After a disastrous Q3, Aphria surprised analysts with an 85% quarter-over-quarter surge in net revenue.
Bloomberg
- Aphria‘s cannabis sales were $18.5M, which represented a 159% increase quarter over quarter, and were bolstered by $50M received as part of Green Growth Brands’ failed hostile takeover.
- The company’s net revenue was $128.6M for Q4, ending in May. The company also predicted net 2020 fiscal year revenues of $650M to $700M. MarketWatch
- In a celebratory mood, Aphria filed its financial statements at 4:20.
Twitter—Max Cherney
The news also made Aphria the first major LP to show positive retained shareholder earnings. Bloomberg‘s Kristine Owram said, “Aphria, once thought to be at death’s door, turns a net profit, while CannTrust, once thought to be one of the best companies in the industry, says it’s under investigation by the OSC.”
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- Aphria‘s Jamaican subsidiary Marigold announced it is licensed to open its first store, Sensi Medical Cannabis House, in Kingston.
Newswire - Aphria CEO Irwin Simon reported since the CannTrust scandal broke, “We’ve seen a nice increase in our medical cannabis business.” He said he was “absolutely” interested in acquiring assets from CannTrust.
Bloomberg
Quick Hits
- VIVO Cannabis and 48North each made strategic $1.25M investments in Toronto headshop conglomerate Friendly Stranger Holdings Corp, which intends to expand into REC retail.
NewsWire - LP Sundial Growers debuted on Nasdaq and plummeted 35%. Analysts said CannTrust has everybody nervous.
Bloomberg
