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Aurora Cannabis Inc. shares ACB,
ACB,
rose 30% in pre-market commerce on Monday, extending a rally that began last week over expectations that Democrat Joe Biden would win the presidential election and scale a pro-cannabis reform agenda, as the company posted a loss for its first fiscal quarter but beat its revenue estimates. Aurora said its net loss from continuing operations was C $ 107.2 million ($ 82.6 million) for the quarter ended September 30, less than the loss of C $ 1.85 billion recorded in the previous quarter. He did not provide a comparison with the previous year’s figure and did not offer a breakdown by share. Cannabis revenues edged up to C $ 67.8 million from C $ 67.5 million in the previous quarter. The FactSet consensus was for C $ 63.6 million in revenue. Cannabis consumption revenues fell 3% from the previous quarter to C $ 34.3 million, while medical cannabis revenues increased 4% to $ 33.5 million. The company sold 16,139 kilograms of weeds in the quarter, after selling 16,746 kg in the previous quarter. The average net selling price of dried cannabis was C $ 3.72, compared to C $ 3.60 in the fourth quarter. Shares are down 62% year-to-date, while Cannabis ETF THCX,
fell 10% and the S&P 500 SPX,
gained 8.6%.
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