Aphria Inc. (NASDAQ: APHA) has announced financial results for its first quarter ended August 31st, 2021. The company reported record gross revenue for adult-use cannabis of CAD 69.6 Million in the first quarter, a 23% rise compared to the prior quarter marking the sixth consecutive quarter of growth. Net cannabis revenue amounted to CAD 62.5 Million, a 103% increase from prior year quarter. Net revenue summed up to CAD 145.7 Million, a 16% increase from prior year quarter which suffered a small setback due to the lower distribution revenue driven by the impact of the coronavirus pandemic. Aphria had transferred its stock exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market on June 8th, 2020 but had no impact on the Company’s primary listing on the Toronto Stock Exchange (TSX: APHA).
“Our strong first quarter results reflect the continued robust growth and development of Aphria’s adult-use cannabis brands in Canada,” said Irwin D. Simon, Chairman and Chief Executive Officer. “We are consistently taking a diversified approach to our innovation, strategic partnerships, global expansion and corporate citizenship to fuel sustainable, long-term growth. We believe that the strength of our balance sheet and cash position, combined with our consistent focus on our highest-return priorities, will generate sustainable long-term value for all stakeholders.”
Average retail sale price of medical cannabis before excise taste increased to CAD 7.38 per gram in the quarter compared to CAD 6.63 in the prior quarter. Average sale of recreational cannabis before excise tax fell to CAD 4.15 per gram in the quarter.