Aurora Cannabis blames $1-billion net loss in Q3 on pricing pressures, COVID-19

[Rocky Mtn Squid]

​

Aurora Cannabis Inc.'s most recent quarter ended with a net loss of more than $1 billion, which the cannabis company blamed on pricing pressures and COVID-19 measures.

The Edmonton cannabis business' third-quarter loss was up from a more than $160 million loss it reported in the same quarter last year.

Aurora says its basic and diluted
Aurora says its net revenue for the period ended March 31 reached $50.4 million, down nine per cent from about $55 million the quarter before.

The company's earnings came days after it announced it will will wind down operations at an outdoor grow site in the B.C. Interior because it recently acquired Thrive Cannabis, which has indoor and outdoor grow facilities.

SOURCE: https://www.msn.com/en-ca/news/cana...sedgntp&cvid=32217fbd25114f4e81ba806b74350a7b


RMS

 

[tobedetermined]

Aurora Cannabis Inc.'s most recent quarter ended with a net loss of more than $1 billion, which the cannabis company blamed on pricing pressures and COVID-19 measures.

Ha ha ha ha.

It had nothing to do with the fact that they didn't know how to grow weed? Or the bad investments they made? Or their absolutely insane market predictions? Or the greedy investors that pumped the stock?
Of course not.

 

[troutman]

The problem is getting too big for their abilities.

 

[TychoMonolyth]

We saw this shit with the dot com bust. Crazy unrealistic prediction.

 

[f-e]

Everyone wants to try the new restaurant. There is a mad rush where they can barely cope. Then after everyone has tried it, they want to try the new restaurant. It's a 5 year business.
In this industry we saw everyone wanting to try the new product, then realising they could cook it themselves. That actually, cooking wasn't a chore. So we saw a big rush following legalisation. Now a big drop as it's been tried now, and frankly cooking your own looks interesting for many gardeners. No more giving away surplus tomato's each season. It's actually profitable. Later, people will get bored of growing and realise there own consumption isn't a lot of money.

Same would happen with any product you are suddenly allowed, but takes a few months to make your own. Everyone runs to buy it, then makes their own. Before a new equilibrium is found.

 

[GMT]

They lost more than it would cost to buy Aston Martin outright. Morons with no business sense, and that's the investors. Those running the company need jailing. That's unforgivable.