February 29th, 2024

Aurora Cannabis reports $25.2M net loss as it buys Australian medical pot firm

By The Canadian Press on February 8, 2024.

Aurora Cannabis Inc. has announced a deal to buy the 90 per cent stake they don't already own in medical cannabis company MedReleaf Australia. Threaded cartridges designed for vaping are photographed at the Ontario Cannabis Store in Toronto on Friday, Jan. 3, 2020. THE CANADIAN PRESS/ Tijana Martin

EDMONTON – Aurora Cannabis Inc. has announced a deal to buy the 90 per cent stake they don’t already own in medical cannabis company MedReleaf Australia.

The deal valued the Australian medical cannabis distribution company at AUD$50 million or about $44 million in Canadian dollars.

Edmonton-based Aurora says it paid A$9.45 million in cash with the balance in common shares issued.

The deal came as the company reported a third-quarter net loss from continuing operations of $25.2 million compared with a net loss of $62.4 million a year earlier.

Aurora says the lower net loss stemmed from a $32.7 million increase in gross profit and a $10.4 million decrease in operating expenses.

Its total net revenue for the period ended Dec. 31 hit $64.4 million compared with $61.1 million a year prior.

This report by The Canadian Press was first published Feb. 8, 2024.

Companies in this story: (TSX:ACB)

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