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

City to lease space at Canfisco site, PRGA top of list

The Prince Rupert Gymnastics Association has plans to expand their facilities

Coastal GasLink stresses pipeline ‘on a schedule’ as B.C. appoints liaison for Wet’suwet’en

670-kilometre pipeline is schedule to be completed by end of 2023

Anticipated adverse weather leads to ferry rescheduling, Prince Rupert and Haida Gwaii

Sailing for the Northern Expedition, Skidegate has been revised by BC Ferries

Three fires in two days

Fires crews kept busy in Prince Rupert

UPDATE: Power restored after outage in Prince Rupert

Power was out in the entire downtown area for a time on Sunday afternoon

VIDEO: As 106 reported dead from the coronavirus outbreak, countries look to evacuate citizens

Canada is warning its residents to not go to Hubei province at all

WEB POLL: Will you be watching the Super Bowl?

The Chiefs and 49ers are ready to decide football’s ultimate crown

Pregnant B.C. woman stuck in Wuhan, the epicentre of coronavirus outbreak

Woman is due to give birth in Wuhan, China unless she can get out

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

Taxi association asks B.C. Supreme Court to stop Uber, Lyft from operating

Petition alleges Passenger Transportation Board did not take taxis into account

Majority of Canadian boards had no female members in 2016 and 2017: StatCan

Statistics Canada says 18.1 per cent of director seats were held by women in 2017

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

Most Read