Aurora Cannabis told investors today during its earnings report that revenue had increased 260% since this time last year, CNBC reports.
The Canadian licensed producer also reported that production rose more than 400%. Last year, Aurora reported 1,010 kilograms of cannabis produced. This year, the company grew 4,996kg. The opening of Canada’s adult-use market on October 17, of course, helped drive the increased production.
The rising quantity of production is accompanied by a falling cost-per-gram of production, which is down 22.5% since last year. That cost has actually dropped 14.7% over just the last quarter. The company attributed the lower production costs to upgraded workflows at one of the company’s subsidiaries in the last quarter, as well as the increased volume.
The reporting period also contains the full initial stock for Canada’s provincial cannabis wholesalers. Aurora sold CA$600,000 in adult-use cannabis by the end of the last quarter.
“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.” — Terry Booth, CEO of Aurora, in the report
Aurora also highlighted recent acquisitions and new products. Aurora Cloud, the company’s CBD oil vape cartridge manufacturer, is beginning operations. It’s the vape-ready CBD cartridge sold by a Canadian licensed producer. Aurora also recently acquired MedReleaf, a company dedicated to cannabis strain R&D.
Aurora needs to continue growing, however, in order to justify the company’s current $9 billion market cap. Company executives and investment advisors both say they are optimistic.