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Aurora Cannabis cultivates and sells medical and recreational cannabis through a portfolio of brands such as CanniMed and San Rafael '71. Although the company operates primarily in Canada, it has expanded through medical cannabis export agreements or cultivation facilities in more than 20 countries.
The marijuana sector in recent months saw a decline due to a rotation to other sectors, and Aurora's disappointing quarterly results led to an aggressive drop in its share price to a key level that could signal an upcoming recovery.
Total net revenues for the third quarter of 2021 amounted to $55.2 million, down 25% year-on-year, however, revenues from the medical business rose 17% to $36.4 million . The net selling price of cannabis rose to $5.00 per gram in the third quarter, up from $4.64 in the previous quarter. Separately, Aurora unveiled a plan to achieve annualized cost savings of C$60 million to C$80 million over the next 12 to 18 months.
The marijuana sector in recent months saw a decline due to a rotation to other sectors, and Aurora's disappointing quarterly results led to an aggressive drop in its share price to a key level that could signal an upcoming recovery.
Total net revenues for the third quarter of 2021 amounted to $55.2 million, down 25% year-on-year, however, revenues from the medical business rose 17% to $36.4 million . The net selling price of cannabis rose to $5.00 per gram in the third quarter, up from $4.64 in the previous quarter. Separately, Aurora unveiled a plan to achieve annualized cost savings of C$60 million to C$80 million over the next 12 to 18 months.
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