Aurora Cannabis Inc., the first pot producer to report earnings since Canada legalized marijuana last month, gained as much as 5 percent in pre-market trading after profit and sales surged.
Aurora posted C$29.7 million ($22 million) in revenue for the fiscal first quarter ended Sept. 30, up from C$8.2 million a year earlier. Although the quarter ended before Canada legalized recreational marijuana on Oct. 17, the revenue figure included C$600,000 in sales to the provinces. The remainder was from medical sales.
Aurora’s products and brands ranked among the top-sellers in many of the provinces it supplied in the first two weeks of legalization, the company said in a statement Monday. In Ontario, Canada’s most populous province, Aurora brands accounted for approximately 30 percent of the total market supplied through the government-run Ontario Cannabis Store, while in British Columbia, Aurora had the top four best-selling dried flower products. Shortages have persisted across the country since the early days of legalization.
“The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands,” Chief Executive Officer Terry Booth said in the statement. [Read more at Bloomberg]