Canadian cannabis company Aphria Inc. told investors this week that in its most recent quarter, sales had grown 65%.
The company also reported that pull-backs from wholesale buyers across Canada due to COVID-19 has forced it to pull guidance for the full year.
CFO Carl Merton pulled the company’s full-year guidance of C$575 million ($413.5 million) to C$625 million, telling investors in a conference call early Wednesday that executive were unable to “accurately forecast the company’s year-end results” due to the coronavirus pandemic.
The company’s fiscal year ends in May and the company had already slashed its guidance when it reported second-quarter earnings.
The CFO additionally said that the company has halted new significant capital expenditures and slashed its marketing budget by C$4 million in the fourth quarter.
According to Merton, Aphria has sufficient funds for the next 12 months, a cash balance of C$515 million and no debt maturities for the next year.
Chief Executive Irwin Simon said Aphria had made several changes due to COVID-19, including staggering work schedules, increasing sanitation measures and re-designing work facilities to ensure social distancing.