Home / Business / Aphria plummets after selling less cannabis in the third quarter

Aphria plummets after selling less cannabis in the third quarter

Shares of Canadian cannabis producer Aphria (APHA was less than 12% in premarket trading after the company fluctuated to a fiscal third-quarter loss despite rising revenues.

The company also reported a decrease in the number of kilograms sold to 2,636.5 from 3,408 However, the average selling price increased to C $ 8.03 per gram from C $ 7.51 per gram.

The price increase per gram was driven by increased sales of cannabis oil while the average price for adult cannabis fell to C $ 5.14 from C $ 6.32 due to The company's move to smaller package sizes.

The company reported an increase of 617% in sales for the year to $ 73.6 million, losing $ 81

.1 million in the quarter, 43 cents per share, having reported a profit of 8 cents a years earlier.

"I am proud of our over 1000 employees worldwide efforts, as we continue to position Aphria for f timely growth and success in the global medical and adult use industry, "I noted rwin D. Simon, chairman of Aphria and temporary executive. "Aphria will continue to drive sustainable long-term shareholder value by leveraging its strong brand positioning, superior distribution model, product innovation, industrial scale cultivation and automation, medical use leadership, and strategic global platform."

Related. Here's how Azuca plans to fix cannabis edibles

Related. What Metric Jim Cramer watches in every Cannabis earnings report

Source link