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

Shipyard upgrade on Port Alberni’s waterfront means MV Frances Barkley retrofit happens at home

Canadian Maritime Engineering expands equipment to accept larger vessels

BUDGET 2020: City of Port Alberni department heads asked to justify costs

Faulty firefighter breathing gear, ballooning Uptown costs, train marketing all questioned

Port Alberni café, pair of teens rally support for Australia bush fire relief

Boomerangs Café plans three-day fundraiser; teens prepare to help in wildlife recovery

Agricultural Land Commission approves cannabis facility in Beaver Creek

Proposed facility outside Port Alberni had been caught up in ALR red tape

VIDEO: Nickelback gears up for nostalgia tour

Canadian band joins Stone Temple Pilots for a summer tour that includes just one stop in Canada

Province asks health-care staff to be ‘vigilant’ in screening for possible coronavirus cases

This comes after U.S. health officials confirmed a case of the virus in Washington State

Boy, 13, arrested after alleged assault involving girl at B.C. middle school

Boy alleged to have used ‘inappropriate levels of force’ to injure the girl

B.C. player becomes only second Canadian to enter Hall of Fame of Baseball

Walker received 76.6 percent of the Baseball Writers of America Association vote

PHOTOS: Heavy snowfall breaks window, causing avalanche into B.C. newsroom office

It was a chaotic start to the week for the Kitimat Northern Sentinel

Canadian law firm launches class action on behalf of Iran flight victims

Flight 752 was shot down by Iran shortly after take off

Mission Hill cellarman fired after mistakenly dumping $162K of wine down the drain

The former employee filed a grievance with the West Kelowna winery but was unsuccesful

Most Read