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

Vernon Vixens leave Merritt hockey tournament undefeated

Team sweeps all four games while out-scoring opponents 21-3

Vernon museum praises local group for spearheading RCMP Appreciation Day

Feb. 1 has been officially proclaimed Royal Canadian Mounted Police Appreciation Day

North Okanagan Knights pull out overtime victory over Sicamous

Knights goalie Sean Kanervisto gets first win after being named a top KIJHL rookie

Tickets available for Vernon’s seventh-annual Okanagan Military Tattoo

The city’s largest indoor event will take place July 25-26, 2020

VIDEO: Dragon parade marks Lunar New Year at Vernon school

Students at Beairsto Elementary performed traditional dragon dance on Friday

Officials reaching out to those in contact with Canada’s first coronavirus patient

The illness has sickened at least 1,975 people and killed 56 in China

Rockslide obstructing traffic on rural Shuswap road

Large boulders rolled onto Sunnybrae Canoe-Point Road in the South Shuswap.

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Canadian Lunar New Year celebrations dampened by coronavirus worries

But Health Minister Patty Hajdu said today that the risk of infection is low

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Snow angels: B.C. volunteers shovel for those who can’t

‘They’ve helped me make it through the rest of the winter’

Summerland Steam earn one win, one loss in hockey action

Junior B team in third place in division

Most Read