Aphria latest major Canadian cannabis company to turn a profit

Aphria on Thursday became one of the rare Canadian cannabis companies to report a net profit by posting record net revenues of 128.6 million Canadian dollars ($97.3 million) in its fiscal fourth quarter, a whopping 969% increase from a year earlier.

Revenues also jumped 75% from the third quarter.

As a result of the company’s performance, its stock price was up about 30% in post-market trading.

Ontario-based Aphria, which trades on the Toronto Stock Exchange and New York Stock Exchange as APHA, also reported:

• Revenue for adult-use cannabis of CA$18.5 million in the fourth quarter, up 158% from the previous quarter.
• Net income of CA$15.8 million.

The company also reported it ended the quarter with CA$571 million in cash.

It also closed a 5.25% convertible note, raising more than $335 million.

For more detail, visit Aphria’s earning reports statement.

Read more at MJBizDaily’s Investor Intelligence.