Auxly Cannabis Group, based in Toronto, lost 18.4 million Canadian dollars ($14 million) in its quarter ended Dec. 31, 2021, on record net revenue of CA$29.3 million.
Sales improved by 20% over the third quarter, which is the best among competing marijuana producers, according to a Thursday news release.
ADVERTISEMENT
However, the adjusted EBITDA loss of CA$6 million in the fourth quarter was 30% worse than the same period one year earlier.
Auxly said it maintained the No. 1 market share position in Canada’s so-called Cannabis 2.0 products in 2021, which include vapes and edibles, increasing its market share to approximately 15%.
Overall, Auxly was the fifth-largest licensed producer in Canada by market share, securing 7.4% in the quarter, according to the release.
“We value the company’s market position, which could make it attractive to others, but debt leverage, cash burn, and ongoing negative EBITDA are concerns,” analyst Pablo
Read full article on Marijuana Business Daily
