Last month Canadian marijuana giant, Aurora Cannabis Inc. (NASDAQ: ACB), released its financial results for the fiscal second quarter that ended December 31. Like many others in the space, Aurora is not yet fully profitable. However, it has a modest positive adjusted EBITDA of CA$1.4 million ($1.04 million), in line with prior guidance, so it's taking all the right steps toward achieving profitability.
Aurora is also projected to remain EBITDA positive going forward while working on reaching positive operating cash flow.
Dropping The Ego – Focusing On Medical
There’s no doubt that these are challenging times for the industry, marked by layoffs and decreasing prices. How then is this cannabis company dealing with the crisis? What's its secret?
It appears to be its bet on medical cannabis, writes MJBiz Daily. When many other weed businesses were pushing for recreational, the Edmonton, Alberta-based producer kept its main focus on medical marijuana (MMJ).
“I knew that medical made money. And I know rec was a maybe, coulda, woulda, shoulda, but I knew we were hemorrhaging cash on rec, and we didn’t see it getting better,” Aurora CEO Miguel Martin told MJBiz.
Martin became Aurora’s CEO in 2020 when the company was reporting a net loss of CA$3.3 …