Aurora Cannabis Inc. (TSX:ACB) (NYSE:ACB) gave marijuana investors a sigh of relief yesterday when it posted its second quarter financial results. ACB stock was down 5% yesterday before its second quarter fiscal 2019 results were released to investors. Now, the cannabis stock is rebounding on both the NYSE and TSX.
ACB Stock: Second Quarter Fiscal 2019 Revenue
Yesterday, the Edmonton, Alberta-based cannabis company announced its operational results for its second quarter that ended on December 31st, 2018. The results were no surprise to most investors, as Aurora gave a snapshot of its earnings back in January.
Aurora Cannabis posted net revenue of $54.2 million, up 83% from the previous quarter. That revenue is up 363% compared to the previous period last year. Due to these growth figures, investors are impressed, and ACB stock is rebounding this morning.
“Aurora continues to execute strongly across all of its market segments, as demonstrated by the 83% revenue growth over last quarter and the significant increase in confirmed production results,” said Terry Booth, CEO of Aurora Cannabis.
“With our strong performance in the Canadian medical and consumer markets, our early mover advantage in a growing list of important international markets, together with our leadership in high-quality, CBD-rich hemp production, Aurora is strategically positioned across the entire cannabis industry value chain to further extend our rapid growth.”
This morning, Aurora announced the progress of Aurora Polaris. This announcement could also be the reason for the sudden rise of ACB stock. The company is planning on adding an additional 300,000 square feet to the facility. This expansion is said to be completed at the end of 2019.
ACB Stock Movement
According to Yahoo Finance, ACB stock is currently trading at $7.33 a share on the NYSE, up +$0.16 (+2.30%). On the TSX, ACB is trading at $9.62 a share, up +$0.12 (+1.26%).
Year-to-date, ACB stock is up 45% on the NYSE and 40% on the TSX.
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