Adjusted EBITDA from Cannabis Operations of
$3.4 Million Increased 155% from
Prior Quarter
Strengthened Balance Sheet and Cash
Position
Received EU GMP compliance confirmation for
ARA-Avanti Rx Analytics
Updates Fiscal Year 2020
Outlook
LEAMINGTON, ON, Jan. 14, 2020 /CNW/ - Aphria Inc.
("Aphria" or the "Company") (TSX: APHA and NYSE:
APHA) today reported its results for the second quarter ended
November 30, 2019. All amounts are
expressed in thousands of Canadian dollars, unless otherwise noted
and except for per gram, kilogram, kilogram equivalents, and per
share amounts. The Company also announced that Irwin D. Simon, will officially remove "interim"
from his title, effective today. In addition to his
responsibilities as Aphria's Chairman of the Board, Mr. Simon had
been serving as Interim Chief Executive Officer since February 2019.
"We are very pleased with our strong growth and execution in
Canada demonstrated by our
increase in adult-use cannabis revenue and positive adjusted EBITDA
as a result of our compelling brands and market positioning,"
stated Irwin D. Simon, Chairman and
Chief Executive Officer. "We are continuing to expand our
capabilities internationally with solid progress during the quarter
in Germany and South America and look to monetize non-core
assets. We are confident in our market position and our ability to
generate sustainable profit growth. I am honoured to continue to
work closely with our tremendous team around the world to fuel
growth and value for all of our stakeholders. Going forward, we
believe our brands, cultivation expertise, cash position and
balance sheet will continue to differentiate us in the cannabis
industry, and we remain focused on the highest return opportunities
for growth."
Key Operating Highlights
- Revenue for adult-use cannabis of $29.0
million in the second quarter, an increase of 46% from prior
quarter.
- Net cannabis revenue of $33.7
million in the second quarter, an increase of 9% from prior
quarter.
- Net revenue of $120.6 million in
the second quarter, an increase of 457% from prior year quarter and
decrease of 4% from prior quarter.
- Net loss of $7.9 million, however
reported positive adjusted EBITDA of $1.9
million in the second quarter.
- Adjusted EBITDA from cannabis operations of $3.4 million in the second quarter, an increase
of 155% from the prior quarter.
- Ended quarter with a strong balance sheet and liquidity,
including $497.7 million of cash and
cash equivalents, to fund planned Canadian and International
growth.
- Received cultivation license for its subsidiary Aphria Diamond,
featuring 1.3 million square feet of greenhouse production.
- Recognized for seven awards at the 6th Annual
Canadian Cannabis Awards with all five of Aphria's medical and
recreational brands receiving awards, as well as Broken Coast's
Master Grower, Kevin Anderson,
winning 'Master Grower' accolades and Aphria's Solei's CBN Renew
oil 'Innovation of the Year'.
- Elected Jodi Butts to the Board
of Directors.
- Strengthened executive leadership team with key appointments
and promotions.
- Secured an $80 million senior
secured credit facility for Aphria Diamond, strengthening the
balance sheet without being dilutive to shareholders.
Subsequent Events
- Received confirmation of compliance with the requirements of
the European Union's Commission Directive 2003/94/EC relating to
the Good Manufacturing Practices in respect of medicinal products
for human use and investigational medicinal products for human use,
from the Malta Medicines Authority at the Company's ARA - Avanti Rx
Analytics.
- Company's Jamaican subsidiary Marigold Projects Jamaica Limited
("Marigold") received a Processing (Tier 1) Licence from
Jamaica's Cannabis Licensing
Authority ("CLA") which permits the processing of cannabis-based
products for medical, therapeutic and scientific purposes.
- Marigold also received its second Retail (Herb House) licence from Jamaica's CLA to open a store in Negril,
Jamaica.
Key Financial Highlights
|
Three months
ended
|
Three months
ended
|
|
November 30,
2019
|
November 30,
2018
|
Net
revenue
|
$120,600
|
$21,668
|
Gross
profit
|
$39,589
|
$5,983
|
Adjusted cannabis
gross profit 1
|
$19,079
|
$10,122
|
Adjusted cannabis
gross margin 1
|
56.6%
|
49.3%
|
Adjusted distribution
gross profit 1
|
$10,959
|
$35
|
Adjusted distribution
gross margin 1
|
12.7%
|
3.1%
|
Net income
(loss)
|
($7,929)
|
$54,774
|
Adjusted EBITDA
1
|
$1,903
|
($9,530)
|
|
|
|
|
|
|
|
Q2-2020
|
Q1-2020
|
Distribution
revenue
|
$86,442
|
$95,327
|
Net cannabis
revenue
|
$33,708
|
$30,785
|
Net
revenue
|
$120,600
|
$126,112
|
Kilograms (or
kilogram equivalents) sold 1
|
7,062
|
5,969
|
Cash cost to produce
dried cannabis / gram 1
|
$1.11
|
$1.43
|
"All-in" cost of
goods sold / gram 1
|
$1.98
|
$2.52
|
Adjusted EBITDA from
cannabis operations 1
|
$3,386
|
$1,329
|
Adjusted EBITDA from
businesses under development 1
|
($3,547)
|
($4,234)
|
Adjusted EBITDA from
distribution operations 1
|
$2,064
|
$3,940
|
Cash and cash
equivalents & marketable securities
|
$497,694
|
$464,319
|
Working
capital
|
$675,917
|
$612,973
|
Capital and
intangible asset expenditures - wholly-owned subsidiaries
1
|
$8,230
|
$19,277
|
Net revenue for the three months ended November 30, 2019 was $120.6 million, an increase of 457% from
$21.7 million in the same period last
year. Second quarter fiscal 2020 net revenues were lower when
compared to the prior quarter net revenues of $126.1 million as a result of a decrease in
distribution revenue from $95.3
million to $86.4 million
associated with the change in the German government's medical
reimbursement model and seasonality in CC Pharma. The decrease in
distribution revenue was partially offset by an increase in net
cannabis revenue of $33.7 million
from $30.8 million. Net revenue
includes over 5,567 kilogram equivalents sold for the adult-use
market and 1,237 kilogram equivalents for medical cannabis
sales.
The average retail selling price of medical cannabis (exclusive
of wholesale), before excise tax, increased to $8.16 per gram in the quarter, compared to
$7.56 in the prior quarter, primarily
related to a higher percentage of total medical sales coming from
Broken Coast in the prior quarter. The average selling price of
adult-use cannabis, before excise tax, decreased to $5.22 per gram in the quarter, compared to
$6.02 per gram in the prior quarter,
primarily as a result of a change in sales mix. Customer demand
exceeded the Company's supply capabilities in the second 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.
Adjusted cannabis gross profit for the second quarter was
$19.1 million, with an adjusted
cannabis gross margin of 56.6%, compared to $15.3 million with an adjusted gross margin of
49.8% in the prior quarter. The increase in adjusted gross margin
was primarily due to lower wholesale sales to other licensed
producers which carry lower selling prices, as well as reduced
cultivation costs in the quarter.
Adjusted distribution gross profit for the second quarter was
$11.0 million, with an adjusted gross
margin of 12.7%, compared to $12.2
million with an adjusted gross margin of 12.8% in the prior
quarter.
Selling, general, and administrative costs in the quarter
increased to $49.2 million from
$41.4 million in the prior quarter,
and increased from $27.5 million in
the prior year. The increase from the prior quarter is mainly
related to a $2.6 million increase in
share-based compensation and a $4.4
million increase in selling, marketing and promotion
primarily associated with increased sales.
Net loss for the second quarter of fiscal 2020 was $7.9 million, or a loss of $0.03 per share, compared to net income of
$16.4 million, or $0.07 per share in the prior quarter, and net
income of $54.8 million, or
$0.22 per share for the same period
last year. The decrease in net income was primarily due
to provisions associated with the Company's Tier 3 passive
investment portfolio.
Adjusted EBITDA increased $0.9
million to $1.9 million for
the second quarter compared to $1.0
million in the prior quarter. Adjusted EBITDA from cannabis
operations for the second quarter was $3.4 million compared to $1.3 million in the prior quarter. The adjusted
EBITDA loss from businesses under development for the second
quarter was $3.5 million compared to
a loss of $4.2 million in the
prior quarter. Adjusted EBITDA from distribution operations for the
second quarter was $2.1 million,
compared to $3.9 million the prior
quarter. The increase in adjusted EBITDA is primarily attributable
to increased sales in the Company's cannabis business.
1 –
In this press release, reference is made to adjusted cannabis gross
profit, adjusted cannabis gross margin, adjusted distribution gross
profit, adjusted distribution gross margin, adjusted EBITDA, net
loss, adjusted EBITDA from cannabis operations, adjusted EBITDA
from businesses under development, adjusted EBITDA from
distribution operations, kilogram equivalents sold, cash costs to
produce dried cannabis per gram, "all-in" costs to produce dried
cannabis per gram and investments in capital and intangible assets
– 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 November 30, 2019 Management's
Discussion and Analysis, filed on SEDAR and EDGAR.
|
Outlook
Carl Merton, Aphria's Chief
Financial Officer commented, "We are updating our annual outlook
with a little over four months left in our fiscal year to reflect
certain market dynamics that have evolved relative to our initial
expectations. We look forward to generating an acceleration
in our revenue and profit growth in the second half of the fiscal
year and continue to believe the Canadian and international
cannabis industry outlook remains robust. Aphria is well positioned
for long-term sustainable growth as we continue to manage the
controllable aspects of our business."
For fiscal year 2020, the Company is updating its guidance to
primarily reflect certain market dynamics including a slower than
expected retail location rollout in Ontario with more than 40 store openings still
pending, the temporary banning of vape products in the Province of
Alberta while it studies the
impact of vape products, the higher costs of third-party supply as
a result of the timing of the receipt of Aphria Diamond's license,
and a slowing in CC Pharma's growth arising from recent changes in
the German government's medical reimbursement model. The
Company expects the following for fiscal year 2020:
- Net revenue of approximately $575
million to $625 million, with
distribution revenue representing slightly more than half of the
total net revenue
- Adjusted EBITDA of approximately $35
million to $42 million
Conference Call
Aphria executives will host a conference call to discuss these
results today at 8:00 am ET. 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 1575423. A telephone
replay will be available approximately two hours after the call
concludes through January 28, 2020.
To access the recording dial (855) 859-2056 and use the passcode
1575423.
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
statements under applicable securities laws and are expressly
qualified by this cautionary statement. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward looking statements are often identified by terms such as
"may", "should", "anticipate", "expect", "potential", "believe",
"intend" or the negative of these terms and similar expressions.
Forward-looking statements in this news release include, but are
not limited to, statements with respect to Net Revenue and Adjusted
EBITDA guidance. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions, estimates and
perception of trends of management and its beliefs with respect to
future events, as at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. Forward-looking
statements necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic
conditions; adverse industry events; marketing costs; loss of
markets; future legislative and regulatory developments involving
cannabis; 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 months ended
November 30, 2019, 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
months ended on November 30, 2019 and
filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
This schedule does not contain all 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
November 30,
|
For the six
months ended
November 30,
|
|
|
|
|
Note
|
2019
|
2018
|
2019
|
2018
|
|
Revenue from cannabis
products
|
|
$
39,772
|
$
23,378
|
$
74,851
|
$
36,670
|
|
Distribution
revenue
|
|
86,442
|
1,146
|
181,769
|
1,146
|
|
Insurance
recovery
|
|
450
|
--
|
450
|
--
|
|
Excise
taxes
|
|
(6,064)
|
(2,856)
|
(10,358)
|
(2,856)
|
|
|
|
|
|
|
|
|
|
Net
revenue
|
|
120,600
|
21,668
|
246,712
|
34,960
|
|
|
|
|
|
|
|
|
|
|
Production
costs
|
5
|
13,894
|
10,400
|
29,348
|
15,234
|
|
Cost of cannabis
purchased
|
|
735
|
--
|
735
|
--
|
|
Cost of goods
purchased
|
|
75,483
|
1,111
|
158,587
|
1,111
|
|
|
|
|
|
|
|
|
|
Gross profit
before fair value adjustments
|
|
30,488
|
10,157
|
58,042
|
18,615
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment
on sale of inventory
|
5
|
12,391
|
8,328
|
19,677
|
12,533
|
|
Fair value adjustment
on growth of biological assets
|
6
|
(21,492)
|
(4,154)
|
(46,645)
|
(13,665)
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
39,589
|
5,983
|
85,010
|
19,747
|
Operating
expenses:
|
|
|
|
|
|
|
General and
administrative
|
23
|
22,076
|
12,276
|
44,381
|
21,127
|
|
Share-based
compensation
|
|
24
|
7,563
|
2,574
|
12,519
|
8,696
|
|
Selling, marketing
and promotion
|
|
12,254
|
8,336
|
20,068
|
13,077
|
|
Amortization
|
|
5,896
|
2,617
|
10,904
|
5,891
|
|
Research and
development
|
|
672
|
612
|
1,282
|
874
|
|
Transaction
costs
|
|
691
|
1,123
|
1,426
|
1,988
|
|
|
|
|
|
49,152
|
27,538
|
90,580
|
51,653
|
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(9,563)
|
(21,555)
|
(5,570)
|
(31,906)
|
|
|
|
|
|
|
|
|
|
|
Finance income
(expense), net
|
25
|
(5,006)
|
4,855
|
(10,263)
|
5,914
|
|
Non-operating income,
net
|
26
|
4,568
|
79,376
|
24,871
|
113,806
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(10,001)
|
62,676
|
9,038
|
87,814
|
|
|
|
|
|
|
|
|
|
Income taxes
(recovery)
|
15
|
(2,072)
|
7,902
|
526
|
11,864
|
Net income
(loss)
|
|
(7,929)
|
54,774
|
8,512
|
75,950
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss)
|
|
|
|
|
|
|
Other comprehensive
income (loss)
|
|
(310)
|
--
|
(1,996)
|
--
|
Comprehensive
income (loss)
|
|
$
(8,239)
|
$
54,774
|
$
6,516
|
$
75,950
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income (loss) is attributable to:
|
|
|
|
|
|
Shareholders of
Aphria Inc.
|
|
(7,876)
|
54,970
|
7,050
|
76,357
|
|
Non-controlling
interest
|
22
|
(363)
|
(196)
|
(534)
|
(407)
|
|
|
|
|
|
$
(8,239)
|
$
54,774
|
$
6,516
|
$
75,950
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares - basic
|
|
251,833,217
|
244,873,891
|
251,468,984
|
235,166,745
|
Weighted average
number of common shares - diluted
|
|
251,833,217
|
249,303,182
|
252,427,777
|
239,417,492
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share - basic
|
28
|
$
(0.03)
|
$
0.22
|
$
0.03
|
$
0.32
|
Earnings (loss)
per share - diluted
|
28
|
$
(0.03)
|
$
0.22
|
$
0.03
|
$
0.32
|
Aphria
Inc. Consolidated Statements of Financial
Position (In thousands of Canadian dollars)
|
|
|
|
|
Note
|
November 30,
2019
|
May 31,
2019
|
Assets
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
$
497,694
|
$
550,797
|
|
Marketable
securities
|
|
--
|
20,199
|
|
Accounts
receivable
|
|
60,695
|
25,488
|
|
Prepaids and other
current assets
|
4
|
27,339
|
23,391
|
|
Inventory
|
5
|
152,196
|
91,529
|
|
Biological
assets
|
6
|
34,370
|
18,725
|
|
Promissory notes
receivable
|
14
|
39,200
|
39,200
|
|
Current portion of
convertible notes receivable
|
11
|
16,926
|
11,500
|
|
|
|
|
|
828,420
|
780,829
|
|
Capital
assets
|
8
|
562,963
|
503,898
|
|
Intangible
assets
|
9
|
384,671
|
392,056
|
|
Convertible notes
receivable
|
11
|
8,365
|
20,730
|
|
Interest in equity
investees
|
12
|
--
|
9,311
|
|
Long-term
investments
|
13
|
34,977
|
64,922
|
|
Goodwill
|
10
|
669,663
|
669,846
|
|
|
|
|
|
$
2,489,059
|
$
2,441,592
|
Liabilities
|
|
|
|
Current
liabilities
|
|
|
|
|
Bank
indebtedness
|
16
|
$
2,443
|
$ --
|
|
Accounts payable and
accrued liabilities
|
|
117,161
|
105,813
|
|
Income taxes
payable
|
|
2,180
|
2,722
|
|
Deferred
revenue
|
|
23,785
|
23,678
|
|
Current portion of
lease liabilities
|
3
|
752
|
--
|
|
Current portion of
long-term debt
|
17
|
6,167
|
6,332
|
|
|
|
|
|
152,488
|
138,545
|
Long-term
liabilities
|
|
|
|
|
Lease
liabilities
|
3
|
5,849
|
--
|
|
Long-term
debt
|
17
|
132,189
|
60,895
|
|
Convertible
debentures
|
18
|
358,081
|
421,366
|
|
Deferred tax
liability
|
15
|
85,106
|
87,633
|
|
|
|
|
|
733,713
|
708,439
|
Shareholders'
equity
|
|
|
|
|
Share
capital
|
19
|
1,665,744
|
1,655,273
|
|
Warrants
|
20
|
1,336
|
1,336
|
|
Share-based payment
reserve
|
|
40,742
|
36,151
|
|
Accumulated other
comprehensive loss
|
|
(2,115)
|
(119)
|
|
Non-controlling
interest
|
22
|
27,875
|
28,409
|
|
Retained
earnings
|
|
21,764
|
12,103
|
|
|
|
|
|
1,755,346
|
1,733,153
|
|
|
|
|
|
$
2,489,059
|
$
2,441,592
|
|
For the three
months ended
November 30,
|
For the six months
ended
November 30,
|
2019
|
2018
|
2019
|
2018
|
|
Net income
(loss)
|
$
(7,929)
|
$
54,774
|
$
8,512
|
$
75,950
|
|
Income taxes
(recovery)
|
(2,072)
|
7,902
|
526
|
11,864
|
|
Finance (income)
expense, net
|
5,006
|
(4,855)
|
10,263
|
(5,914)
|
|
Non-operating
(income) loss
|
(4,568)
|
(79,376)
|
(24,871)
|
(113,806)
|
|
Amortization
|
12,313
|
4,154
|
21,531
|
8,860
|
|
Share-based
compensation
|
7,563
|
2,574
|
12,519
|
8,696
|
|
Fair value adjustment
on sale of inventory
|
12,391
|
8,328
|
19,677
|
12,533
|
|
Fair value adjustment
on growth of biological
assets
|
(21,492)
|
(4,154)
|
(46,645)
|
(13,665)
|
|
Transaction
costs
|
691
|
1,123
|
1,426
|
1,988
|
|
Adjusted EBITDA from
businesses under
development
|
3,547
|
3,327
|
7,781
|
6,463
|
|
Adjusted EBITDA from
distribution operations
|
(2,064)
|
130
|
(6,004)
|
130
|
Adjusted
EBITDA from cannabis operations
|
$
3,386
|
$
(6,073)
|
$
4,715
|
$
(6,901)
|
|
For the three
months ended
November 30,
|
For the six months
ended
November 30,
|
2019
|
2018
|
2019
|
2018
|
|
Adjusted EBITDA from
cannabis operations
|
$
3,386
|
$
(6,073)
|
$
4,715
|
$
(6,901)
|
|
Adjusted EBITDA from
businesses under
development
|
(3,547)
|
(3,327)
|
(7,781)
|
(6,463)
|
|
Adjusted EBITDA from
distribution operations
|
2,064
|
(130)
|
6,004
|
(130)
|
Adjusted
EBITDA
|
$
1,903
|
$
(9,530)
|
$
2,938
|
$
(13,494)
|
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SOURCE Aphria Inc.