Aphria (TSX:APH) issued its financial and operational results for its fourth quarter and year ended May 31.
As quoted in the press release:
“We had a healthy fourth quarter and a solid year with many achievements we are proud of,” said Vic Neufeld, Chief Executive Officer, Aphria. “We are excited and ready to hit the ground running on the first day of legal adult-use. It won’t be without its challenges but we have a plan and the team in place to get it done. We continue to sign supply agreements with provinces and territories, and our Southern Glazer’s sales network partnership is unmatched, ensuring our brands and products are available and represented by retailers across the country.”
“Beyond that, we will continue to extend our industry-leading expertise and experience into global markets. We’ve had an exciting year adding more depth and experience to our senior leadership team that has helped expand our international operations and presence outside of Canada, US and Australia to an additional eight countries, and look forward to continued expansion within LATAM,” continued Neufeld.
Revenue for the three months ended May 31, 2018 was $12,026, representing a 17 [percent] increase over the prior quarter’s revenue of $10,267. The increase in the quarter was driven primarily by reporting Broken Coast results for a full quarter, compared to one month in the prior quarter, increased sales to medical patients at Aphria, all offset by the Company’s previously announced decision to discontinue wholesales sales to other licensed producers, to provide increased inventory for the eventual pipeline fill for adult-use and international market opportunities over the next six to nine months. Cannabis oil sales, as a percentage of volume, decreased from 33.1 [percent] to 29.2 [percent] in the quarter, largely driven by the significantly lower percentage of volume sales of oil purchased by Broken Coast medical patients.