MEDFF - Aurora Touts 41% YoY Increase In International Medical Cannabis Q3 Revenue Expands In Australia Via New Acquisition | Benzinga
Canadian medical cannabis giant Aurora Cannabis Inc. (NASDAQ:ACB) (TSX:ACB) reported its financial and operational results on Thursday for the third quarter of fiscal year 2024.
CEO Miguel Martin said that medical cannabis net revenue has increased significantly year-over-year, adding the third quarter represents the company's fifth consecutive quarter of positive adjusted EBITDA.
The increase was primarily due to higher sales to Australia and Europe in the current period following the launch of innovative cultivars in these markets.
"Our international medical net revenue grew 41% year-over-year in Q3, demonstrating Aurora’s ability to meet diverse patient needs in markets across the world,” Martin said. “Fiscal 2024 is on track to be our strongest to date, driven by the continued strength of our differentiated business model and our focus on profitable global medical cannabis markets."
In a separate press release, Aurora announced that its wholly-owned subsidiary has acquired the remaining approximately 90% equity interest of Indica Industries Pty Ltd – the partner of Canadian licensed producer MedReleaf (TSX:LEAF) (OTC:MEDFF) that is operating as MedReleaf Australia – which Aurora did not previously own, for AUD$50 million ($32.6 million). The company paid ...