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

Penticton Search and Rescue respond to six calls in less than a week

Two hikers rescued in early morning search near Greyback Lake latest in series of searches

In photos: Modified, yet traditional graduation gives Penticton graduates a sense of normalcy

Students around Penticton take part in pre-recorded graduation ceremonies

‘It’s about equality’ says Penticton man rallying for Black Lives Matter

“Canada is not exempt from racism and oppression,” said Geoff Stathers, standing with his #BLM sign

No active confirmed COVID-19 cases in Interior Health: BCCDC

Numbers from the BCCDC’s dashboard show 193 of the 195 COVID-19 cases in the region have recovered

COLUMN: Efforts preserve and promote local agriculture

Farming will remain an important element in the region

March dental conference key to many of B.C.’s COVID-19 cases

Early infections from China, Iran were quickly contained

Police seek help identifying person of interest in Salmon Arm arson investigation

A fire in a garage was extinguished but it is being treated as an arson.

Regional District of Kootenay Boundary rescinds all Grand Forks-area evacuation orders

Evacuation alerts for 1,136 Boundary properties remain in effect as officials monitor forecasts

MAP: Dr. Henry reveals which B.C. regions have seen most COVID-19 cases

B.C. health officials release a first look at how the novel coronavirus has reached all corners of the province

Filming to resume safely later in June: Okanagan Film Commission

Film commissioner Jon Summerland said they want to start filming again later in June

Kelowna RCMP investigate woman’s sudden death

Criminality is not suspected at this time, according to RCMP

Tla-o-qui-aht First Nation woman, 26, fatally shot by police in Edmundston, N.B.

Police were conducting a well-being check at the time of the incident

WATCH: Burned out car be gone thanks to Vernon dealership, ski resort

Bannister GM Vernon and SilverStar Mountain Resort team up in road cleanup

‘We either make a difference or we don’t’: Revelstoke teen leads protest in support of BLM

Revelstoke joined cities across the world protesting against racism and police brutality

Most Read