to disturb

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