Aphria Is First Canadian Pot Company to Turn a Profit
- Revenue from cannabis sales jumps 158% to C$18.5 million
- Company sees C$650m-C$700m of revenue in fiscal 2020
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Aphria Inc. became the first major Canadian cannabis company to report a net profit, sending its U.S. shares up 33% in pre-market trading Friday.
The Leamington, Ontario-based pot producer said Thursday it earned C$15.8 million ($12 million) in the quarter ended May 31 on revenue of C$129 million. The revenue figure beat the highest analyst estimate, and was up 75% from the prior quarter.