The Daily Hit is a recap of the top financial news stories for February 9, 2023.

On the Site

Canopy Slashes 800 From Payroll After Revenues Slide

Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) reported slumping revenues on Thursday and signaled a new cost-savings era that includes cutbacks on cultivation and 800 layoffs. The stock fell more than 8% in early trading on the news to lately sell at $2.52, a big drop from its year high of $9.61. Read more here.

Aurora Cannabis Revenue Boosted by Strong Euro

Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) achieved positive adjusted EBITDA and reduced its debt even though it still recorded a net loss in its latest quarterly earnings. Aurora attributed the rising revenue to “growth across all cannabis business segments” as well as a full-quarter contribution of C$6.6 million from Bevo Farms. Read more here.

How Much Adult-Use Cannabis Has New York Sold? Who Knows?

While many other states quickly release sales figures for new cannabis markets, New York has been conspicuously silent. Inquiries to the New York Office of Cannabis Management and the existing stores regarding sales figures have been met with silence. Read more here.

Ayr Wellness to Exit Arizona, Expand to Ohio

Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) is exiting Arizona and turning its attention to Ohio. The multistate cannabis operator signed a definitive agreement to sell its Arizona assets, Blue Camo LLC, to AZ Goat LLC. Read more here.

Cannabis Dispensary Deals Show How Prices Are Falling

The value of a cannabis dispensary just isn’t what it used to be. Six months ago, Planet 13 (OTC: PLNHF), a Las Vegas-based marijuana company, announced it would pull the trigger on its option to buy out its social-equity partner in an Illinois cannabis dispensary in a $2.9 million transaction. By the time the deal closed yesterday, the value had dropped by $1 million because of the steep downdraft in the stocks of cannabis companies. Read more here.

In Other News

Pineapple Express Cannabis Co.

Minaro Corp. (OTC Pink: MNAO) (the “Company”), a publicly traded company, announced the execution of a share exchange, the change of its name to Pineapple Express Cannabis Company, and an application to change the company’s current ticker symbol. Read more here.

Halo Collective

Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) expanded the company’s cannabis genetics and strain portfolio within its Oregon operations. With the expansion, Halo Collective now offers a wide range of unique and rare strains, sourced from some of the top growers and breeders in the state. Read more here.

BioHarvest Sciences

BioHarvest Sciences Inc. (CSE: BHSC) (OTCQB: CNVCF) reported sales orders of $6.1 million in 2022 , representing a 160% increase over 2021. Fourth-quarter sales orders of $2.7 million were more than triple the sales orders from the same quarter in 2021. Read more here.

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Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) achieved positive adjusted EBITDA and reduced its debt even though it still recorded a net loss in its latest quarterly earnings, announced Thursday.

The company reported total revenues of C$61.7 million ($45.9 million), an improvement over the C$49.3 million reported in the previous quarter and C$60.6 million (1.8%) in the prior year period.

Net loss in the quarter was C$67.2 million, versus C$51.9 million in the prior quarter and C$75.1 million for the same time last fiscal year.

Aurora attributed the rising revenue to “growth across all cannabis business segments” as well as a full-quarter contribution of C$6.6 million from Bevo Farms, which the company acquired in August 2022. Cannabis revenues were up around 20% for the quarter.

Since 2021, Aurora has been trying to put itself on the path to profitability through cost cuts and high-margin medical cannabis revenue. In addition to the boost from Bevo, a strong euro beefed up European margins.

Adjusted EBITDA for the quarter was positive at C$1.4 million, versus a loss of C$7.4 million in the previous quarter and loss of C$7.1 million in the prior year period.

“We are pleased to have delivered on our commitment to achieve positive adjusted EBITDA in Q2 2023, following a tremendous effort to realize approximately $340 million of total annualized savings since February 2020,” said CEO Miguel Martin, who added that quarterly growth was primarily driven by its international medical program.

“Our Canadian rec business also demonstrated sequential growth driven by significant product innovation, and our Canadian medical cannabis business continued to benefit from strong patient relationships and high barriers to entry,” he added.

Aurora had around C$258.7 million worth of capital and wrote in its filings that the reduction of operating costs, access to a shelf prospectus to raise funds, and its current liquidity are enough to fund operating activities and cash commitments for investing, financing, and strategic moves.

“Looking ahead, we are focused on profitable growth opportunities across all segments, ongoing discipline in capital deployment, and our ability to generate positive operating cash flow as we continue to build value for shareholders,” Martin said.

The Canadian giant published its financial and operational results for the fiscal second quarter ending Dec. 31, 2022.

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