07:13 AM EDT, 05/18/2021 (MT Newswires) -- VIVO Cannabis Inc. (TSX: VIVO), trading near 52-week lows, overnight Monday reported a first-quarter net loss of C$3.5 million or $0.01 per share, narrowing from nearly $11.1 million or $0.04 per share in the same period a year ago.
The Canadian cannabis sector continues to face headwinds from "retail price compression and customer inventory rationalization," the company said.
Net revenue reached $5.5 million, down from $8.7 million in the first quarter of 2020. Total expenses, meanwhile, dropped to $4.2 million from $11.2 million.
VIVO said its capital expenditures "will be minimal" this year, adding that "disciplined investments" are expected to continue to help it toward potential positive earnings in the future.
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