Aurora Cannabis Inc. (TSX:ACB) has reported that its net revenues surged to $54.2 million in its fiscal second quarter as the producer's sales accounted for 20% of all marijuana sold in Canada.
"Consumer response to the legalization of cannabis has been strong," said Cameron Battley, Chief Corporate Officer at Aurora Cannabis, in a conference call with analysts after markets closed Tuesday.
Net revenues for the three months ended December 31 increased to $54.2 million from $11.7 million in the company’s fiscal second quarter of 2017. The increase was driven by $21.6 million in consumer sales in Canada and $26 million in Canadian and international medical marijuana sales. In total, the company said it produced 7,822 kilograms of marijuana and sold 6,999 kilograms within Canada.
Revenues for Aurora Cannabis grew 83% from the first quarter and that's on top of an average of 44% growth quarter-over-quarter over the previous six quarters. Aurora's average net selling price for dried cannabis was $6.23 per gram and $10 per gram for cannabis extracts.
The cash cost to produce dried cannabis increased to $1.92 per gram from $1.45 in the first quarter, primarily due to the ramp up of its facility to full production.
Aurora Cannabis said in a news release announcing its earnings that the company's Edmonton-based production facility will soon reach full capacity and a recent harvest completed at the facility exceeded targeted yields.
Aurora Cannabis said it is operating at an annualized production rate of about 120,000 kilograms based on Health Canada approved planted rooms, and expects to reach in excess of 150,000 kilograms by March 31 of this year.
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