Cannabis seedlings are seen at the Aurora Cannabis facilty on November 24, 2017, in Montreal. THE CANADIAN PRESS/Ryan Remiorz
EDMONTON – Aurora Cannabis Inc. reported revenue in its latest quarter rose compared with a year ago, helped by its acquisition of Bevo Agtech Inc., a supplier of vegetable seedlings and flowers, last year.
The company says the increase came as its adjusted earnings before interest, taxes, depreciation and amortization totalled $310,000 for the quarter ended March 31 compared with a loss of $10 million a year earlier.
Net revenue totalled $64.0 million for what was the company’s third quarter, up from $50.4 million in the same quarter last year.
Aurora says medical cannabis revenue for the quarter totalled $38.0 million, down from $39.4 million, due to limited supply of high-demand products in certain European markets as the company had production issues at its Nordic production facility.
The company says it made a decision in May to close the Nordic facility and to return to providing European supply from Canada, a change it expects to improve reliability of supply and increase gross margins over time.
Consumer cannabis revenue amounted to $14.5 million, up from $10.3 million in the same quarter last year. Aurora also earned $10.8 million in plant propagation revenue from Bevo in the quarter.
This report by The Canadian Press was first published June 14, 2023.
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