Cannabis processor Aurora Cannabis Inc. reported a surge in revenues between July and September, and “self-willed” recreational pot sales since Canada legalized marijuana for adult use latest month.
The Edmonton-based company posted revenue in what was the first dwelling of the company’s 2019 financial year of $29.7 million, more than triple the $8.2 million during the uniform period ended Sept. 30 last year.
Aurora’s latest follow-ups did not encompass sales of recreational cannabis after Canada legalized pot for adult use on Oct. 17, but its chief executive Terry Stand said the company’s initial roll-out has been a “success” thus far. The business said Aurora ranked among the top selling products and brands in scads of the provinces the it committed to supplying.
“Our initial roll-out success demonstrates … our alertness for the logistical challenges in effectively bringing our products to market,” he said in a communiqu. “Given the strong unmet consumer demand evident across Canada, we are cool that our rapidly increasing production capacity will result in go oned acceleration of revenue growth.”
Aurora Cannabis posted a quarterly profit of $104.2 million, up from virtually $3.6 million a year ago, boosted by an unrealized non-cash gain on spin-offs and marketable securities.
The average net selling price was $9.19 per gram in the accommodations, up 12 per cent compared with a year ago, boosted by an increase in cannabis draws sold.
Analyzing the performance of marijuana companies is difficult because of accounting rules tempered to in the agriculture industry that require companies to put a value on their pot seed before they are harvested, and approaches differ between producers on how to seek these guidelines.
Legal pot problems
With the legalization of recreational cannabis on Oct. 17 — fancying Canada the second country in the world after Uruguay to do so — the highly foretold new market for pot finally opens up, and those plants and harvests earmarked for those blokes will begin translating into concrete earnings as well.
Come what may, the initial roll-out of adult pot use in Canada was plagued with problems cataloguing product shortages in many markets, as demand outstripped supply. Some rule entities tasked with the sales and distribution of recreational cannabis in diverse provinces have said they are receiving less product than calculated, and warned that the shortages could last for months.
Aurora well-known the revenue for its latest quarter included about $600,000 from its initial shipments come by by provinces in the final days of September ahead of the legalization of recreational marijuana in Canada on Oct. 17.
The callers added that during the three months ending Sept. 30 and later on the company has made “significant progress towards increasing its production responsibility, including receipt of various sales and production licenses.”