Aurora Cannabis (TSX: ACB), one of the top Canadian based public cannabis companies, has announced the companies Q3 financials which has seen their product sales increased significantly. Aurora Cannabis has tripled its sales and increased the active amount of registered patients by over 200%.
The company looks poised to take off, especially since Canada plans to legalize the adult use of cannabis throughout the country.
Highlights from the Press Release
- A 249.2% increase over last year in active registered patients to 45,776 was driven in particular by the acquisition of CanniMed, contributing 21,327 patients. Excluding the CanniMed patients, Aurora increased its active registered patients in Q3 2018 by 86.5% to 24,449, as compared to 13,110 for March 31, 2017.
- The Company recorded $16.1 million in revenues, up 211.1% from Q3 2017 and up 37.6% sequentially from Q2 2018.
- Total cannabis sales of $10.8 million, up 149.4% from Q3 2017 and up 11.0% sequentially
- Dried cannabis sold in Canada: $6.3 million, up 45.4% from Q3 2017 and up 9.6% sequentially;
- Dried cannabis sold internationally: $2.3 million, down 6.1% sequentially. No international revenues were recorded in Q3 2017;
- Cannabis oils sold in Canada: $2.2 million, up 44.4% sequentially. No cannabis oil sales were recorded in Q3 2017.
- Service and other revenues: $2.3 million, up 175.1% from Q3 2017 and up 17.8% sequentially.
- Design and construction consulting: $3.0 million. No such revenues were recorded for the previous quarter and same period in the prior year, respectively.
- Completed key strategic acquisition and investments, including CanniMed Therapeutics, Liquor Stores NA, and The Green Organic Dutchman.
- Project milestones continue to be met at Aurora Sky, including installation of key operational systems. The facility remains on schedule for first harvest, subject to licensing, in June, and significant production ramp up is expected in the second half of calendar 2018.
- Successfully completed first three harvests at Aurora Vie.
- Announced major funded capacity expansion with Aurora Nordic and Aurora Sun, raising total funded capacity to 430,000 kg per year.
- Continued focus on international opportunities in key developing markets across multiple continents driving sustainable long-term value.