Canadian marijuana producer Aurora Cannabis has seen incredible growth in the course of the last year.
The company has produced 57,442 kilograms of cannabis and sold 36,628 kilograms in fiscal 2019, representing a growth of 920% and 629%, respectively, compared to the prior year.
The company’s production capacity growing has helped Aurora Cannabis see a 349% increase YOY in revenue, hitting CA$247.9 million.
“In 2019 Aurora took its place as the global leader in cannabis production, research, innovation, and international market development,” remarked CEO Terry Booth.
For the fourth quarter, Aurora Cannabis reported net revenue rising 61% sequentially to CA$94.6 million.
Canadian consumer cannabis revenue climbed 52% to CA$44.9 million and medical cannabis revenue increased 10% to CA$29.7 million.
The company’s wholesale bulk cannabis revenue saw a growth of almost 10 times from the third quarter to CA$20.1 million. ”
We continue to see strong growth in cannabis revenues in both medical and consumer categories,” CFO Glen Ibbott said.
The company is now preparing for the impending legislation of marijuana derivative products.
“With the Canadian launch of derivative products in the coming months, we have made the necessary investments to ensure readiness and focus on a variety of value-added products,” Ibbott said. “We are very excited to supply an expanded consumer market with premium cannabis and new product forms.”