Aphria First Canadian Pot Producer to Post a Profit
Cannabis producer Aphria is reporting profits for the first time.
The Leamington based company reported a $5-million loss a year ago and has now bounced back to see a net income of $15.8-million in the fourth quarter of 2019.
Recreational pot sales have been credited with the jump back into the black with adult-use cannabis rising more than 150 per cent to $18.5-million.
Net revenue for the quarter totalled $128.6-million, up drastically from $12-million this time last year.
For the full year, Aphria reported a net loss of $16.5 million compared to $29.4 million in net income during the previous financial year.
Aphria's interim chief executive Irwin D. Simon tells BNN Bloomberg the company's "solid execution'' across key areas of the business resulted in strong recreational cannabis revenue growth and a profitable fourth quarter.