Hemp company Ecofibre has swung into the red for the full fiscal year as COVID-19 hits its key Ananda Health business in the United States.
The group, which warned in February that a major disruption of US pharmacies would lead to a plunge in sales of the company’s medical cannabis products, revealed a $7 million loss for the full year compared with a $13.2 million profit the year before, in line with guidance (before February it said it would break even in 2020-21.)
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
