Shares of Aphria Inc. APHA, +2.96% APHA, +2.76% dropped 6.9% in premarket trade Monday after the Canada-based cannabis company swung to a wide third-quarter loss, while revenue increased 7-fold, primarily driven by distribution revenue from CC Pharma and ABP. The net loss for the quarter to Feb. 28 was C$108.2 million ($81.1 million), or 43 cents a share, from a profit of C$12.9 million, or 8 cents a share, in the same period a year ago. Excluding non-recurring items, such as non-cash impairments and additional non-operating losses, adjusted gross profit was C$13.4 million. Kilograms sold fell to 2,636.5 from 3,408.9, while the average retail selling price for medical cannabis increased to C$8.03 per gram from C$7.51, primarily because of higher oil sales, while the average price for adult-use cannabis fell to C$5.14 from C$6.32, given a shift to smaller package sizes. Separately, the company said it has entered into a series of deal to accelerate the expiry date of the unsolicited offer launched by Green Growth Brands Inc. GGBXF, -2.76% The stock has rallied 77.5% year to date through Friday while the S&P 500 SPX, +0.66% has gained 16.0%.
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