Aurora Cannabis, a major player in the Canadian cannabis market, experienced a sharp decline in its stock value on Wednesday, as the company projected a downturn in international sales. The U.S.-traded shares dropped approximately 17%, although they remain significantly higher compared to earlier this year.
The company announced that it anticipates ‘temporary declines’ in its international markets, including the United States. This expected decrease in sales from abroad is anticipated to overshadow the growth in medical cannabis sales within Canada.
In its latest financial report, Aurora Cannabis revealed quarterly revenue of 90.5 million Canadian dollars (about 66.4 million U.S. dollars). This figure was bolstered by a nearly 50% year-over-year increase in medical cannabis sales, which reached 67.8 million Canadian dollars. Despite this growth, the company’s net loss for the quarter narrowed slightly to 17.2 million Canadian dollars, down from a loss of 20.3 million Canadian dollars in the same period last year.
Aurora’s concerns about international revenue are indicative of broader challenges in the cannabis industry, where fluctuating market conditions and regulatory hurdles can impact sales performance. Investors and analysts will be watching closely to see how the company adapts to these challenges and whether it can maintain its growth trajectory in the Canadian medical cannabis sector while addressing the downturn in international markets.
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