Canadian marijuana firm Aurora’s sales surge, losses widen

Aurora Cannabis, an Edmonton, Alberta-based cannabis producer, reported fiscal third-quarter revenue of 75 million Canadian dollars ($56 million) – up more than 365% from a year ago.

The company’s net loss grew to CA$158.3 million – up from $19.2 million in the year-ago quarter.

The boost in sales was fueled by growth across its key markets, the company said in a news release.

Revenue attributable to Canada’s adult-use market grew 37% from the previous quarter to $29.6 million. Medical cannabis sales grew to $29 million, up 12% from the previous quarter.

The surging red ink reflects the company’s obligation to revalue the convertible debt it carries on its balance sheet, resulting in losses of CA$101.5 million.

Aurora trades on the New York Stock Exchange under the ticker symbol ACB.

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