Canopy can take comfort that it wasn’t alone in reporting a loss this week. Aurora reported $75.2M in quarterly revenue, well beneath analysts’ estimates of $90.6M.
NewsWire
- Aurora’s REC sales declined 33% quarter over quarter to $30M, while the company’s adjusted EBITDA loss of $39.7M more than doubled expectations of a $17.6M loss.
Bloomberg - In a move expected to save $190M in the next year, the company suspended construction of its Aurora Nordic 2 facility in Denmark and deferred final construction on the Aurora Sun facility in Medicine Hat, Alberta.
MJ Biz Daily - Aurora intends to expand more seriously into the US CBD market.
CTV News
Cronos reported it more than tripled its revenue with $12.7M for the quarter, which nonetheless fell short of the $14.1M analysts forecasted.
New Cannabis Ventures, CBC Business
- Like Aurora, Cronos is focusing on the U.S., breaking its business into “United States” and “rest of the world” segments.
Globe and Mail
Tilray posted a US$35.7M net loss, up from US$18.7 year over year.
MarketWatch
- Tilray’s revenue for the quarter was CDN$67.8M. REC sales represented US$15.8M, hemp products (connected with the acquisition of hemp producer Manitoba Harvest) represented US$15.7M, and international MED sales accounted for US$5.7M.
Financial Post - Tilray predicted it would achieve positive EBITDA by late next year.
Bloomberg
Organigram issued Q4 guidance predicting net revenue of $16.3M, a significant step down from last quarter’s $24.8M revenue, as well as from analyst predictions of $27M.
New Cannabis Ventures, MJ Biz Daily
Ontario LP Beleave abandoned plans for a production facility in London, Ontario, putting its greenhouse there up for sale.
London Free Press
Licensed processor and white-label producer MediPharm Labs posted optimistic quarterly results. CEO Pat McCutcheon said sector oversupply “bodes extremely well” for the company, as it will drive down the price of cannabis biomass.
Globe and Mail
