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Home / Business / Aurora shares fall 11% as the cannabis producer withdraws its expansion as revenues decline

Aurora shares fall 11% as the cannabis producer withdraws its expansion as revenues decline



Aurora Cannabis Inc. posted a 24% sequential revenue decline on Thursday, generating sales of $ 75.3 million ($ 56.8 million) compared to $ 98.9 million in the previous quarter as the company expanded its plans slowed down in Canada and abroad.

US-traded Aurora shares

ACB, -7.32%

ACB, -6.61%

dropped more than 1

1.6% from C $ 12.8 million in the extended session one cent per share compared to C $ 105.5 million or 12 cents per share in the same period last year.

Aurora claimed to have sold $ 30.5 million in medical weeds; Recreational sales declined 33% sequentially to $ 30 million, which is due to a slower order in the province, Aurora said. Aurora sold a wholesale pot worth $ 10.3 million. In total, the company sold 12.5 tonnes of cannabis in the third quarter and produced 41.4 tonnes of cannabis.

Aurora planned to immediately discontinue the construction of a weed plant in Denmark the next 12 months. The company also announced that it would delay completion of the final construction and activation of its Aurora Sun facility in Canada.

Aurora reported revenue in a brutal phase for some of the world's largest cannabis companies. Before the opening bell, Canopy Growth Corp.

CGC, -14.38%

WEED, -14.27%

reported a loss of $ 374.6 million in the second quarter ($ 282.4 million) or C $ 1.08 per share of C $ 76.6 million. Earlier this week, investors saw results from Tilray Inc.

TLRY, -5.35%

which exceeded the estimates of Wall Street revenues, and Cronos Group Inc.

CRON, -6.06%

,

CRON, -6.04%

which missed the sales expectations.

In the earnings announcement, Aurora announced it has pledged a pledge from investors holding $ 155 million of its debt securities for March 2020 to convert these bonds into bonds. Remaining bondholders have the option of exchanging their bonds at a discount.

"To benefit from this global market, we need to be agile and proactive. In order to increase our financial flexibility and enable us to take advantage of future growth opportunities, we have also taken decisive steps to immediately strengthen our balance sheet, "said Terry Booth, Aurora's Chief Executive, in a statement.

After years of false pronunciation of the San Rafael brand & 71; 71, those in the conference said the locals in the Californian city, after which the brand was named, said, "San Rah-fell."

Aurora shares fell 34% this year, as did the ETFMG Alternative Harvest ETF

MJ, -4.55%

decreased by 31%.


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