Medical marijuana is shown in Toronto on November 5, 2017. THE CANADIAN PRESS/Graeme Roy

Cannabis company Aphria cuts outlook for 2020, reports second-quarter loss

Aphria said it now expects net revenue for its 2020 financial year between $575 million and $625 million

Cannabis company Aphria Inc. slashed its outlook as it reported a loss in its latest quarter.

Aphria said it now expects net revenue for its 2020 financial year between $575 million and $625 million and adjusted earnings before interest, taxes, depreciation and amortization between $35 million and $42 million.

That compared with guidance in October for net revenue between $650 million and $700 million and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $95 million.

The revised forecast came as Aphria reported a net loss of $7.9 million or three cents per share for the quarter ended Nov. 30 compared with a profit of $54.8 million or 22 cents per share in the same quarter a year ago.

Net revenue in what was the second quarter of Aphria’s 2020 financial year totalled $120.6 million, up from $21.7 million a year earlier.

Aphria also announced Irwin Simon would become the company’s chief executive. Simon, who is also Aphria’s chairman, has been serving as interim chief executive since last February.

READ MORE: Shoppers Drug Mart secures medical marijuana supplier

ALSO READ: Amount of cannabis seized at Canada-U.S. border jumped 75% after legalization

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

TC Energy enlists Alberta to help finish US$8-billion Keystone XL project

Alberta government has agreed toinvest about US$1.1 billion (C$1.5 billion) as equity in the project

Sylvan Lake’s Flags of Remembrance ceremonies cancelled due to pandemic

The flags will fly along the lake and Highway 11 under the name “Flags of Unity”, Sept. 12-Nov. 12

Agriculture critical during and post-epidemic, Ag Minister says

Agriculture and Forestry Minister Devin Dreeshen held a call-in town hall meeting Monday night

Open Letter on the Temporary Adjustment to K-12 Education Funding

Canadian Parents for French is a nationwide, research-informed, volunteer organization

VIDEO: 17 COVID-19 cases in central Alberta

March 23 update from Dr. Hinshaw

Alberta’s energy war room to spend only on ‘subsistence operations’ due to COVID-19

Alberta’s energy war room to spend only on ‘subsistence operations’ due to COVID-19

Father of Humboldt Bronco disappointed Saskatchewan has relaxed trucking rules

Father of Humboldt Bronco disappointed Saskatchewan has relaxed trucking rules

Alberta education minister resists Opposition calls to rescind mass layoffs

Alberta education minister resists Opposition calls to rescind mass layoffs

Alberta Medical Association calls health-care changes irresponsible during pandemic

Alberta Medical Association calls health-care changes irresponsible during pandemic

Crosby, McDavid favourites again in NHLPA annual poll

Crosby, McDavid favourites again in NHLPA annual poll

Toronto not banning sports events through June yet, but other measures in place

Toronto not banning sports events through June yet, but other measures in place

Too little too late? Experts decry Mexico virus policy delay

Too little too late? Experts decry Mexico virus policy delay

Hope floats: Alberta town ravaged by flood rolls out parade float for COVID-19

Hope floats: Alberta town ravaged by flood rolls out parade float for COVID-19

Most Read