Canada’s cannabis legalisation is already having a big impact on pot stocks
Health & Biotech
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Canadian pot stock giant Aurora Cannabis has credited legalisation of recreational marijuana for a jump in quarterly revenue and profit.
“The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands,” said Aurora’s CEO Terry Booth.
Aurora — which is the biggest shareholder in ASX-listed cannabis play Cann Group (ASX:CAN) — reported a 260 per cent jump in revenue and a 2826 per cent increase in profit.
“Given the strong unmet consumer demand evident across Canada, we are confident that our rapidly increasing production capacity will result in continued acceleration of revenue growth,” Mr Booth said.
In its quarterly report, Aurora highlighted its first export of cannabis oil products to Australia via Cann Group.
“The products were supplied to medical patients through partner Cann Group which Aurora maintains 22.9 per cent ownership.
“Aurora and its wholly-owned subsidiary Anandia have also successfully exported plant tissue culture derived genetics which were used to enhance Cann Group’s cultivation program.
Cann Group is building a cannabis-growing facility at Melbourne Airport.
Here are Aurora’s key first quarter numbers: