Aphria Inc., a company looking to bring Veterans in Canada “high-quality medical cannabis,” saw its stock jump 30% this Thursday after its profitable sales report that claimed higher sales numbers than expected, reports MarketWatch.
That’s right, the Canadian business claimed a quarter-four income of $11.9 million, also known as 5 cents a share. This is much better than its report for the same period last year, which was 43 cents a share. That, and its quarter-four revenue went up 75% to $128.6 million in Canadian dollars compared to the quarter before.
According to a survey from FactSet, the estimated revenue for this company was close to $104 million in Canadian dollars. Chief Executive Officer at the company, Irwin Simon, said the following in a statement:
“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. Over the last six months, our organization identified immediate priorities to help generate substantial progress near-term and long-term.”
Moreover, the group reported 5.5 metric tons of marijuana sold, making around C$1.35 per gram. This attributed to C$128.5 million in revenue, with C$18.5 million of that from selling recreational marijuana to adults in Canada. Aphria ended its fourth quarter this May.
Interestingly, the company sells its pot for higher than most of its competitors. That doesn’t mean it doesn’t have a dedicated audience, however. In fact, the company brings in lines of customers every time more product comes in, says an anonymous source familiar with the brand. Aphria is also good for cheaper, lower-end brands on top of its higher-end ones.
Aphria can attribute some of this success to Green Growth Brands Inc., which provided them with around C$50 million recently. They should be getting another C$39 million from the group by this November, as well.
This positive news is especially great for Aphria, considering their stock fell around 12.9% in 2019.