Sept 22 (Reuters) - Aurora Cannabis Inc said on Tuesday it expects to report adjusted earnings in the second quarter of 2021 as the troubled pot producer tries 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 coronavirus outbreak has made it harder for the cash-strapped industry to get investor dollars and has forced companies to shut their stores.
In response to the pandemic, Aurora has laid off hundreds of employees this year, shut five facilities and amended its loan agreements.
The company on Tuesday also posted fourth-quarter revenue of C$72.11 million, marginally beating analysts’ expectations of C$72.08 million.
$1 = 1.3302 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel