APHA - Aurora Cannabis shares rise 21% on potential cannabis legalization beats FQ1 consensus

Aurora Cannabis (ACB) reports fiscal Q1 2021 total and cannabis net revenue was $67.8M, a slight increase from the $67.5M in prior quarter.Consumer cannabis net revenue was $34.3M (-3% Q/Q).Medical cannabis net revenue was $33.5M, a rise of 4% sequentially. The increase was primarily attributable to a strong performance in the international medical business, which grew 41% Q/Q.Adjusted gross margin before fair value adjustments on cannabis net revenue remained strong at 48%, versus 50% in Q4 2020.Adjusted EBITDA loss was $57.9M (-79.3% Q/Q).In Q1 2021, the Company used $25.2M in cash to fund operations.Aurora continues to execute its announced plan for reducing production and complexity through the closure of 5 cultivation facilities, with three facilities now fully closed.Shares rise 21% premarket on hopes for marijuana reform under a new presidential administration.See ACB total return performance against peers and broader index over a period of one year.Other pot stocks jumping ths morning include:

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Aurora Cannabis shares rise 21% on potential cannabis legalization, beats FQ1 consensus