Aphria Inc. (
TSX.APHA) and
Valens GroWorks Corp. (
CSE: VGW) posted net profits late Tuesday, bucking an industry-wide trend that has seen a constant wave of losses flood the sector.
Leamington, Ont.-based APHA reported its fiscal third-quarter revenue was $144.4 million, up from $73.6 million a year earlier. The cannabis giant also reported net profit of $5.7 million in the quarter, while also touting $515.1 million in cash. It also suspended its full-year outlook due to COVID-19.
Meanwhile, cannabis extractor VGW announced its fiscal first-quarter revenue was $31.9 million, up $2.2 million from a year earlier. Its net income was $2.5 million – the third straight quarter of profitability – compared to a $6.4-million loss last year.
Canadian cannabis licensed producers have primarily struggled to achieve profitability over the past year due to a number of factors including supply bottlenecks and a still-active illicit black market.