Terry Booth, the CEO of Aurora Cannabis Inc. (OTCMKTS:ACBFF), said that the industry-leading growth of patient registration, showed in their rapid revenue growth, is a validation of the brand strength and their ability to successfully implement on their business strategy.
Based on operational strength and their position as one of the known pioneers on the capital markets in the cannabis industry, they were able to considerably strengthen their balance sheet both in 1Q2017 and subsequent to that reported quarter.
The highlights
Aurora CEO further added that their existing cash balance of $50 million is remarkable, and positions them exceptionally well to implementing on their growth strategy, especially with the awaiting federal validation of adult consumer use, and their intent to construct a largest intended cannabis center in the sector. Their standard resonates intensely with patients and the cannabis group, and they will continue to establish on their leadership position via ongoing innovation, exceptional products, best-in-class consumer care and production expansion.
For the quarter closing September 30, 2016, the revenues came at $3.1 million against revenue of $0 in the same period, a year earlier. Sequentially, against 4Q2016, cannabis sales volume in terms of grams was up 117.5% while in terms of dollar revenue it registered a growth of 151.7%.
Aurora started selling medical cannabis items in January 2016. Revenues recorded so far in this year highlights what management considers is the fastest growth percentage of active registered patients in the market as the firm advances to full production capacity. The company utilizes active registered patients’ metric, which as of November 27 was 10,700, that is not including patients who have not put an order for the initial four months, as against to total registered patients.
General and administration expenses surged by $0.7 million for the quarter closed September 30, 2016, attributable mainly to the increase in general administrative and corporate activities arising from CanvasRx acquisition, additional expenses linked with maintaining the firm’s TSX-V listing and expenses linked with discussing and closing debt and equity financings amounting to $38 million.
