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

Ponoka teen pedestrian suffers injuries after pickup collision

A pickup struck a teen on residential streets in Ponoka

UPDATED: Calgary Police receive multiple bomb threats

Similar threats received across Canada and the United States

PHOTOS: Battle of Ponoka basketball action

The first ever senior high basketball league game for both Ponoka high schools was high energy

Guards injured, money stolen during overnight blast at Edmonton bank

Alberta Health Services said the injuries to the male guard were serious

Ponoka Elementary students team up to help KidSport

A special fundraiser has been organized by Ponoka Elementary Students to benefit KidSport

VIDEO: Royals reveal the images on their Christmas cards

Prince William and his wife Kate are shown outside in casual clothes, their three young children in tow

‘I practically begged’: B.C. woman with breast cancer denied referral to Calgary

Breast cancer patient left to fight disease alone after being denied referral to Calgary

Facebook reveals bug gave apps unauthorized access to 6.8 million users’ photos

It’s believed up to 1,500 apps built by 876 developers had access to Facebook Stories, private photos

Trudeau to make it harder for future PM to reverse Senate reforms

Of the 105 current senators, 54 are now independents who have banded together in Independent Senators’ Group

21 detained before Paris protests as police deploy in force

There was a strong police presence outside the central Saint Lazare train station, where police in riot gear checked bags

New home for Calgary Flames estimated to cost up to $600 million

The city and the Flames are not yet talking on who will pay how much for a building to replace the Saddledome

Family searching for B.C. professor last seen at Colombian salsa club

Ramazan Gencay, a professor in economics at Simon Fraser University, was last seen in Medellin

Rash of bomb threats a learning opportunity for response capacity, Goodale

Thursday’s wave of bomb threats swept across communities on both sides of the Canada-U.S. border

Mike Duffy can’t sue Senate over suspension without pay, judge rules

Duffy’s lawsuit sought more than $7.8 million from the upper chamber

Most Read