Canadian cannabis producer Aurora Cannabis reported second quarter financial results on Monday, revealing that revenue nearly quadrupled.
For the quarter, the company also disclosed losses of C$237.8 million on net revenue of C$54.2 million. This is compared to a profit of C$7.7 million on sales of C$11.7 million a year ago.
Two analysts surveyed by FactSet had expected the company to post revenue of only C$51.8 million. Marijuana sales in the reported quarter rose to 6,999 kg from 1,162 kg.
This was the first quarter for the company with Canada having legalized the use of recreational cannabis in October.
The company has also announced that it completed its first commercial export of cannabis oil to the United Kingdom.
Now specialist doctors in the U.K. can legally issue prescriptions for cannabis-based medicines when they agree that their patients could benefit from it.
“Being one of the first Canadian companies to commercially supply cannabis-based medicines into the UK under the new legal framework reflects Aurora’s ability to do business in international markets that have complex and evolving regulatory systems,” stated Aurora Chief Global Business Development Officer Neil Belot.