Cannabis seedlings are shown at an Aurora Cannabis grow facility in Montreal on Friday, Nov. 24, 2017. Aurora Cannabis Inc. capped a busy year by seeing its revenues more than triple to $19.1 million in the fourth quarter. THE CANADIAN PRESS/Ryan Remiorz

Edmonton cannabis company revenues more than triples to $19.1 million

Aurora Cannabis revenues more than triple in fourth quarter

Aurora Cannabis Inc. capped a busy year by seeing its revenues more than triple to $19.1 million in the fourth quarter.

The Edmonton company says revenues for the three months ended June 30 were up from $5.9 million a year earlier.

The company said the gross margin on medical cannabis was 74 per cent, up from 58 per cent in the fourth quarter of 2017. The increase was mainly due to higher average selling price per gram of dried cannabis and a higher proportion of cannabis oil sales.

RELATED: Nanaimo’s Tilray Inc. briefly the world’s largest cannabis company

The cash cost for dried cannabis sold was $1.87 per gram, down from $2.09 a year earlier. The cash cost to produce dried cannabis also decreased 11 per cent, to $1.70 per gram, from $1.91. The decrease was primarily due to efficiencies from automation and yield expertise.

The company sold 1,617 kilograms of dried cannabis and cannabis oils in the quarter, up from 755 kilograms a year earlier.

The number of active registered patients increased to 43,308, up from 16,400.

Net income attributable to shareholders was nearly $80 million, up from a $4.82 million loss a year ago.

The increase was primarily attributable to the unrealized non-cash gain on derivatives and marketable securities, which was partially offset by increased finance costs, share-based payments, acquisition and project evaluation costs.

For the full year, revenues increased to $55.2 million from $18.1 million in 2017.

RELATED: Cannabis company exec wants to see standardization for the drug

Net income attributable to shareholders was $71.9 million, up from a $13-million loss a year ago.

Aurora Cannabis has completed 11 strategic acquisitions in the past year, while another is in progress.

The number of employees increased to 1,400 from 300 at the end of the last fiscal year.

The company says it intends to list its shares on a senior U.S. stock exchange.

“Listing our shares on a senior U.S. exchange reflects the level of corporate and business maturity and our high-paced execution,” stated CEO Terry Booth. “This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success.”

Analyzing the performance of marijuana companies is tough because of accounting rules used in the agriculture industry that require companies to put a value on their pot plants before they are harvested, and approaches differ between producers on how to apply these guidelines.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Elkford students plant trees as part of reclamation project

The students planted over 200 trees throughout the community

Elk Valley wildlife conservation projects receive funding

The Habitat Conservation Trust Foundation announced $9.2 million in funding across the province

Registration opens for Fernie Writers Conference

The conference will take place from August 17-23 and will feature several accomplished authors

Fernie businesses get back to work

As COVID-19 restrictions loosen, a variety of businesses in the valley are getting back to work

Fernie city council approves reopening of outdoor recreation spaces

Staff from the City of Fernie recommended that a non-medical cannabis retail… Continue reading

Horrifying video shows near head-on collision on Trans Canada

The video was captured on dash cam along Highway 1

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Would you take a COVID-19 vaccine? Poll suggests most Canadians say yes

75 per cent of Canadians would agree to take a novel coronavirus vaccine

Budget officer pegs cost of basic income as calls for it grow due to COVID-19

Planned federal spending to date on pandemic-related aid now tops about $174 billion

Most Read