Aurora reported $75M Q3 revenue, representing a 365% increase year over year. The company reported a net loss of $158.3M, compared with $19.2M year over year. REC sales grew 37% over the last quarter and MED sales grew 12%.
MJ Biz Daily, NewsWire
- The company is prioritizing higher-margin MED sales over REC.
Globe and Mail—Paywall
- The company sold nine metric tonnes of cannabis last quarter, and analysts continue to recommend Aurora stock as a “BUY.”
- Like other majors, Aurora is building a stockpile of inventory it can process and sell as soon as edibles and extracts become available.
- The extracts won’t be going into cannabis beverages. CEO Terry Booth said, “The proven market is certainly not in beverages. There are not going to be any cannabis bars like there are alcohol bars any time soon.”
- Organigram expects to begin trading on the Nasdaq on Tuesday.
MJ Biz Daily
- LP Supreme released its Q3 results, showing net revenue of $10M, an increase of 382% year-over-year, as well as a 29% increase from the previous quarter. It also announced it had moved to acquire Blissco Cannabis, a BC LP primarily focused on producing oils, in a $48M all-stock deal.
NewsWire, Financial Post
- Tantalus Labs founder Dan Sutton reported Aphria is attempting to trademark the phrase “sungrown cannabis.” Tantalus has for some time used the phrase in their own branding and plans to challenge the filing to “ensure #Sungrown [is] free and clear for all to use forever.”
- Aphria said president Jakob Ripshtein will resign, but did not specify what led to his resignation.