- Aurora Cannabis, the Canadian weed producer, gave an update on fiscal fourth-quarter 2019 performance that shows strong revenue growth.
- Shares spiked as much as 16% on the news.
- Cannabis companies have struggled to win investors confidence over the summer, but a few key players have turned a corner recently.
- Watch Aurora trade live on Markets Insider.
Aurora Cannabis, a Canadian cannabis producer, gave an update on its fourth-quarter 2019 performance, saying that it expects revenue between C$100 million and C$107 million before taxes, compared to C$19.1 million from the year prior.
Shares rose as much as 16% on the news of the revenue increase, also up from third quarter revenue of C$65.1 million. In addition, Aurora said that it expects total net revenues for fiscal 2019 to be between C$249 million and C$256 million.
"Our success to date comes from a focus on quality, regulatory compliance, appropriate Board of Directors oversight, and delivering a profitable, low risk and sustainable business for our shareholders," said CEO Terry Booth in a press release.