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Aurora Cannabis Inc. (ABC) was down 4% on Monday morning after the Canadian cannabis company reported 260% revenue growth in the first quarter as the company optimized its consumer products for adults.
The earnings report was the first for the company since its debut on the New York Stock Exchange and the recreational pot was legalized last month in its home country.
The Edmonton-based company reported a 260% increase in revenue for the first quarter, reaching $ 29,674,000, generating $ 105.5 million in net income, an increase of 32% over the previous quarter.
The company's gross margins on cannabis sales jumped 12% year-over-year to 70%, thanks to a higher average gram sales price for dried cannabis, as well as a higher proportion of sales. sales of cannabis oil in the sales of the company.
"We continue to successfully implement our differentiated and diversified strategy, focused on the expansion of the cannabis market for medical purposes, the sale to adult consumers, the increase in production, the l '. innovation, plant research and medicine and product development, "said Terry Booth, CEO of Aurora.
Society has also benefited from the decreasing stigma of cannabis use, with the number of enrolled patients having taken an active medical education rising by 250% in one year to 67,484. The company reported having produced almost 5 000 kilograms of product, up 395% from the previous year, while selling 2,676 kilograms, up 201%, during the quarter.
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