The Leamington, Ont.-based pot producer's stock was trading at $7.18 in mid-morning trading on the Toronto Stock Exchange, up 15.6 per cent, after reaching as high as $7.33 earlier in the day."We believe our financial results truly set us apart from our peers in the adult-use cannabis industry," said Aphria's interim chief executive Irwin D. Simon on a call with analysts Tuesday.
Revenue for what was the first quarter of the company's 2020 financial year totalled $126.1 million, down slightly from $128.6 million in the prior quarter but up more than 800 per cent from $13.3 million a year ago before legalization of recreational cannabis in Canada. Aphria's surprise profit and positive forward guidance comes after two of its peers recently cut or missed their own earnings forecasts, which they attributed to various factors such as a slower than expected retail rollout and delays in government approvals for new cannabis derivative products, such as edibles.
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