Aurora Cannabis reports $87 million loss, aims for positive free cash flow
Aurora Cannabis’ financial woes have continued in the first quarter of 2023, with the Canadian cannabis giant posting increasing net losses despite a slight bump in revenues.
Over the three months to March 31, 2023, Aurora posted a net loss of C$87m and net sales of C$64m, up from a net loss of $67.2m and sales of $61.7m in the previous quarter.
Despite this, the company’s EBITDA profits were positive for the period, coming in at $300k, in what CEO Miguel Martin said was a sign its ‘business transformation plan’ is working.
Mr Martin also suggested the company had now made annual saving of $400m by ‘rationalising expenses’, and would continue to slim its operations by closing its leased facility in Denmark, which it hopes will help it reduce losses by another $40m over the next year.
High Tide Reports Third Consecutive Quarter of Record Revenue and Adjusted EBITDA of $118.1 Million and $6.6 Million, Respectively
Its Canadian stablemate also published financial results today, reporting a growing revenues and profit margins.
Over the three months to April 30, 2023, High Tide reported revenues of C$118.1m, up 46% on revenues of C$81m a year earlier, but remained flat month-on-month.
Net losses also improved, falling from C$8.3m in Q2 2022 to C$1.6m in the same period this year.
Adjusted EBITDA, meanwhile, increased 20% month-on-month to C$6.6m, and more than doubled from C$2.2m in 2022.
“We remain on track towards achieving our communicated goal of generating positive free cash flow by the end of calendar 2023,” Raj Grover, President and Chief Executive Officer of High Tide said.
Americans Say Cannabis Is Safer Than Alcohol And Cigarettes (And Less Addictive Than Technology)
A new survey conducted by the American Psychiatric Association (APA) and Morning Consult revealed last week that Americans think cannabis is much less dangerous than opioids, alcohol and cigarettes.
According to the results of interviews with 2201 adults conducted between April 20 – 22 2023, 38% of respondents said cannabis was ‘very or somewhat unsafe’.
This compared to 84% stating cigarettes were unsafe, 65% believing alcohol was unsafe, and 66% believing prescription opioids were unsafe.
Cannabis was also believed to be less addictive than all other substances listed in the survey, which included the use of technology.
“It is clear that we have gotten the message through that cigarettes are dangerous and addictive,” APA President Petros Levounis said in a press release.
“We can help prevent more Americans from other potentially addictive behaviors, like drinking alcohol and technology use. For instance, vaping is just as, if not more, addictive than cigarette smoking.”
