Aurora Cannabis Forecasts Sales At High End, But Marijuana Stocks Fall



BY:

Aurora Cannabis stock fell on Friday, even as the Canadian cannabis producer said it expects fiscal first-quarter sales and adjusted margins to come in at the high end of its expected range. Other marijuana stocks were mixed.

The company sees fiscal first-quarter net sales coming in at the upper end of expectations for 60 million to 64 million Canadian dollars. That is still down from the 67.5 million it made in the prior quarter.

Aurora Cannabis (ACB) has said that net sales would likely be made up almost entirely of cannabis, after divesting “noncore subsidiaries” during the prior fiscal year.

Aurora also expects adjusted gross margin to be at the high end of earlier views for 46%-50%. Sales, general and administrative costs for the quarter are expected to be in the low 40-million range, when excluding contract and employee termination costs.

‘Market Realities’

Aurora Cannabis said it still expects to reach positive adjusted EBITDA in its second quarter. The Canadian cannabis producer had to push back that target this year as it wrestles with losses, disappointing sales and hefty charges as it tries to shrink its production footprint, align its supply with demand, and recognize what it said were “market realities.” Aurora last month announced a new CEO. But activist investor Nelson Peltz also resigned as a senior advisor. [Read more at Investor’s Business Daily]

The post Aurora Cannabis Forecasts Sales At High End, But Marijuana Stocks Fall appeared first on Cannabis Business Executive – Cannabis and Marijuana industry news.

BY:



More from our Blog

Nov 24
LED grow lights are more affordable than ever for cannabis cultivators

Growing Presented BySpider Farmer November 24, 2020 For cannabis growers, lights are a…

Nov 24
How to Store Marijuana Seeds Properly

There’s a lot of reasons to store cannabis seeds rather than just planting them…

Nov 24
How To Promote Your Cannabis Business Online

Cannabis is a big business all around the world. With more states legalizing cannabis…

Nov 24
Remembering Franco Loja and his lasting influence on modern cannabis

If you’re a fan of — or have even heard about — famous cannabis…

Nov 24
Lawmakers planned to pass a legal weed bill Monday. Here are the disputes that stopped it from happening.

After last-minute disputes forced the Assembly and Senate to cancel Monday votes on…

Nov 23
Mexican Senate passes bill to legalize marijuana nationwide

Mexico’s Senate approved a bill to legalize marijuana nationally last Thursday.…