Aphria Inc. (TSX: APHA) (NASDAQ: APHA) achieved record gross revenue of $ 69.6 million in the first quarter, up 23% from the previous period.
This is the sixth consecutive quarter of growth of the Ontario-based company Leamington.
“Our strong first-quarter results reflect the continued strong growth and development of adult cannabis brands in Canada,” said Chairman and CEO Irwin Simon.
During the quarter, Aphria merged with its subsidiary InterCure Ltd. (TASE: INCR), Kandok Ltd.
As part of a two-year strategic supply deal announced on August 4, Aphria agreed to supply the Israeli medical cannabis manufacturer with dried loose flowers.
Breakdown of profits
- Net cannabis revenue is C $ 62.5 million
- This is a consistent increase of 1
- Net income was $ 145.7 million, an increase of 16% year-on-year and a consistent decline of 4%
- The decline in net revenues may be due to lower distribution revenues due to the current health crisis
- 11% increase in adjusted EBITDA from the cannabis business, amounting to C $ 10.4 million for the quarter
- Adjusted EBITDA of $ 10 million, up 17% from the previous quarter.
- CA $ 400 million in cash and cash equivalents at the end of the quarter
Meanwhile, in June, the company chose to transfer its shares from the New York Stock Exchange to the Nasdaq.
The last fiscal year was a “transformative year for Aphria,” Simon said earlier, as its net income increased 129 percent over the period.
Moreover, the company continues to be the best choice among Canadian cannabis producers, at least according to Cantor Fitzgerald analyst Pablo Zuanic.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.