Aurora Cannabis Inc. Announces 260% Growth in First Quarter Fiscal Revenue
Aurora Cannabis Inc. Increased 1% Monday Morning After Canadian Cannabis Company Announced 260% Sales Growth in First Quarter of Fiscal Year as Sales of Consumer Products Increase for adults.
Aurora's quarterly revenue up
It's about first report (ABC - Get Report) the company since its debut on the New York Stock Exchange and the recreational pot that was legalized last month in its home country, Canada.
The Edmonton company recorded a increase of 260% of its first quarter revenues, which 29 674 000 $, for a net profit of 105,5 million, an increase of 32% compared to the previous quarter.
Gross margins on the company's cannabis sales jumped by 12% year-on-year to reach 70% due to higher average selling price per gram for dried cannabis. Thus, the higher proportion of sales of cannabis oil in the company's sales mix are part of this increase.
"We continue to successfully execute our differentiated and diversified strategy for the national and international expansion of the medical cannabis market. As well as selling to adult consumers, increased production, innovation, plant and medical research and product development, said Terry Booth, CEO of Aurora.
The company also benefited from reduced stigma associated with cannabis use. Because the number of active medical patients registered jumped by 250% from one year to the next, to reach 67 484.
The company said it produced close to 5 000 kilograms of products. An increase of 395% from one year to the next. Aurora has sold 2 676 kilograms, an increase of 201%, during the quarter.