Aurora Boosted By Growth In Medical, Consumer Sales
February 21, 2023Edmonton, Alberta-based Aurora Cannabis reported results for its fiscal quarter ended December 31, in which cannabis revenues increased 25% sequentially to C$61.7 million ($45.8m). The majority of that came from medical cannabis sales, which grew 25% sequentially to C$39.5 million ($29m), largely driven by export markets. On the consumer side, recreational cannabis net revenue was up 13% sequentially on an underlying basis, boosted by premium brand San Rafael ’71 and value brand Daily Special.
Aurora also swung its adjusted EBITDA just barely into the positive at C$1.4 million ($1m), driven by reductions in general and administrative spending along with revenue growth. “We have right-sized our business while remaining the #1 Canadian LP in global medical cannabis revenues, and having demonstrated organic quarter over quarter revenue growth across all of our cannabis segments during Q2 2023,” said CEO Miguel Martin.—Danny Sullivan
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