Aurora Cannabis sold less adult-use marijuana in its second quarter of 2021 compared to the previous quarter, but that was partially offset by growing revenue from its medical business, the Alberta-based company reported Thursday.
Recreational cannabis net revenue was 28.6 million Canadian dollars ($22.5 million) for the quarter ended Dec. 31, 2020, 17% lower than the previous quarter’s CA$34.4 million.
That weighed on overall revenue, which declined slightly to CA$67 million.
Revenue from medical marijuana, on the other hand, grew to CA$38.8 million for the quarter, a 16% improvement quarter-over-quarter.
Adjusted EBITDA, a measure of profitability, was a loss of CA$16.8 million.
Overall, Aurora lost CA$292.8 million from October to December, mostly because of impairment costs of its giant Aurora Sun greenhouse.
Aurora paused operations at the facility last year after significantly overshooting the production capacity needed to meet demand in the expanding adult-use marijuana market.
Aurora’s net loss for the six months ended Dec. 31, 2020, was CA$400 million.
Meanwhile, the company announced on Thursday that Chief Operating Officer Allan Cleiren is retiring, effective March 31.
In a conference call with analysts, CEO Miguel Martin elaborated on Aurora’s strategic pivot to focus on premium products.
“Achieving this goal will require alignment with production, focusing our resources on growing high-potency, high-terpene, premium cultivars on a consistent basis and reaching consumers who are willing to pay a premium for a premium product,” he said.
The company’s cash balance as of Feb. 10, 2021, was approximately CA$565 million.
Aurora trades as ACB on the Toronto Stock Exchange and New York Stock Exchange.