Aurora Cannabis has shared its results for Q2, showing a 17% decrease in net revenue from recreational cannabis sales. The previous quarter’s sales amounted to CA$34.4 million, while the current stands at CA$28.6 million. At the same time, revenue from medical cannabis sales increased by 16%, growing to CA$38.8 million.
"As we reposition the company towards our premium brands, we can't do that overnight," Miguel Martin, Aurora CEO, said. "A lot of that has to do with product quality."
Many Canadian LPs have been struggling recently, showing losses while the competition in the market kept increasing. In September, Miguel Martin took over the role of CEO of Aurora, with the mission of reducing costs, which resulted in the shutting down a number of facilities, even halting large parts of the flagship Aurora Sky facility.
Aurora has then reported an EBITDA loss of $16.8 million for this quarter, which represents an improvement of 76% compared to the same period of last year.
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