Aurora Cannabis Inc. (ACB) is a leader in supplying cannabis globally to the consumer industry along with the medical clientele. Its portfolio includes Aurora Drift, Daily Special, San Rafael ’71, and certain other CBD brands. Its medical portfolio includes CanniMed, MedReleaf, and Whistler Medical Marijuana Co.
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ACB stock price during the regular trading session of March 22, 2022, increased by 6.05% to be $3.68. Its price plunged as of the writing in the premarket session of March 23, 2022, by 7.33%.
ACB: Events and Happenings
On March 22, 2022, ACB updated on its entry into a contract with TerraFarma Inc. which is the parent company of Thrive Cannabis. Both the companies agreed upon the acquisition of all the outstanding shares of Thrive. The aggregate consideration of the transaction is up to $38 million payable in cash and the company’s common shares along with two earnout amounts payable in the cash or company’s shares.
ACB: Key Financials
ACB released its Q2 2022 financial results on February 10, 2022, for the period ended December 31, 2021. Some of the key highlights are mentioned here.
The company posted total net revenue of C$60.5 million in Q2 2022 against the same quarter of 2021 when it was C$67.6 million. The total revenue of the company decreased over the year by 10% or C$7.08 million ad it surpassed the estimations of the revenue by US$742 thousand
Net loss (basic and diluted) in Q2 2022 was C$75.1 million or C$0.38 per share as compared to the corresponding quarter of 2021 when it was C$297.9 million or C$1.77 per share. The company’s EPS increased YoY and it missed the EPS estimations by -US$0.13.
ACB stock downgraded by 36% year-to-date as of the impact of the global pandemic constraints. The current stock position of the company is improving as it is swelling in the premarket trading phenomenally and this gain is the result of the company’s recent press release regarding the purchase of Thrive Cannabis.