Reports Operating Income of $8.7 million
Adjusted EBITDA from
Cannabis Operations of $6.0 Million
Increased 78% from Prior Quarter
Cash Cost Per Gram
Decreased to Below $1
Updates on COVID-19 Impact and
Fiscal Year 2020 Guidance
LEAMINGTON, ON, April 14, 2020 /CNW/ - Aphria Inc.,
("Aphria" or the "Company") (TSX: APHA and NYSE:
APHA) a leading global cannabis company, today reported its
financial results for the third quarter ended February 29, 2020. All amounts are expressed in
Canadian dollars, unless otherwise noted and except for per gram,
kilogram, kilogram equivalents, and per share amounts.
"We are proud of our sustained growth in Canada and continued expansion of our
international capabilities," stated Irwin
D. Simon, Chairman and Chief Executive Officer. "During this
unprecedented time, the well-being of our employees, patients,
consumers, partners and the communities we operate in is our
primary focus. Our facilities, offices and patient care teams
remain open and operational to continue to provide our patients and
consumers with what we believe is best-in-class care and
service with appropriate measures in place to protect the health
and safety of employees. As we face uncertain times, I am proud of
how the Aphria team has come together to navigate these uncharted
waters. Going forward, we believe Aphria continues to be
differentiated in the cannabis industry through our brands,
cultivation expertise, high quality standards, cash position and
balance sheet. We continue to focus on the highest return
opportunities for growth and long-term value creation."
Key Operating Highlights
- Gross revenue for adult-use cannabis of $44.7 million in the third quarter, an increase
of 54% from prior quarter and the 5th consecutive
quarter of growth.
- Net cannabis revenue of $55.6
million in the third quarter, an increase of 65% from prior
quarter.
- Net revenue of $144.4 million in
the third quarter, an increase of 96% from prior year quarter and
increase of 20% from prior quarter.
- Operating income of $8.7 million
in the third quarter, compared to a loss of $9.6 million in the prior quarter.
- Net income of $5.7 million, or
$0.02 per share, and adjusted EBITDA
of $5.7 million in the third
quarter.
- Adjusted EBITDA from cannabis operations of $6.0 million in the third quarter, an increase of
78% from the prior quarter.
- Ended third quarter with a strong balance sheet and liquidity,
including $515.1 million of cash and
cash equivalents, to fund planned Canadian and International
growth.
- Received its European Union Good Manufacturing Practices ("EU
GMP") certification, from the Malta Medicines Authority ("MMA") at
the Company's subsidiary, ARA - Avanti Rx Analytics, as well as the
GMP annex at the Company's Aphria One facility, allowing the
Company to begin to supply medical cannabis across the European
Union and bolstering the Company's international export
capabilities.
- Equity raise of $100 million,
further strengthening the balance sheet.
Subsequent Event
- Recognized for Executive Gender Diversity by Globe and
Mail's inaugural Report on Business Women Lead Here
list, an annual benchmark of executive gender diversity in
corporate Canada.
Key Financial Highlights
(In thousands of Canadian dollars)
|
|
|
|
Three months
ended
|
Three months
ended
|
|
February 29,
2020
|
February 28,
2019
|
Net
revenue
|
$144,424
|
$73,582
|
Gross
profit
|
$59,575
|
$17,295
|
Adjusted cannabis
gross profit 1
|
$23,744
|
$5,808
|
Adjusted cannabis
gross margin 1
|
42.7%
|
36.3%
|
Adjusted distribution
gross profit 1
|
$11,397
|
$7,854
|
Adjusted distribution
gross margin 1
|
12.9%
|
13.6%
|
Net income
(loss)
|
$5,697
|
($108,209)
|
Adjusted EBITDA
1
|
$5,736
|
($14,435)
|
|
|
|
|
Q3-2020
|
Q2-2020
|
Distribution
revenue
|
$88,308
|
$86,442
|
Net cannabis
revenue
|
$55,566
|
$33,708
|
Net
revenue
|
$144,424
|
$120,600
|
Kilograms (or
kilogram equivalents) sold 1
|
14,014
|
7,062
|
Cash cost to produce
dried cannabis / gram1
|
$0.93
|
$1.11
|
"All-in" cost of
goods sold / gram1
|
$1.69
|
$1.98
|
Adjusted EBITDA from
cannabis operations 1
|
$6,031
|
$3,386
|
Adjusted EBITDA from
businesses under development 1
|
($2,859)
|
($3,547)
|
Adjusted EBITDA from
distribution operations 1
|
$2,564
|
$2,064
|
Cash and cash
equivalents & marketable securities
|
$515,102
|
$497,694
|
Working
capital
|
$746,572
|
$675,932
|
Capital and
intangible asset expenditures -wholly-owned
subsidiaries1
|
$23,839
|
$8,230
|
Net revenue for the three months ended February 29, 2020 was $144.4 million, an increase of 96% from
$73.6 million in the same period last
year. Third quarter fiscal 2020 net revenues were 20% higher when
compared to the prior quarter net revenues of $120.6 million, largely due to an increase in net
cannabis revenue from sales to provincial control boards. Net
revenue included 8,171 kilogram equivalents sold for the adult-use
market, 1,352 kilogram equivalents for medical cannabis sales and
4,491 kilogram equivalents sold in the wholesale market.
The average retail selling price of medical cannabis (exclusive
of wholesale), before excise tax, decreased to $6.41 per gram in the quarter, compared to
$8.16 in the prior quarter, primarily
related to the implementation of a compassionate pricing policy in
the quarter. The average selling price of adult-use cannabis,
before excise tax, increased to $5.47
per gram in the quarter, compared to $5.22 per gram in the prior quarter, primarily as
a result of a change in sales mix.
As previously disclosed, customer demand exceeded the Company's
supply capabilities in the third quarter as a result of the timing
of Aphria Diamond's license receipt and, as a short-term measure,
the Company purchased wholesale product from other Licensed
Producers to supplement its near-term supply capabilities.
Wholesale product purchases resulted in a higher cost and less
margin opportunity for those sales. During the quarter, sales of
purchased cannabis accounted for $20.2
million, with gross profit of $5.1
million and a gross margin of 25.2%. If the Company
had been able to utilize cannabis it had grown, at the "all-in"
cost of sales of dried cannabis per gram reported this quarter, the
Company would have reported an additional $7.6 million of gross margin and adjusted
EBITDA2.
Cannabis gross profit for the third quarter was $23.7 million, with a cannabis gross margin of
42.7%, compared to $19.1 million with
a cannabis gross margin of 56.6% in the prior quarter. The decrease
in cannabis gross margin was primarily due to the sale of cannabis
that was purchased from another wholesaler and the sale of
wholesale cannabis.
Distribution gross profit for the third quarter was $11.4 million, with a distribution gross margin
of 12.9%, compared to $11.0 million
with a distribution gross margin of 12.7% in the prior quarter.
Selling, general, and administrative costs in the quarter
increased to $50.9 million from
$49.2 million in the prior quarter,
and decreased from $106.6 million in
the prior year. The increase from the prior quarter is mainly
related to a $1.8 million increase in
transaction costs and an increase in headcounts at all levels of
the organization as the Company transitions to an annual
cultivation capacity of up to 255,000 kgs. These increases were
partially offset by a decrease in share-based compensation of
$2.4 million.
Net income for the third quarter of fiscal 2020 was $5.7 million, or $0.02 per share, compared to a net loss of
$7.9 million, or loss of $0.03 per share in the prior quarter, and net
loss of $108.2 million, or loss of
$0.43 per share for the same period
last year.
Adjusted EBITDA increased by $3.8
million to $5.7 million for
the third quarter compared to $1.9
million in the prior quarter. Adjusted EBITDA from cannabis
operations for the third quarter was $6.0 million compared to $3.4 million in the prior quarter. The adjusted
EBITDA loss from businesses under development for the third
quarter was $2.9 million compared to
a loss of $3.5 million in the
prior quarter. Adjusted EBITDA from distribution operations for the
third quarter was $2.6 million,
compared to $2.1 million the prior
quarter.
The Company ended the third quarter with a strong balance sheet,
including $515.1 million of cash and
cash equivalents.
Coronavirus ("COVID-19") Pandemic, Its Impact and Influence
on Aphria's Guidance3
The pandemic and its impact on the economy is constantly
evolving and presents too many variables and contingencies to
accurately forecast the Company's fourth quarter results. For
instance any one of the following could have material impacts on
Aphria's anticipated fourth quarter revenue levels: (i) the
United Kingdom government, or any
EU government of a country that materially supplies CC Pharma,
closes its border to exports; (ii) either the Alberta or Ontario government implements a more
restrictive 'shelter in place program' or materially adjusts its
anticipated sales orders; (iii) current 'pantry loading' sales
levels in Quebec reverse to
pre-pandemic sales levels; (iv) the Alberta, Ontario or Quebec government eliminate or scale-back
delivery methods for retail sales as part of a stronger 'shelter in
place program'; (v) the Company's Leamington or Densborn facilities face greater
than current levels of employee absences reasons related to
COVID-19; and/or (vi) the Company's supply chain partners
materially increase their prices or experience unanticipated
material disruptions to their business or chose to implement policy
changes affecting Aphria in light of 'shelter in place programs'.
Without clarity on the Company's expected revenue levels, it is
improbable to accurately forecast EBITDA levels on these revised
revenue levels. For all of the factors surrounding the growing
uncertainty and the near-term financial impact of the pandemic, the
Company is suspending its previously announced guidance for
revenue, of $575 million to
$625 million, and adjusted EBITDA, of
$35 million to $42 million, for fiscal 2020. The Company intends
to re-instate its annual guidance once the pandemic stabilizes,
which may not be until a point in the Company's Fiscal 2021
year.
Conference Call
Aphria executives will host a conference call to discuss these
results today at 9:00 am Eastern
Time. To listen to the live call, dial (888) 231-8191 from
Canada and the U.S. or (647)
427-7450 from International locations and use the passcode 8021229.
A telephone replay will be available approximately two hours after
the call concludes through April 29,
2020. To access the recording dial (855)-859-2056 and use
the passcode 8021229.
There will also be a simultaneous, live webcast available on the
Investors section of Aphria's website at aphriainc.com. The webcast
will be archived for 30 days.
We Have A Good Thing Growing.
About Aphria
Aphria Inc. is a leading global cannabis company driven by an
unrelenting commitment to our people, the planet, product quality
and innovation. Headquartered in Leamington, Ontario – the greenhouse capital
of Canada – Aphria Inc. has been
setting the standard for the low-cost production of high-quality
cannabis at scale, grown in the most natural conditions possible.
Focusing on untapped opportunities and backed by the latest
technologies, Aphria Inc. is committed to bringing breakthrough
innovation to the global cannabis market. The Company's portfolio
of brands is grounded in expertly-researched consumer insights
designed to meet the needs of every consumer segment. Rooted in our
founders' multi-generational expertise in commercial agriculture,
Aphria Inc. drives sustainable long-term shareholder value through
a diversified approach to innovation, strategic partnerships and
global expansion.
For more information, visit: aphriainc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain
information in this news release constitutes forward-looking
information or forward-looking statements (together,
"forward-looking statements") under applicable securities laws and
are expressly qualified by this cautionary statement. Any
information or statements that are contained in this news release
that are not statements of historical fact may be deemed to be
forward-looking statements, including, but not limited to,
statements in this news release with regards to Aphria's market
position, ability to generate consistent growth, net revenue and
adjusted EBITDA and ability to re-instate guidance. The
Company uses words such as "forecast", "future",
"should", "could", "enable", "potential", "contemplate", "believe",
"anticipate", "estimate", "plan", "expect", "intend", "may",
"project", "will", "would" and the negative of these terms or
similar expressions to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Various assumptions were used in drawing
the conclusions contained in the forward-looking statements
throughout this news release. Forward-looking statements
reflect management's current beliefs with respect to future events
and are based on information currently available to management
including based on reasonable assumptions, estimates, internal and
external analysis and opinions of management considering its
experience, perception of trends, current conditions and expected
developments as well as other factors that management believes to
be relevant as at the date such statements are made.
Forward-looking statements involve significant known and unknown
risks and uncertainties. Many factors could cause actual results,
performance or achievement to be materially different from any
future forward-looking statements. Factors that may cause such
differences include, but are not limited to, risks associated with
COVID-19 nationally and globally which could have a material
adverse impact on Aphria's business, operations and financial
results, including disruptions in cultivation and processing,
supply chains and sales channels, as well as a deterioration of
general economic conditions including national and/or global
recessions and the response of governments to the COVID-19 pandemic
in respect of the operation of retail stores; general economic
conditions; adverse industry events; marketing costs; loss of
markets; future legislative and regulatory developments involving
cannabis or otherwise affecting Aphria's business or its consumers
generally; inability to access sufficient capital from internal and
external sources, and/or inability to access sufficient capital on
favorable terms; the cannabis industry in Canada generally; income tax and regulatory
matters, including delays in the issuance of licenses; the sale and
distribution of vapes; the ability of Aphria to meet its liquidity
requirements to fund ongoing operations; the ability of Aphria to
implement its business strategies; competition; crop failure;
safety of derivative cannabis products; currency and interest rate
fluctuations.
Readers are cautioned that the foregoing list is not exhaustive
and should consider as other factors discussed under the heading
"Risk Factors" in Aphria's most recent Annual Information Form and
under the heading "Industry Trends and Risks" in Aphria's
Management's Discussion and Analysis for the three and nine months
ended February 29, 2020, each
available on SEDAR at www.sedar.com and on EDGAR at
www.sec.gov. Readers are further cautioned not to place undue
reliance on forward-looking statements as there can be no assurance
that the plans, intentions or expectations upon which they are
placed will occur. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
The forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities laws.
Neither TSX nor its Regulation Services Provider (as that term is
defined in the policies of Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this release.
The schedule below is an excerpt of Aphria Inc.'s financial
statements prepared on a basis consistent with IFRS for the three
and nine months ended on February 29,
2020 and filed on SEDAR at www.sedar.com and on EDGAR
at www.sec.gov. This schedule does not contain all of the
information in Aphria Inc.'s financial statements that is important
to you. You should read the financial statements and Management's
Discussion and Analysis carefully to obtain a comprehensive
understanding of Aphria Inc.'s financial statements and notes
thereto under IFRS and related information.
Aphria Inc.
Consolidated Statements of Income and
Comprehensive Income
(In thousands of Canadian dollars,
except share and per share amounts)
|
|
|
|
|
|
For the
three months ended
February 29,
|
For the nine
months ended
February 29,
|
|
Note
|
2020
|
2019
|
2020
|
2019
|
Revenue from cannabis
products
|
|
$
64,424
|
$
18,407
|
$
139,275
|
$
55,077
|
Distribution
revenue
|
|
88,308
|
57,599
|
270,077
|
58,745
|
Insurance
recovery
|
|
550
|
--
|
1,000
|
--
|
Excise
taxes
|
|
(8,858)
|
(2,424)
|
(19,216)
|
(5,280)
|
|
|
|
|
|
|
Net
revenue
|
|
144,424
|
73,582
|
391,136
|
108,542
|
|
|
|
|
|
|
Production
costs
|
5
|
16,707
|
10,471
|
46,055
|
25,705
|
Cost of cannabis
purchased
|
|
15,115
|
--
|
15,850
|
--
|
Cost of goods
purchased
|
|
76,911
|
49,745
|
235,498
|
50,856
|
|
|
|
|
|
|
Gross profit
before fair value adjustments
|
|
35,691
|
13,366
|
93,733
|
31,981
|
|
|
|
|
|
|
Fair value adjustment
on sale of inventory
|
5
|
16,383
|
5,542
|
36,060
|
18,075
|
Fair value adjustment
on growth of biological assets
|
6
|
(40,267)
|
(9,471)
|
(86,912)
|
(23,136)
|
|
|
|
|
|
|
Gross
profit
|
|
59,575
|
17,295
|
144,585
|
37,042
|
Operating
expenses:
|
|
|
|
|
|
General and
administrative
|
23
|
27,920
|
22,434
|
72,301
|
43,561
|
Share-based
compensation
|
24
|
5,126
|
14,300
|
17,645
|
22,996
|
Marketing and
promotion
|
|
4,185
|
6,241
|
16,611
|
18,918
|
Selling
|
|
5,089
|
707
|
12,731
|
1,107
|
Amortization
|
|
5,352
|
3,665
|
16,256
|
9,556
|
Research and
development
|
|
710
|
223
|
1,992
|
1,097
|
Impairment
|
|
--
|
58,039
|
--
|
58,039
|
Transaction
costs
|
|
2,478
|
942
|
3,904
|
2,930
|
|
|
50,860
|
106,551
|
141,440
|
158,204
|
|
|
|
|
|
|
Operating income
(loss)
|
|
8,715
|
(89,256)
|
3,145
|
(121,162)
|
|
|
|
|
|
|
Finance income
(expense), net
|
25
|
(7,352)
|
3,579
|
(17,615)
|
9,493
|
Non-operating income,
net
|
26
|
9,848
|
(33,995)
|
34,719
|
79,811
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
11,211
|
(119,672)
|
20,249
|
(31,858)
|
|
|
|
|
|
|
Income taxes
(recovery)
|
15
|
5,514
|
(11,463)
|
6,040
|
401
|
Net income
(loss)
|
|
5,697
|
(108,209)
|
14,209
|
(32,259)
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
(734)
|
(61)
|
(2,729)
|
(61)
|
Comprehensive
income (loss)
|
|
$
4,963
|
$
(108,270)
|
$
11,480
|
$
(32,320)
|
|
|
|
|
|
|
Total
comprehensive income (loss) is attributable to:
|
|
|
|
|
|
Shareholders of Aphria
Inc.
|
|
5,893
|
(107,886)
|
12,944
|
(31,529)
|
Non-controlling
interest
|
22
|
(930)
|
(384)
|
(1,464)
|
(791)
|
|
|
$
4,963
|
$
(108,270)
|
$
11,480
|
$
(32,320)
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
|
257,517,234
|
250,149,598
|
253,477,710
|
240,106,147
|
Weighted average
number of common shares - diluted
|
|
257,955,708
|
250,149,598
|
254,010,666
|
240,106,147
|
|
|
|
|
|
|
Earnings (loss)
per share - basic
|
28
|
$
0.02
|
$
(0.43)
|
$
0.06
|
$
(0.13)
|
Earnings (loss)
per share - diluted
|
28
|
$
0.02
|
$
(0.43)
|
$
0.06
|
$
(0.13)
|
Aphria Inc.
Consolidated Statements of Financial
Position
(In thousands of Canadian dollars)
|
|
|
|
|
Note
|
February 29,
2020
|
May 31,
2019
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
|
$
515,102
|
$
550,797
|
Marketable
securities
|
|
--
|
20,199
|
Accounts
receivable
|
|
78,894
|
25,488
|
Prepaids and other
current assets
|
4
|
33,336
|
23,391
|
Inventory
|
5
|
225,832
|
91,529
|
Biological
assets
|
6
|
33,858
|
18,725
|
Promissory notes
receivable
|
14
|
27,145
|
39,200
|
Current portion of
convertible notes receivable
|
11
|
10,459
|
11,500
|
|
|
924,626
|
780,829
|
Capital
assets
|
8
|
589,615
|
503,898
|
Intangible
assets
|
9
|
382,440
|
392,056
|
Convertible notes
receivable
|
11
|
4,198
|
20,730
|
Interest in equity
investees
|
12
|
--
|
9,311
|
Long-term
investments
|
13
|
31,496
|
64,922
|
Goodwill
|
10
|
669,722
|
669,846
|
|
|
$
2,602,097
|
$
2,441,592
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
Bank
indebtedness
|
16
|
$
6,948
|
$ --
|
Accounts payable and
accrued liabilities
|
|
137,168
|
105,813
|
Income taxes
payable
|
|
2,880
|
2,722
|
Deferred
revenue
|
|
23,569
|
23,678
|
Current portion of
lease liabilities
|
3
|
1,171
|
--
|
Current portion of
long-term debt
|
17
|
6,318
|
6,332
|
|
|
178,054
|
138,545
|
Long-term
liabilities
|
|
|
|
Lease
liabilities
|
3
|
5,128
|
--
|
Long-term
debt
|
17
|
130,617
|
60,895
|
Convertible
debentures
|
18
|
334,936
|
421,366
|
Deferred tax
liability
|
15
|
89,237
|
87,633
|
|
|
737,972
|
708,439
|
Shareholders'
equity
|
|
|
|
Share
capital
|
19
|
1,767,138
|
1,655,273
|
Warrants
|
20
|
360
|
1,336
|
Share-based payment
reserve
|
|
43,163
|
36,151
|
Accumulated other
comprehensive loss
|
|
(2,848)
|
(119)
|
Non-controlling
interest
|
22
|
27,027
|
28,409
|
Retained
earnings
|
|
29,285
|
12,103
|
|
|
1,864,125
|
1,733,153
|
|
|
$
2,602,097
|
$
2,441,592
|
|
For the three
months ended
February 29,
|
For the nine
months ended
February 29,
|
2020
|
2019
|
2020
|
2019
|
Net income
(loss)
|
$
5,697
|
$
(108,209)
|
$
14,209
|
$
(32,259)
|
Income taxes
(recovery)
|
5,514
|
(11,463)
|
6,040
|
401
|
Finance (income)
expense, net
|
7,352
|
(3,579)
|
17,615
|
(9,493)
|
Non-operating (income)
loss
|
(9,848)
|
33,995
|
(34,719)
|
(79,811)
|
Amortization
|
13,301
|
5,469
|
34,832
|
14,329
|
Share-based
compensation
|
5,126
|
14,300
|
17,645
|
22,996
|
Fair value adjustment
on sale of inventory
|
16,383
|
5,542
|
36,060
|
18,075
|
Fair value adjustment
on growth of biological assets
|
(40,267)
|
(9,471)
|
(86,912)
|
(23,136)
|
Impairment
|
--
|
58,039
|
--
|
58,039
|
Transaction
costs
|
2,478
|
942
|
3,904
|
2,930
|
Adjusted EBITDA from
businesses under development
|
2,859
|
3,327
|
10,640
|
6,463
|
Adjusted EBITDA from
distribution operations
|
(2,564)
|
130
|
(8,568)
|
130
|
Adjusted
EBITDA from cannabis operations
|
$
6,031
|
$
(10,978)
|
$
10,746
|
$
(21,336)
|
|
For the three
months ended
February 29,
|
For the nine
months ended
February 29,
|
2020
|
2019
|
2020
|
2019
|
Adjusted EBITDA from
cannabis operations
|
$
6,031
|
$
(10,978)
|
$
10,746
|
$
(21,336)
|
Adjusted EBITDA from
businesses under development
|
(2,859)
|
(3,327)
|
(10,640)
|
(6,463)
|
Adjusted EBITDA from
distribution operations
|
2,564
|
(130)
|
8,568
|
(130)
|
Adjusted
EBITDA
|
$
5,736
|
$
(14,435)
|
$
8,674
|
$
(27,929)
|
1
|
In this press
release, reference is made to cannabis gross profit, cannabis gross
margin, distribution gross profit, distribution gross margin,
adjusted EBITDA, adjusted EBITDA from cannabis operations, adjusted
EBITDA from distribution operations, adjusted EBITDA from
businesses under development, gram equivalents, cash costs to
produce dried cannabis per gram, "all-in" cost of sales of dried
cannabis per gram and capital and intangible asset expenditures –
wholly-owned subsidiaries, which are not measures of financial
performance under International Financial Reporting Standards
(IFRS). These metrics and measures are not recognized
measures under IFRS do not have meanings prescribed under IFRS and
are as a result unlikely to be comparable to similar measures
presented by other companies. These measures are provided as
information complimentary to those IFRS measures by providing a
further understanding of our operating results from the perspective
of management. As such, these measures should not be considered in
isolation or in lieu of review of our financial information
reported under IFRS. Definitions and reconciliations for all terms
above can be found in the Company's Management's Discussion and
Analysis for the three and nine months ended February 29, 2020,
filed on SEDAR and EDGAR.
|
2
|
If the Company had
cultivated the cannabis purchased, the actual "all-in" cost of
sales of dried cannabis per gram may have been
different.
|
3
|
For additional
reference of COVID-19 issues impacting the Company, refer to the
Company's management discussion and analysis for the three and nine
months ended February 29, 2020.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/aphria-inc-announces-net-cannabis-revenue-increases-65-from-prior-quarter-and-fourth-consecutive-quarter-of-positive-adjusted-ebitda-301040661.html
SOURCE Aphria Inc.