Sept 22 (Reuters) - Canadian pot producer Aurora Cannabis
Inc on Tuesday forecast first-quarter revenue
below analysts' estimates, sending its U.S-listed shares
The coronavirus outbreak has made it harder for the
cash-strapped cannabis industry to get investor dollars and has
forced companies to shut their stores.
To survive the challenging times, Aurora has laid off
hundreds of employees this year, shut five facilities and
amended its loan agreements.
However, the pot producer on Tuesday reiterated its
expectation to post an adjusted profit for the first time in the
second quarter, as it attempts to turn its fortunes around.
For most weed producers in Canada, which legalized
recreational cannabis in October 2018, profits have proven to be
elusive due to fewer-than-expected retail stores, cheaper rates
on the black market and slow overseas growth.
Aurora forecast first-quarter cannabis net revenue to be
between C$60 million ($45.11 million) and C$64 million, below
estimates of C$79.62 million, according to Refinitiv IBES data.
The company also posted fourth-quarter revenue of C$72.11
million, compared with analysts' estimates of C$72.08 million.
($1 = 1.3302 Canadian dollars)
(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren