The logo of Aurora Cannabis Inc., a licensed Canadian producer of cannabis, is displayed on a display on the floors of the New York Stock Exchange (NYSE) in New York, the United States, January 8, 2019. REUTERS / Brendan McDermid / File Photo

Sept. 27 (Reuters) – Aurora Cannabis Inc (ACB.TO), on Monday reported a lower base loss in the fourth quarter as the pot producer benefited from aggressive cost-cutting measures and increased demand for cannabis and related products.

Pandemic-induced closures have boosted demand for cannabis-related products from homebound customers, while new policy changes favorable to the sector, including access to federal banks, have raised optimism among consumers. investors.

Aurora announced last week that it would be closing a facility in Edmonton, Alta., Without disclosing the number of employees who would be affected by the move. The company had announced staff cuts and planned to shut down five facilities in June of last year.

Total sales for the Edmonton-based company were C $ 54.8 million, compared to C $ 55.2 million in the third quarter.

On an adjusted basis, the company recorded a loss before interest, taxes, depreciation and amortization of C $ 19.3 million (C $ 15.25 million) for the quarter ended June 30, compared to a loss of $ 33 , 3 million Canadian dollars a year earlier.

($ 1 = 1.2652 Canadian dollars)

Report by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi

Our Standards: Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published.