LEAMINGTON, Ont. — Licensed medical marijuana producer Aphria Inc. reported a $12.9-million profit in its latest quarter, boosted by the sale of some of its shares in U.S. company Liberty Health Sciences.
The company says the profit amounted to eight cents per share for the quarter ended Feb. 28 compared with a profit of nearly $5 million or four cents per share a year ago when it had fewer shares outstanding.
Revenue in what was Aphria’s third quarter totalled $10.3 million, up from $5.1 million in the same quarter last year.
Aphria signed a deal to sell part of its stake in Liberty Health Sciences earlier this year in a move to reduce its investments in the United States where cannabis remains illegal under federal law.
The Leamington, Ont.-based company sold 26.7 million Liberty shares at a price of $1.25 per share, representing all its shares in the company that are not subject to Canadian Securities Exchange escrow requirements.
Aphria maintained a 28.1 per cent interest in Liberty after the transaction.
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The Canadian Press