Aphria shares surge nearly 20% after cannabis company posts surprise profit
Aphria Inc. shares surged more than 18% in the extended session Thursday after the cannabis company reported a surprise profit and more sales than anticipated by analysts.
Aphria said it sold 5.5 metric tons of pot, with a cash cost per gram of C$1.35. Of its C$128.5 million in revenue, C$18.5 million was from sales to the adult recreational market in Canada. “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,” Chief Executive Irwin Simon said in a statement. “Over the last six months, our organization identified immediate priorities to help generate substantial progress near-term and long-term.
Aphria highlighted the company’s deal with vape maker Pax Labs Inc. and touted the fact that the company has C$571 million in cash and equivalents in the bank.
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