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Investors aren't interested in cannabis anymore

Author

Jay Lutz
June 14, 2023

Sponsored by Verses AI

Aurora declines after Q3 results

Aurora Cannabis (NASDAQ: ACB) announced its financial results for the third quarter of fiscal year 2023, reporting quarterly revenue of $64.0 million, higher than the $61.7 million in the previous quarter and down from $50.4 million in the same quarter last year.

The cannabis firm still recorded a net loss of $87 million, compared to a net loss of $67 million in the previous quarter. The main reason for the net loss increasing by $20 million compared to the previous quarter was a $60 million rise in other expenses, primarily caused by fluctuations in the fair value of derivative investments.

For the three-month period, the adjusted EBITDA amounted to $0.3 million, compared to $1.4 million in the previous quarter and a loss of $10.0 million last year. The sequential decline, the firm said, can be primarily attributed to increased professional fees and consultant expenses “as the company balanced lower corporate headcounts with ongoing compliance and regulatory needs.”

You can read more on the matter here.

VERSES is a cognitive computing company specializing in next-generation Artificial Intelligence. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES flagship offering, GIA™, is an Intelligent Agent for anyone powered by KOSM™, a network operating system enabling distributed intelligence.

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FULL DISCLOSURE: VERSES Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Verses Technologies. The author has been compensated to cover VERSES Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.