Aurora Cannabis Inc (TSX:ACB) (OTCMKTS:ACBFF) released impressive fiscal-fourth quarter results, but a confirmation of its plan to list on a major US exchange may have stolen the spotlight.
The cannabis company reported revenue of C$19.1 million, more than triple the C$5.9 million in revenue reported in the previous fourth quarter.
Shares of the Alberta-based company closed up nearly 4% to C$12.27 while its US shares closed up 2.6% to US$9.47.
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Aurora’s net income totaled C$79.9 million compared with a net loss of C$4.8 million in last year’s fourth quarter. The company reported a net loss of C$20.8 million in this year’s third-quarter results.
The profits for this quarter stemmed from “unrealized non-cash gains on derivatives and other marketable securities,” according to the company’s press release.
The Canadian cannabis company has the production capacity of more than 500,000 kilograms per year with operations in 18 countries. Its acquisitions total 15 companies, including MedReleaf and the pending acquisition of ICC Labs, a leader in the South American cannabis market.
Kilograms produced nearly doubled in the fourth quarter to 2,212, a 90% jump compared with last year’s production of 1,165 kilograms.
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Kilograms sold more than doubled in the quarter to 1,617 compared with the year-ago total of 755 kilograms.
Aurora reported full-year revenue of C$55.2 million, a 206% increase from the previous fiscal year’s revenue total of C$18.6 million.
The average net selling price of dried cannabis rose 18% to C$7.65 from C$6.47. However, the average net selling price of cannabis oil fell 24% to C$13.68 from C$17.91.
US Listing
Aurora confirmed reports that it intends to list on a major US exchange such as the Nasdaq or the New York Stock Exchange.
"Listing our shares on a senior U.S. exchange reflects the level of corporate and business maturity and our high-paced execution," said CEO Terry Booth in the company’s press release.
"This listing provides access to a broader investor audience who gain the opportunity to participate in our continued success."