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Shares of Canadian cannabis maker Aphria (APHA) lost more than 12% of pre-market sales, after the company posted a third-quarter loss, despite rising revenues.
The company also reported a drop in the number of kilograms sold, from 3,408.9 to 2,636.5. However, the average selling price increased to C $ 8.03 per gram, compared to C $ 7.51 per gram.
The increase in the price per gram was driven by the rise in sales of cannabis oil, while the average price of cannabis for adult use was reduced from $ 5.32 Canadian to C $ 5.14, thanks to the company's move to smaller packages.
The company recorded a 617% increase in revenue from the previous year, to $ 73.6 million. The company lost $ 81.1 million in the quarter, or 43 cents a share, after reporting a profit of 8 cents a year earlier.
"I am proud of the efforts of our more than 1,000 employees worldwide to position Aphria for future growth and success in the global medical marijuana industry." and for adult use, "said Irwin D. Simon, president of APHRIA and acting president and CEO. "Aphria will continue to deliver long-term, sustainable value for its shareholders by leveraging its strong brand positioning, superior distribution model, product innovation, culture, and industrial scale automation. its leadership in medical use and its strategic global platform. "
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