From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Aurora Cannabis Inc. blamed COVID-19 lockdowns for a 45 per cent plunge in consumer sales that it experienced as it continued to restructure its operations in its fourth quarter.
The Edmonton-based cannabis company said the health crisis pushed its net revenue from consumer sales to $19.5 million for the three months ended June 30, down from $35.3 million in the fourth quarter of 2020.
But that didn't appear to have the company's executives worried.
"Canadian rec will come back and that timeline won't impede our strategic or financial progress," said Miguel Martin, Aurora's chief executive, on a Monday call with analysts that had been rescheduled from the week prior.
"We've shown an incredible agility over the last two years and the final leg of our transformation is well underway."
The transformation Martin was referring to has been ongoing for the last year and has already encompassed several sizable reductions of Aurora's workforce and the shutdown of many facilities.
Last week, Aurora announced about eight per cent of its global workforce will be impacted by the forthcoming closure of its Aurora Polaris property in Edmonton.
The transformation is meant to streamline its operations, align its product offerings with current and future demand levels and put the company on a path to profitability.
But analysts feel those tasks won't be easy.
Bill Kirk, an analyst and executive director with MKM Partners, said in a Sept. 17 note that Aurora has "limited prospects" to improve its position in the recreational cannabis market and is unlikely to beat profitability expectations.
He pointed out that in the 17 quarters Aurora has reported as a public company, it missed consensus EBITDA expectations 17 times and he felt the firm would barely generate $50 million in revenue.
Retail investors also questioned Aurora's track record on EBITDA on Monday's call, asking Martin why they should believe the company is headed for profitability now because they've heard those promises before.
"I can absolutely sympathize with the frustration around past milestones not being achieved, but there's a big difference between what we're saying now and what was said then," Martin told the investors.
"Those forecasts were based on assumptions of revenue growth and that's not what we're saying here now."
Martin said he had confidence in the renewed forecasts because they are based on "aggressive cost" saving measures and not dependent on a need to grow revenue and increase margins.
His remarks came as Aurora announced its medical cannabis net revenue was $35 million, up from $32 million in the fourth quarter of 2020.
Aurora reported a net loss of $135.1 million, compared with a net loss of $1.86 billion a year earlier.
On an adjusted basis, it lost $19.3 million, compared with a loss of $33.3 million in the same quarter the year before.
Included in the adjusted loss is $5.1 million in restructuring costs. Aurora says it has identified $60 to $80 million in annualized cash efficiencies as part of its restructurings.
Aurora expects to deliver $30 million to $40 million of annualized cash savings with the next year, and the remainder by the end of the second quarter of 2023.
This report by The Canadian Press was first published Sept. 27, 2021.
An earlier version erroneously stated the amount of the company's net loss.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
The stakes have been set for a bet between Vancouver and Edmonton's mayors on who will win Round 2 of the Stanley Cup playoffs.
A grieving mother is hosting a helmet drive in the hopes of protecting children on Manitoba First Nations from a similar tragedy that killed her daughter.
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
A P.E.I. lighthouse and a New Brunswick river are being honoured in a Canada Post series.
An Ontario man says he paid more than $7,700 for a luxury villa he found on a popular travel website -- but the listing was fake.