Canadian cannabis company Aphria Inc (TSX:APH) (OTCQB:APHQF) reported on Friday higher fiscal first-quarter revenues from strong sales as the company looked forward to the looming legalization of marijuana in the country next week.
The company said in a statement revenue for the period ending on August 31, 2018, reached C$13,292, 10% higher than the prior quarter's C$12,026 and 117% higher than the same period last year.
"As we long maintained, the legalization of adult-use cannabis in Canada is a major inflection point for the industry and all licensed producers, Aphria included," said company CEO Vic Neufeld.
Neufeld said the company "continued to ramp up our production capabilities" and moved "forward aggressively with the implementation of our automation infrastructure, which is expected to streamline production over the medium to longer terms."
"We believe the automation investment in particular will provide Aphria with a significant competitive advantage and further our industry-leading low-cost structure," he added.
Shares of Aphria in Canada was off 0.46% on Friday to C$19.61. In New York though, they were up 0.73% to $15.21.
Among the company highlights Aphira pointed to are higher sales which "was driven primarily by increased wholesale orders, accounting for 313 kgs," a statement said.
Aphria said Canadian-based production capacity is on schedule to reach 255,000 kgs per annum.
The company has supply agreements with every province in Canada and the Yukon Territory, ensuring access to Aphria products for 99.8% of the Canadian population. The company a representative agreement to be the exclusive sales representative for We Grow BC Ltd.
Aphria has launched the company's initial portfolio of adult-use brands: Solei Sungrown Cannabis, RIFF, Good Supply, and Goodfields. It has successfully divested all US cannabis assets and closed on a deal for a common share offering during the period to raise net proceeds of more than C$245 million
Aphria is a cannabis company which is involved in the low-cost production of safe, clean and pure pharmaceutical-grade cannabis. The company is based in Lemington, Ontario.
Reporting by Rene Pastor, contactable on [email protected]