Aurora Marijuana (NYSE: ACB) released its second-quarter financial 2021 profits report Thursday afternoon. Heres what we found out:
Since Feb. 10, the Edmonton, Canada-based marijuana producer has about $565 million in money on hand. To reach success, Aurora is expected to partner with “3rd party government and non-government consumer sales channels.”
Long-Term Profitability: The current loss in EBITDA was “set off by several decisions” Aurora made to strengthen long-term profitability. Recall in 2015 when Aurora released of more than 1200 of its workers in an effort to improve the balance sheet.
The company, under the helm of CEO Miguel Martin, just recently closed activities at its Aurora Sun facility and decided to minimize the production at its flagship Aurora Sky facility by 75%.
And last month, Aurora cut sales staff after picking Great North Distributors for its sales representatives in the Canadian leisure marijuana market.
The stock shut down 23% at $14.47 following a huge runup earlier in the week.
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© 2020 Benzinga.com. Benzinga does not supply investment recommendations. All rights scheduled.
Total marijuana internet earnings hovered $70.3 million, leaving out arrangements of $2.7 million
Thats up 11% over the 2nd quarter of 2020
Medical cannabis net profits reached $38.9 million– up 42% versus the 2nd quarter of 2020
That dive was due to a 562% boost in high margin worldwide medical sales
Aurora experienced an adjusted EBITDA loss of $12.1 million
Thats an improvement of $53.1 million over the second quarter of 2020
The company reported better money usage by more than 74% compared to the 2nd quarter of 2020