Aurora Cannabis Posts $5.7-Million Loss in 2016, Predicts "Tremendous Growth"
Vancouver-based Aurora Cannabis (TSXV:ACB) today reported its fourth quarter and fiscal 2016 results, and though the company posted a hefty loss it predicted better days ahead.
For fiscal 2016, Aurora lost $5.7-million on revenue of $1.4-million. The company posted no revenue in fiscal 2015, as it only began to sell medical marijuna products on January 5 of this year.
Aurora CEO Terry Booth characterized the year, one in which the company raised $68-million, made what it feels were key hires, and strengthened its board.
“Aurora has firmly established itself as a leader and innovator in the cannabis industry,” he said in a press release today. “Since beginning commercial operations in January 2016, we have experienced rapid revenue growth, achieved a remarkable patient registration rate, raised substantial capital towards the execution of our operational and strategic initiatives, and significantly enhanced our balance sheet, with one of the strongest cash positions in the sector....
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