Aphria, Inc. reported a 75 per cent increase in net revenue for its fourth quarter this week, ending the fiscal year with big plans for the future.
Board of directors chair and interim CEO Irwin Simon said in the last six months the company has made substantial progress.
“It’s a new day at Aphria,” said Simon. “Our team’s solid execution resulted in strong adult-use revenue growth and a profitable fourth quarter.”
Net revenue for the fourth quarter totalled more than $128 million — 969 per cent more than net revenue the year before.
Adult-use revenue more than doubled from the previous quarter, with $18.5 million in sales. Shares for the Leamington, Ont.-based cannabis compnay bumped 33 per cent Friday after revenue numbers were released.
In the last year, Aphria has settled the Green Growth Brands takeover bid and expanded their operations with Aphria One, where more than 200,000 plants were planted.
Annual production capacity is expected to reach 255,000 kilograms. The company has said it expects net revenues of almost $700 million for 2020.