Company News

Pot producer Aphria sales surge during coronavirus lockdowns

July 29 (Reuters) - Canadian pot producer Aphria Inc said on Wednesday net revenue rose more than 18% in the fourth quarter, as coronavirus-related lockdowns led to a surge in demand for marijuana.

The company, however, swung to a quarterly loss of C$98.8 million ($73.95 million), or 39 Canadian cents per share, in the three months ended May 31, compared to a profit of C$15.8 million, or 5 Canadian cents per share, a year ago.

Aphria said the net loss was largely related to one-time impairment charges of C$64 million on some of the company’s assets outside Canada. ($1 = 1.3361 Canadian dollars)

Reporting by Shariq Khan in Bengaluru; Editing by Amy Caren Daniel