Aurora Cannabis reports 260% increase in sales after Canadian legalization
Aurora Cannabis is one of the biggest cannabis producers in Canada — it’s listed on the New York Stock Exchange, and oversees eight different production facilities, with headquarters in Edmonton. As you might imagine, they’re one of the biggest companies to benefit from the recent legalization of cannabis in Canada, and it turns out that the benefits are sizable: Aurora reported a record C$29.7 million in revenue for its Q1, marking a huge 260% increase.
The company also saw a 395% increase in production, and plans to grow even bigger, aiming to double their production by 2019. CEO Terry Booth says that while their current capacity can create about 70,000 kg of cannabis per year, they’re aiming to increase that to 150,000 kg by next year, and want to scale up to making over 500,000 kg per year. Wild.
Unfortunately for Aurora, that doesn’t exactly impress Wall Street just yet, as the stock fell a bit after a short rise. Some investors are likely looking to cash out, and apparently a lot of the money Aurora picked up was from investments in other cannabis business — Aurora is spending almost as quickly as it is earning (probably just to keep up with demand).
All of that said, however, this portends a very bright future for the company and the industry as a whole. Cannabusiness is already bigger than ever, and it’s only going to get larger as the wave of legalization continues and more adults discover cannabis for themselves.