Canada-based marijuana producer Aurora Cannabis pulled off high sales during the early months of the coronavirus pandemic.
The licensed weed producer in Alberta posted third quarter revenues of $53.4 million (all figures in this post are in US dollars) on Thursday – an 18% jump from the previous quarter – driven by a 24% increase in sales of recreational marijuana, and a 13.5% increase of medical cannabis.
Shares jumped more than 14% on Thursday, and by an additional 19% in pre-market trading Friday, after the results were announced.
Despite coronavirus-related restrictions on inessential purchases and social distancing limitations in pharmacies, the marijuana seller achieved an unexpectedly good quarter.
Chief executive Michael Singer said he was “pleased” with the progress made in the quarter and its commitments to reduce capital expenditures to below $71 million in the second fiscal half of 2020.
While sales increased, the company reported a loss of just over $1 billion in the nine months to the end of March, Marketwatch reported.
The distributor’s inexpensive weed sales impacted its cash cost to produce dried cannabis per gram which fell to $0.60, from $0.63 in the previous quarter. [Read more at Business Insider]
Your email address will not be published. Required fields are marked *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
Comment *
Notify me of follow-up comments by email.
Notify me of new posts by email.
Δ
Oklahoma is paying a company associated with a political polling firm $300,000 per year to verify signatures for statewide ballot initiatives, leading some to question the fairness of the process by which Oklahomans can vote directly on state issues. Western Petition Systems LLC is now in charge of verifying signatures for State Question 820, which would…
Arkansas Democratic gubernatorial nominee Chris Jones supports a constitutional amendment to legalize recreational marijuana in the state and would try to pass marijuana-related criminal justice reforms through the state legislature if he were to take office in January, the candidate said during a phone interview last week. In an interview with Arkansas Cannabiz focused primarily on marijuana…
D.C. regulators will start inspecting marijuana gifting stores in September for health code, tax, and licensing violations, potentially increasing the pressure on businesses that some local legislators say have been skirting the law and undermining the city’s regulated medical marijuana dispensaries. According to the Alcoholic Beverage Control Administration, which regulates medical marijuana sales in D.C. and would…
LAST week Switzerland became the latest in a string of European countries to relax its restrictive access to medical cannabis for both patients and businesses. Although the country has one of the oldest medical cannabis schemes and most developed CBD industries, patient numbers appear to have been in decline for nearly half a decade, as…