Aurora Cannabis shares up 30% premarket as company posts Q1 loss but revenue that beats estimates

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Aurora Cannabis Inc. shares were up 30% in premarket trade Monday, extending a rally that started last week on expectations that Democrat Joe Biden would win the presidential election and adapt a pro-cannabis reform agenda, as the company posted a loss for its fiscal first quarter but beat revenue estimates. Aurora said its net loss from continuing operations came to C$107.2 million ($82.6 million) for the quarter to Sept. 30, narrower than the loss of C$1.85 billion posted in the previous quarter. It did not provide a comparison with the year-earlier number and did not offer a per-share breakdown. Cannabis revenue edged up to C$67.8 million from C$67.5 million in the previous quarter. The FactSet consensus was for revenue of C$63.6 million. Consumer cannabis revenue fell 3% from the previous quarter to C$34.3 million, while medical cannabis revenue rose 4% to $33.5 million. The company sold 16,139 kilograms of weed in the quarter, after selling 16,746 kg in the prior quarter. Average net selling price for dried cannabis came to C$3.72, up from C$3.60 in the fourth quarter. Shares are down 62% in the year to date, while the Cannabis ETF has fallen 10% and the S&P 500 has gained 8.6%.
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