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Aurora Cannabis (ACB) announced Monday first quarter financial results, the company's first since its debut on the New York Stock Exchange, as well as the downturn in marijuana stocks following the legalization of the recreational sector in Canada last month. The Aurora cannabis stock is the first of several marijuana stocks on the verge of reporting its quarterly results this week.
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Aurora Cannabis Gains
Aurora Cannabis's common share income was $ 105.46 million compared to $ 3.56 million a year ago. This increase in net income is largely due to unrealized gains on derivatives and other securities, with no impact on cash.
Revenues increased 260% to $ 29.7 million. Pro forma revenues, including recent acquisitions, increased 333% to $ 35.8 million
Earnings per share and sales estimates were not available in Zacks Investment Research.
Active Registered Patients Up 250% to 67,484. The Average Net Sale Price of Dried Cannabis Increased 15% to $ 7.32 per Gram, While the Average Net Sales Price of Cannabis Extracts Decreased 26% to settle at 12.12 dollars.
"The sales debut for adult consumers in Canada has been very successful for Aurora, with strong performance across all product categories and brands," said CEO Terry Booth. "Our initial deployment success demonstrates how our high-quality Aurora Standard products and our well-positioned brands have a strong resonance in the consumer market and our readiness for logistics challenges to effectively market our products. Strong Unmet Consumer Demand Across Canada, we are confident that our rapidly growing production capacity will drive continued growth in revenue growth. "
Aurora cannabis stock, marijuana stocks
The Aurora cannabis stock rose 2.9% before the stock market opened today. Cronos Group (CRON) increased by 0.3%. Cover growth (CGC) plunged 0.2%. Tilray (TLRY) gained 2.8%. Aphria (APHA) was not yet commercial.
Aurora began trading on the New York Stock Exchange on October 23. The company is the first of four major Canadian pot producers to release its quarterly results this week. The group Cronos and Tilray report Tuesday. Canopy Growth reports Wednesday.
These companies, in their news releases and teleconferences, will likely provide a snapshot of the progress of the Canadian leisure market.
Many major Canadian pot producers have indicated they are ready to manage the new leisure market. But after Canada legalized the recreational sales on October 17, the stores ran out of weeds. Last month, Vic Neufeld, CEO of Aphria, said that many companies have equipment pending approval by the government.
After these difficult beginnings, Martin Landry, an analyst at GMP Securities, said it had become "increasingly clear that recreational cannabis sales in 2018 will be well below previous expectations."
Higher prices, lower costs
During the past year, Aurora Cannabis has invested and acquired its growth. He has also set up massive production facilities. The company is attempting to complete work on its 800,000 square foot Aurora Sky facility in Canada. The company said it expects this facility to produce more than 8,000 kilograms a month by the beginning of next year.
But after Canada's major marijuana companies tore up their account books to develop before legalization, analysts also seem likely to focus on the ability of these companies to drive up weed prices and reduce their costs. .
And now that one of the major engines of industry sales – the legalization of leisure – has moved up a gear, investors could be very patient, if sales from Canadian provinces do not match not fashionable. However, products whose prices and margins are often higher, such as popcorn and other concentrates, are unlikely to be available until next year in Canada. At present, dry pimples, joints, tinctures and capsules are legal in recreational stores in Canada.
Tilray, when he announced his results in August, said the legalization of recreation was likely to weigh on margins and income per unit, as the company was selling more jars a lot, rather than directly to medical consumers.
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