Aurora Cannabis reports $25.2M net loss as it buys Australian medical pot firm
EDMONTON -
Aurora Cannabis Inc. has announced a deal to buy the 90 per cent stake they don't already own in medical cannabis company MedReleaf Australia.
The deal valued the Australian medical cannabis distribution company at AUD$50 million or about $44 million in Canadian dollars.
Edmonton-based Aurora says it paid A$9.45 million in cash with the balance in common shares issued.
The deal came as the company reported a third-quarter net loss from continuing operations of $25.2 million compared with a net loss of $62.4 million a year earlier.
Aurora says the lower net loss stemmed from a $32.7 million increase in gross profit and a $10.4 million decrease in operating expenses.
Its total net revenue for the period ended Dec. 31 hit $64.4 million compared with $61.1 million a year prior.
This report by The Canadian Press was first published Feb. 8, 2024.
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