Life Death And Cannabis
The opening of the dispensary is the first step of the team’s goal to establish a vertically integrated cannabis company that includes a dispensary, an environmentally-friendly cultivation operation, and a manufacturing company. Across the street, a single building holds Greener Grass Dispensary, Sacred Vapors, and Greentree Hydroponics. The Company now measures by-products at their net realizable value at point of harvest and deducts this value from the total deemed cost to derive a net cost for the main product. Effective April 1, 2020, the Company elected to change its accounting policy for inventory costing of by-products. The consolidated financial statements for the year ended June 30, 2019 have been restated to reflect adjustments made as a result of this change in accounting policy. We have positioned ourselves for long-term success by delivering further improvement in our industry-leading Adjusted gross margin and substantially narrowing our Adjusted EBITDA loss compared to the year-ago period.
Subsequent to June 30, 2020, the Company raised US$36.6 million gross proceeds under its ATM program, with approximately US$183 million of remaining available room under the ATM and approximately US$60.0 million of remaining available room under the Shelf Prospectus for future financings or issuances of securities. Cannabis net revenue is expected to be between $60 million and $64 million, compared to $67.5 million in Q4 2020. The Company expects adjusted gross margin before fair value adjustments on cannabis net revenue to be within a range of 46%-50% and SG&A costs (including R&D) in the low $40 million range. Adjusted gross margin before fair value adjustments on medical cannabis net revenue1 was 68% versus 64% in the prior read more information year, as a result of overall reduction in production costs due to the closure of non-core facilities as part of our business transformation plan and higher sales coming from our international sales, which yield higher margins. Here is more on reliable source check out our website. Given the Company’s continued strength in adjusted gross margins before fair value adjustments on cannabis net revenue and further reductions in SG&A expense and visit this page capital expenditures as described above, management expects cash use in fiscal Q1 2021 to further decrease. Sequentially, consumer cannabis net revenue increased 8% over the prior quarter mainly due to completion of the transition of our fixed sales force to Great North and a $2.5 million reduction in actual net returns, price adjustments and provisions as the company completed its product swap initiative to replace low quality product with higher potency product at the provinces.
Previously reported metrics have been restated to reflect adjustments made as a result of these changes in accounting policy. Molly helps people become the writers they’ve dreamed of being and changes the world with Beauty as arrows of Hope, making it better one poem at a time. Adjusted EBITDA is calculated as net (loss) income excluding interest income (expense), accretion, income taxes, depreciation, amortization, changes in fair value of inventory sold, changes in fair value of biological assets, share-based compensation, acquisition costs, foreign exchange, changes in fair value of financial instruments, gains and losses on deemed disposal, and click here non-cash impairment of intangibles, goodwill, inventory, property, plant and equipment and other assets. Cash used in operations was $63.9 million, excluding the $105.5 million of non-cash inventory impairment in cost of sales (see "Additional Highlights" above). "We are very pleased with our strategic and financial progress in growing our high-margin medical revenue, rationalizing expenses, strengthening our balance sheet, and reducing our cash burn during fiscal year 2021. Given ongoing challenges in the Canadian adult recreational market, our broad diversification across domestic medical, international medical, and adult recreational segments provides us with underlying strength, stability, and growth opportunities in an evolving industry for global cannabinoids.
Cannabis can be addictive, and people who stop using it can experience symptoms not unlike opioid or alcohol withdrawal, said Dr. Deepak Cyril D’Souza, director of the Yale Center for the Science of Cannabis and Cannabinoids. Miguel Martin was appointed Chief Executive Officer, effective September 8, 2020. With deep, diverse experience in consumer packaged goods, highly regulated industries and the U.S. 1 Canadian LP in global medical cannabis by revenue on a trailing twelve-month basis, supported by regulatory and compliance expertise, is a tailwind that we expect to enable us to ultimately expand into global adult recreational as medical regimes evolve" stated Miguel Martin, Chief Executive Officer of Aurora Cannabis. Michael Singer, who served as Interim CEO beginning February 2020, stepped down from his temporary role and remains Executive Chairman. 1) Effective April 1, 2020, the Company changed its accounting policy for inventory costing relating to by-products, and the allocation of production management staff salaries, previously charged to G&A, and now charged to inventory and cost of sales. Inventories of harvested cannabis, which now excludes trim, are transferred from biological assets to inventory at fair value less costs to sell at the point of harvest, which becomes the deemed cost.