Aurora Cannabis Inc. (OTCQB:ACBFF) has closed at $1.47 on Friday, up by 5%, after reaching an intraday high of $1.49 and an intraday low of $1.16.
Q4, FY2016 Results
The company has released its earnings reports for the fourth quarter and fiscal year (FY) 2016, which had ended on June 30, on October 27.
For the fourth quarter, Aurora Cannabis had a revenue of $1.20 million. Meanwhile, for the full-year, it had a revenue of $1.40 million.
“Aurora obtained its production and sales licenses during the year and commenced selling medical cannabis products on January 5, 2016. Revenues generated to date reflect what management believes is the fastest growth rate of active registered patients in the industry as the company scales up to full production capacity,” read the company’s press release published on its website.
The company had $1.10 million and $3 million in general and administrative (G&A) costs for the fourth quarter and the full-year, respectively. Meanwhile, sales and marketing had come in at $0.90 million and $1.70 million for the three-month and twelve-month periods, respectively.
Moreover, Aurora Cannabis had a net loss of $7.50 million and $5.70 million for the fourth quarter and FY2016, respectively.
Encouraged by these results, the company has summarized its optimistic growth prospects in the following statement:
“Aurora’s business strategy is to continue and accelerate its penetration of the Canadian cannabis market, achieve its Health Canada sales license for derivative products (cannabis oils) and launch derivatives sales, transition to profitability in the short-term, and begin a major expansion of production capacity. When the federal government passes legislation legalizing the consumer use of cannabis, the Company anticipates participating in the non-medical consumer market, and will envision further production capacity expansion to meet future market demand for cannabis products.”
Growing Along with Medical Marijuana Industry
The FY2016 has evidently been a fruitful one for Aurora Cannabis. In February, the company has been granted the approval by Health Canada to manufacture derivative marijuana products. Furthermore, it has also acquired CanvasRx, the biggest medical marijuana counseling network in Canada.
Since commencing its product sales in January, Aurora Cannabis has already secured 9,000 active clients, marking the biggest patient registration growth rate following launch in the industry.
These are just some of the most interesting feats of the company for the full-year, and much is expected from it as the medical marijuana industry immensely grows in North America.
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