A Leamington cannabis grower is raking in the cash.
Aphria reported a very profitable fourth quarter by earning a record net revenue of $128.6 million from March 1 to the end of its fiscal year on May 31. That's up 75 per cent from the previous quarter.
Aphria also said revenue from recreational cannabis was $18.5 million, which is a jump of 158 per cent from the prior quarter.
“It’s a new day at Aphria. Our team’s solid execution across key areas of our business resulted in strong adult-use revenue growth and a profitable fourth quarter,” said Irwin D. Simon, interim chief executive officer and board chair. “Over the last six months, our organization identified immediate priorities to help generate substantial progress near-term and long-term."
He said Aphria got here by building on existing business fundamentals and capabilities, streamlining processes, strengthening its governance, and building brand awareness.
"Together, we have nurtured an entrepreneurial culture of accountability through data-driven decision-making for value creation in the global medical and adult-use cannabis industry," he added. "Today’s Aphria has a stronger foundation for long-term growth and success.”
Aphria said more than 200,000 pot plants were cultivated in the new expanded area and are on track to produce 255,000 kilograms of cannabis a year when all facilities are fully licenced.
The company also reported the average selling price of adult-use cannabis, before excise tax, increased to $5.73 per gram in the quarter, compared to $5.14 per gram in the previous quarter and the average retail selling price of medical cannabis (exclusive of wholesale), before excise tax, decreased to $7.66 per gram in the quarter, compared to $8.03 in the prior quarter, primarily because of a higher percentage of total medical sales coming from Aphria.
Aphria expects net revenue of approximately $650 million to $700 million for the fiscal year of 2020.
