Aurora said 17% of the Canadian cannabis market was purchases of cheap weed as of December, up from just 2% over the summer.
Cannabis companies in Canada have long promised “super premium” products, some going as far as predicting demand for $100 grams of the plant. Canadian consumers are heading the other way, however, as Aurora Cannabis Inc. ACB, +0.68% ACB, +2.08% outlined Thursday in an earnings report that revealed quarterly losses of more than C$1 billion.
“Clearly, there is more production of cannabis than demand, but I didn’t expect downward pricing pressure for weed this soon, just over a year into the legal market,” Zandberg said in a phone interview late Thursday. Full earnings coverage: Aurora Cannabis shares rise after a dire earnings report and $1 billion loss
“Aurora faces a lot of headwinds,” Zandberg said. “When you start to see the price of cannabis decline, it’s going to be harder to hit that [Ebitda] milestone. They’re not especially cash-rich for an organization of its size and there are a lot of factors at play here.”
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