- Aurora Cannabis (NASDAQ:ACB) CEO Miguel Martin said Monday that its latest earnings report highlighted its focus on its medical business, rather than "chasing" recreational customers.
- However, Martin told CNBC that it would continue to maintain its recreational operations, although it would focus on premium products rather than trying to blindly expand market share.
- "We think it's important to have a relevant rec business," he said, but added that "chasing market share" was not a "path to profitability."
- After the closing bell Monday, Aurora Cannabis (ACB) announced a Q4 adjusted EBITDA loss that narrowed from the previous year. Revenue dropped nearly 20%.
- On hitting EBITDA profitability, Martin reported that recent restructuring has created enough efficiencies to reach a positive EBITDA figure even "with no change to the Q4 revenue."
- In addition, he described the company's cash position as having "never been in a better place."
- Martin has had a more bearish view of U.S. legalization than many of the other players in the cannabis industry. Check out when he thinks federal approval for marijuana will come.