A significant jump in plant-propagation sales and medical marijuana exports helped Canadian licensed producer Aurora Cannabis narrow its loss in the first quarter of fiscal year 2024 to 28.3 million Canadian dollars ($20 million).
That’s a significant improvement over the previous year’s quarter, when the Edmonton, Alberta-based company reported a CA$618.8 million loss.
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Meanwhile, Aurora is winding down Reliva, its American CBD business, citing potential CBD-regulation pathways and timeline announcements by the U.S. Food and Drug Administration.
Aurora’s reported positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of CA$2.2 million for the three months ended June 30, 2023, compared with a loss of CA$8.8 million in last year’s quarter.
The company, whose fiscal year 2023 consisted of only three quarters, also attributed the smaller loss to a decrease of CA$457.5 million in impairment of intangible assets and goodwill, a decrease of CA$78.7 million in
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