February 11, 2019 / 10:26 PM / 5 months ago

Canadian pot producer Aurora Cannabis beats revenue estimates

FILE PHOTO: The Logo for Aurora Cannabis Inc., a Canadian licensed cannabis producer, is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 8, 2019. REUTERS/Brendan McDermid

(Reuters) - Aurora Cannabis Inc reported a better-than-expected quarterly revenue on Monday, as the company benefited from higher sales after Canada legalized the use of recreational cannabis in October.

The company has been investing heavily amid expectations of the Canadian market opening for cannabis beverages, edibles, and concentrates, as well as expanding internationally.

The company’s sales in the Canadian consumer market was C$21.6 million in the second quarter, accounting for about 20 percent of all consumer sales in the country.

Aurora said marijuana sales in the reported quarter rose to 6,999 kg from 1,162 kg.

The Edmonton, Alberta-based company’s net revenue rose to C$54.2 million ($40.75 million) from C$11.7 million in quarter, beating the C$51.84 million average of 2 analyst estimates, according to IBES data from Refinitiv.

Reporting by Shanti S Nair and Debroop Roy in Bengaluru; Editing by Shounak Dasgupta

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