(Edmonton) Aurora Cannabis saw its net loss widen to $618.8 million in its most recent quarter as it took a $505.1 million impairment charge.
Posted at 5:35 p.m.
The Edmonton cannabis producer’s net loss for the fourth quarter was significantly larger than the $134 million posted in the same period a year earlier.
Aurora’s net revenue for the quarter ended June 30 was $50.2 million, down 8% from $54.8 million for the same period a year earlier.
Revenues for recreational cannabis have fallen the most compared to the fourth quarter of 2021, registering a drop of 35%.
However, Aurora’s medicinal cannabis revenue grew 4% year-over-year, and the number of pounds of cannabis sold across all categories increased 16% year-over-year.
Aurora had to undertake several significant changes throughout the COVID-19 pandemic, including closing several facilities.