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Aurora Cannabis posts smaller core loss on higher pot demand, cost cuts By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO. The logo for Aurora Cannabis Inc. (a Canadian-licensed cannabis producer) is shown on a floor at the New York Stock Exchange in New York on January 8, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – Aurora Cannabis (NASDAQ:) Inc, reported a smaller fourth-quarter core loss on Monday, as the pot producer benefited from aggressive cost-cut measures and higher demand for cannabis and related products.

Pandemic-induced lockdowns increased demand for cannabis products from homebound clients, and the sector-friendly policies changes have sparked optimism in investors.

Aurora announced last week that it will close a Edmonton facility. However, the company did not disclose the number of workers who would be affected by this move. In June 2013, the company announced that it would reduce staff and shut down five of its facilities.

C$54.8million was the total revenue of Edmonton’s company, which compares to C$55.2million in third quarter.

The company’s loss before interest taxes, depreciation, and amortization was C$19.3million ($15.25m) in the three-month period ended June 30. This is compared to a loss C$33.3m a year ago.

($1 = 1.2652 Canadian dollars)

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