Aurora Cannabis Inc (CVE:ACB) reported its operational and financial results for the quarter closed March 31, 2017. For Q3 2017, revenue came at $5.2 million against $0.2 million in the same period, a year ago. This jump in revenue reflect considerable 33.3% sequential growth over previous quarter, led by higher revenue per patient and increased patient numbers. The firm’s current sales pace surpassed $2 million per month.
Aurora continues to do well on different aspects of its growth plan, including the construction of an advanced production facility, national and global expansion, and sustained investments in technology, partnerships, innovation, sales and marketing and customer service. Terry Booth, the CEO, reported that the tabling this spring of lawmaking to approve adult use of cannabis authorizes company’s aggressive growth and expansion plan.
The progress of timelines and construction to complete Aurora Sky facility places them remarkably well for the projected start of adult customer sales by July 2018. Booth added that Aurora premium cannabis offerings continue to resonate well with the fast growing medical market.
Following a remarkable patient growth rate for the initial one year of commercial activities, demand continues to surpass available supply. The management has pro-actively managed new registrations in Q3 2017 to meet demand with the steadily surging production capacity to ensure Aurora protect its place as a premium supplier.
Booth added that as the capacity increases and more items becomes consistently accessible, they expect patient acquisition will continue its steady growth. They are extremely thrilled to have started cannabis oil sales after the quarter closed. They have recorded a brisk start, and they project it to be a key contributor to revenues, allowing them to capture considerable share in this fast growing division of the cannabis market.
In the last trading session, the stock price of Aurora declined more than 1% to close at $2.48.