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Aurora Cannabis has become a recent darling of stock speculators, and on Tuesday it delivered earnings results for its June quarter that may do little to quell the fervor surrounding its shares. The Edmonton, Alberta,-based company said revenue in its fiscal fourth quarter ended June 30 rose 223% to C$19.1 million ($14.7 million), while net income swung to a profit of C$79.9 million from a net loss of C$19.2 million in the same quarter a year ago.
For all of its fiscal year 2018, AuroraCannabis saw revenue grow by 206% and its net income move to a profit of C$71.9 million from a loss of C$13 million in fiscal 2017.
Overall the amount of cannabis that Aurora produced in 2018 increased by 85% to 5.6 million kilograms, while the amount it sold increased by 111% to 5 million kilograms, the company said. The average net selling price of dried cannabis increased 18% to C$7.65 per gram, while the price of cannabis oil fell 24% last year.
The headline numbers might bode well for Aurora as it prepares to list its shares on a major U.S. exchange like the Nasdaq or the New York Stock Exchange. In its earnings release, the company reiterated those plans. Aurora said it will file a form 40-F with the U.S. Securities and Exchange Commission. That form is filed by Canadian companies wanting to list shares in the U.S. Currently, Aurora is traded on the Toronto Stock Exchange and on the U.S. over-the-counter market.
Other Canadian cannabis companies have listed their shares on U.S. exchanges. Tilray trades on Nasdaq, and CanopyGroup trades on the New York Stock Exchange. Both of those stocks, like Aurora’s OTC-listed shares, have posted triple-digit gains since this summer.
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