UPDATE 1-Aphria posts quarterly profit on cannabis demand duCC Pharma!!!
UPDATE 1-Aphria posts quarterly profit on cannabis demand during lockdown
Reuters - Updated 24 minutes ago
(Adds background, shares, details from the result)
Jan 14 (Reuters) - Canada's Aphria Inc posted a quarterly adjusted profit on Thursday compared to year-ago loss, as demand for cannabis and related products surged during the cornavirus-induced lockdowns.
The company's U.S.-listed shares were up 5% in premarket trade.
The results come on the heels of Democrats securing control of the U.S. Senate, which paves the way for Congress to potentially approve legislation that would repeal the nearly century-long federal prohibition on cannabis.
Aphria had earlier announced in December it would merge with rival Tilray Inc, creating the world's largest cannabis producer by sales and giving it a foothold in the fast-growing U.S. market.
The Ontario-based pot company posted adjusted net income of C$3.2 million ($2.53 million), or 1 Canadian cent per share, in the second-quarter ended Nov.30, compared with a loss of C$48.8 million, or 19 Canadian cents per share.
Its net revenue rose 33.1% to C$160.5 million. On a sequential basis, revenue was up 10.2% due to an increase in distribution revenue at its German unit CC Pharma. ($1 = 1.2668 Canadian dollars) (Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur and Krishna Chandra Eluri)
glta and congrats all Longs!!!
$$$$$APHA$$$$$