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.

Just Posted

City of Lacombe releases results of Citizen Satisfaction survey

79% of respondents grade Lacombe as have a high quality of life

Lacombe MP tables Bill to help address rural crime

Blaine Calkins’ Bill-C458 would add targeting rural citizens as an aggravating factor

ASFA announces fire engine donation in Lacombe

Aerial Apparatus being sent to Paraguay

Fighter Jets light up Bucs’ to take AFL first place

38-3 loss puts Central Alberta into second place in the AFL

WATCH: Blackfalds Days Parade takes over community

Floats from all over central Alberta wows crowd

Accused mother cries at Alberta trial over boy who died of meningitis

Parents charged with failing to provide necessaries of life for their son who died in 2012

Ponoka County receives update from energy lobby group

CAPP hopes to work with municipalities on property tax issues

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Canadians crash out of Women’s World Cup in 0-1 loss to Sweden

Canada missed a chance to tie the game on a penalty shot

Late night fight in Wetaskiwin results in aggravated assault, assault with a weapon charges

Wetaskiwin RCMP investigate armed robbery and aggravated assault

Maskwacis featured in documentary series that unearths Indigenous cuisine

Red Chef Revival’s host visits community, elders and Nipisihkopahk School

PHOTOS: Event marks one year since soccer team rescued from Thai cave

Nine players and coach took part in marathon and bike event to help improve conditions at cave

PHOTOS: Scamp the Tramp wins World’s Ugliest Dog Contest

‘He’s Scamp the Champ, no longer Scamp the Tramp,’ his Californian owner said.

Most Read