A vegetable grower may hold the key to Aurora Cannabis's profit goal.
Aurora Cannabis Inc. on Thursday reported a bigger quarterly loss and lower sales than expected. But the Canadian pot producer stuck with its target of hitting an adjusted measure of profit by the end of next month, and said it would get there, in part, through a company that has little to do with cannabis.
He also said the company would get there through Bevo Farms — a vegetable grower that Aurora acquired a controlling stake in over the summer. Aurora reported a fiscal first-quarter net loss of C$51.9 million, compared with C$11.9 million in the same quarter last year and a far bigger C$618.8 million loss in the prior quarter. Aurora lost 17 Canadian cents per share during the quarter, according to a filing.
Recreational cannabis sales, meanwhile, were C$13.7 million. That marked a 9% gain from the previous quarter, but a 28% drop from the same period last year.
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