Struggling cannabis producer Aurora Cannabis reported a net loss of 1 billion Canadian dollars ($770 million) for the three months ended March 31 on plunging sales of adult-use products, bringing its loss this year to CA$1.1 billion.
The latest CA$1 billion loss brings the Edmonton, Alberta-based company’s cumulative net losses since 2015 to roughly CA$5.3 billion.
Net Revenue in the third quarter fell to CA$50.1 million, down from CA$54 million in the same period a year earlier.
Aurora’s adjusted EBITDA loss widened to CA$12.3 million in the third quarter, compared with CA$9 million in second quarter 2022.
But it was an improvement from the CA$20.9 million adjusted EBITDA loss in the prior-year period.
Aurora’s recreational cannabis net revenue plunged 43% for the January-March period year-over-year to CA$10.4 million and a stunning 73% off a third-quarter high in 2020.
Dried cannabis sales fell to CA$8.6 million, down sharply from
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