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

imageStock Markets1 hour ago (Sep 27, 2021 04:50PM ET)

(C) Reuters. FILE PHOTO: The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 8, 2019. REUTERS/Brendan McDermid/File Photo

(Reuters) – Aurora Cannabis (NASDAQ:ACB) 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 have lifted demand for cannabis-related products from homebound customers, while the new sector-friendly policy changes, including access to federal banking, has sparked optimism among investors.

Aurora last week said it would shut down a facility in Edmonton, Alberta, without disclosing the number of employees that would be impacted by the move. The company had announced staff reductions and plans to shut five facilities in June last year.

The Edmonton-based company’s total revenue stood at C$54.8 million, compared with C$55.2 million in the third quarter.

On an adjusted basis, the company posted a loss before interest, taxes, depreciation and amortization of C$19.3 million ($15.25 million) for the three months ended June 30, compared with a loss of C$33.3 million, a year earlier.

($1 = 1.2652 Canadian dollars)

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

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