Shares of Aurora Cannabis Inc. surged 3.3% in premarket trade Monday, after the Canada-based cannabis company reported Monday fiscal first-quarter net earnings that rose to $105.5 million from $3.6 million a year ago, and from $79.9 million in the previous quarter. Total revenue rose 260% from a year ago and 55% from the previous quarter to $29.7 million, while cannabis revenue jumped 236% from last year and 65% from last quarter to $24.6 million. The average selling price per gram of dried cannabis grew 15% from a year ago to $8.39, while the cash cost per gram fell 12% to $1.90. For cannabis extracts, the net selling price per gram fell 26% to $12.12, while costs declined 22% to $1.45. Active registered patients rose 250% to 67,484. The company the jump in net earnings was primarily attributable to unrealized non-cash gains on derivatives and marketable securities. "The commencement of adult consumer use sales in Canada has been very successful for Aurora, with strong performance across all product categories and brands," said Chief Executive Terry Booth. "Given the strong unmet consumer demand evident across Canada, we are confident that our rapidly increasing production capacity will result in continued acceleration of revenue growth." The stock has rallied 58% over the past three months while the ETF MG Alternative Harvest ETF has climbed 22% and the S&P 500 has slipped 1.8%.
SimplyyGark Lmao it's getting dumped rn
Is it legal to own this stock?
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