Aurora Cannabis co-founder, director Dobler to step down by end of June

Aurora Cannabis Co-founder and President Steve Dobler is leaving the company, the Edmonton-based cannabis giant said Tuesday. Dobler, who founded Aurora with former CEO Terry Booth, will also formally step down from the company's board at the end of the month. Dobler's departure will leave the company with nine board members. Booth stepped down from the company earlier this year amid a corporate restructuring that included $1 billion in writedowns and the laying off of 500 employees.

Fire & Flower reports better-than-expected Q1 results amid signs of ‘progressive’ quarter

Canadian cannabis retailer Fire & Flower reported $23.1 million in revenue in its first quarter while booking a net loss of $12.7 million, the company reported Tuesday. Fire & Flower's loss comes amid a $4.3-million impairment charge related to a leased location whose ability to operate has been diminished, the company said. Despite the loss, Fire & Flower reported the largest quarterly sales figure among major licensed cannabis players. The company's adjusted EBITDA came in at a $2.7-million loss but was ahead of analyst expectations of a $3.3-million loss. Stifel analyst Justin Keywood said in a note that Fire & Flower's quarterly results are "progressive and demonstrating scale benefits with greater sales."

Vireo Health reports Q1 loss of US$2M; needs additional financing, analyst says

U.S. cannabis operator Vireo Health said its first-quarter revenue was US$12.1 million, up from US$5.8 million a year earlier, while reporting a net loss of US$2 million. The company, which recently announced the departure of executive chairman Bruce Linton, also reported an adjusted EBITDA loss of US$3.3 million in the quarter. Vireo said it implemented several cuts to help reduce costs in the quarter, including closing its New York office and reducing its workforce by about nine per cent. Eight Capital analyst Graeme Kreindler said in a report that given Vireo’s US$8-million funding gap, investors should be cautious on the stock until the company can provide further clarity on how it plans to solve its financing issues

Cannabis retailers struggle with delays, layoffs while opening licensed pot shops during the pandemic 

It turns out opening a pot shop during a pandemic isn't easy. The Canadian Press reported that several cannabis companies have struggled to open their doors amid the COVID-19 pandemic, which has caused stores to close and then suddenly re-open under limited conditions to help contain the spread of the virus. Retailers have mandated their staff to wear gloves, do deep store cleanings and wipe off customer touchpoints as much as possible. Retailers have also been weighed by delays in shipments of supplies ranging from furniture to ancillary products to cannabis itself.

DAILY BUZZ

$67.5 million
- The amount of money that U.S. hemp producer Charlotte's Web is looking to raise in a public offering, with the funds earmarked for business development and for general working capital purposes. Shares of Charlotte's Web fell more than 13 per cent following the announcement. 

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