Aphria Earnings On January 11th: What I Anticipate To See – Looking for Alpha

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Aphria Earnings On January 11th: What I Anticipate To See – Looking for Alpha

Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha

Be aware: All greenback figures herein are in Canadian {dollars}.

Govt Abstract

Aphria (NYSE:APHA) will launch its earnings from Q2/19 (ending Nov. 30, 2018) on Jan. 11th at 7:00 am ET. This text is meant to offer a little bit of a lens by means of which these earnings could also be considered.

I used to be on the fence about projecting this in any respect, as a result of it is so speculative, and this projection is, due to this fact, primarily based on actually restricted info. The error vary on this projection is extraordinarily excessive, and I might take this with a grain of salt.

A very powerful factor in Aphria’s earnings goes to be their leisure hashish gross sales – each amount and income. Different metrics nonetheless matter, however these metrics are presumably going to be roughly in keeping with the traits over the previous few quarters. In the meantime, leisure hashish is a wholly new sector, and the sector that has made hashish sizzling. Aphria’s market share in leisure hashish, each now and much more so sooner or later, is extraordinarily necessary for the worth of the corporate.

Due to this fact, I’ll concentrate on leisure hashish notably. Different numbers are nonetheless necessary, however they’re of secondary significance.

This projection takes fairly a little bit of calculation to get to, however is a really tough outcome. In the long run, I mission that:

  • Aphria will promote ~2,800 kilogram equivalents of leisure hashish of their November quarter.
  • Aphria will promote ~4,600 kilogram equivalents complete, together with medical hashish.
  • Aphria will generate ~$26 million in internet income in the course of the quarter.

First, a little bit of background on Aphria’s working metrics and their previous outcomes.

Aphria’s Working Metrics



Supply: Aphria Q1/19 Earnings Release.

Final quarter, Aphria’s earnings launch included the above desk displaying a wide range of monetary and working metrics. All of those metrics are necessary, to various levels.

Nevertheless, the notable factor about Q2/19 is that will probably be Aphria’s first quarter that features leisure hashish gross sales. Hashish was legalized in Canada on Oct. 17th, and Aphria will announce 1 / 4 which ends on Nov. 30th.

Aphria’s Q2/19 income will embody all gross sales that the corporate made to provincial wholesalers and different distributors previous to Nov. 30th. Thus, outcomes will embody each 1.5 months of retail gross sales (though Aphria solely will get the wholesale income) and in addition gross sales for the hashish that was nonetheless in wholesale or retail stock on the finish of Nov. 30th. In consequence, the outcomes will present income larger than “simply” 1.5 months of retail gross sales, since outcomes additionally embody hashish stock at shops and distributors – each of which started the quarter with none stock.

Aphria’s earnings will likely be solely the second main hashish earnings that embody time when adult-use hashish was authorized in Canada. The primary such earnings had been from Hexo (OTCPK:HYYDF), whose earnings included two weeks of authorized hashish. As I described in Hexo: The First Two Weeks Of Recreational Cannabis – What We Learned, Hexo offered six instances as a lot leisure hashish as they’d offered medical hashish within the prior quarter and their income quadrupled. And that was solely with two weeks of legality and three provinces of provide offers – Aphria can have six weeks of legality and has provide offers with all ten provinces and one territory.

With that in thoughts, the important thing gross sales metrics right here, for my part, will likely be people who replicate how effectively Aphria is doing in leisure hashish. I’ll primarily concentrate on Aphria leisure hashish gross sales – each in {dollars} and weight. Different metrics are of comparatively secondary significance.

Previous Outcomes



Supply: Creator primarily based on firm filings

Hashish gross sales: Final quarter, Aphria offered 1,778 kg of hashish, good for third place among the many prime Canadian hashish producers, behind Aurora Hashish (OTC:ACB) and Cover Progress (OTC:CGC). Notably, Aphria’s quarters finish one month previous to the quarters of every of the opposite firms listed above – which is why Aphria’s earnings are arriving earlier than its friends.

All of Aphria’s present hashish gross sales are medical hashish. That may change within the coming quarter. Medical hashish gross sales are prone to be ~flat whereas leisure hashish gross sales are prone to be a lot larger than medical gross sales. Hexo’s hashish gross sales are the very best information right here. Within the July 2018 quarter, Hexo offered 152 kg of medical hashish. Within the Oct. 2018 quarter, with two weeks of legality, Hexo offered 952 kg of leisure hashish (and 158 kg of medical hashish).

Hashish income/gram: Right here, I’m particularly serious about Aphria’s leisure hashish income/gram. On condition that Aphria hasn’t beforehand offered leisure hashish, it’s kind of of an unknown. Within the above interview in Sept. 2018, CEO Vic Neufeld instructed that Aphria may understand income within the vary of $5/gram for leisure hashish.

That is barely decrease than the gross income earned by Hexo and Aurora, whose earnings report from Sept. 2018 included a tiny sliver of leisure gross sales:



Supply: Creator primarily based on firm filings; Aurora outcomes primarily based on tiny leisure gross sales in September quarter.

Notably, Hexo’s figures are gross income and embody the cannabis excise tax. I mentioned this excise tax in my current article on Aurora, Aurora Lowers The Market’s Expectations, so I will not repeat that dialogue right here. Suffice to say that Hexo’s internet income is about $1/gram decrease than that listed above.

Different Estimates: $21 to $40 Million

First, let’s take a look at projections from analysts and observers:

Estimate From Estimated Income By way of
Cornerstone Investments $40 million Seeking Alpha (Jan. 9th)
Analyst 1 $20.7 million Yahoo Finance (Jan. 9th)
Analyst 2 $29.2 million Yahoo Finance (Jan. ninth)
Analyst 3 $35.7 million Yahoo Finance (Jan. ninth)

Supply: Center estimate from Yahoo Finance is inferred primarily based Three estimates with a identified excessive, low, and common estimate.

There are three analyst estimates listed on Yahoo Finance, as of Jan. ninth, with a excessive of $35.68M, a low of $20.68M, and a mean of $28.52M. Trivially, we are able to deduce that the third estimate is $29.2M primarily based on the typical. In the meantime, my fellow contributor Cornerstone Investments has revealed a income estimate of $40 million on Looking for Alpha on Jan. 9.

I’ve additionally seen an estimate from GMP Securities, dated Dec. 28th, that Aphria can have income of $27.5 million within the coming quarter on 3,969 kg of hashish gross sales. Nevertheless, I’m uncertain if that estimate continues to be present, or if an up to date GMP Securities estimate is likely one of the three estimates above. Thus, I did not embody that estimate within the desk, fearing that it may be outdated and duplicative info.

I Estimate Income of $26 Million on Gross sales of 4,600 kg

Projections are way more artwork than science. There will likely be an amazing quantity of hand-waving happening on this part. If my projections are wherever close to precise outcomes, I will likely be pleasantly shocked and attribute it to luck.

My methodology for estimating right here incorporates plenty of information factors, and I am going to do the very best I can to elucidate them. That stated, it is principally simply plenty of attempting to make sense from varied info sources, lots of which are sometimes at odds with each other and level in reverse instructions. However right here we go.

Let’s begin by taking a look at Aphria’s most up-to-date quarter and evaluating it to quarters from Aurora (OTC:ACB) and Hexo (OTCPK:HYYDF). The previous is beneficial as a result of they simply supplied us with income steering and the latter is beneficial as a result of they’ve introduced results from a quarter that included legalization. Thus, each can present a little bit perception into post-legalization Canadian hashish outcomes.

Final Q (Pre-Legalization) Aphria Aurora Hexo
Income (in $000s) $ 13,292 $ 35,800 $ 1,410.7
Hashish Gross sales (medical) 1,778.2 kg 3,063 kg 152.Three kg

Supply: Creator primarily based on firm filings; Aurora’s income and gross sales are professional forma with the latter being inferred by the creator and the previous being introduced by the corporate.

Above are outcomes from the final quarter previous to legalization from all three firms. Not that Aurora’s hashish gross sales listed below are my inferred professional forma outcomes. Aurora’s reported gross sales had been 2,676 kg equivalents of hashish (equivalents as a result of a part of every firm’s gross sales are hashish oil and never dried hashish). Nevertheless, Aurora’s outcomes solely included a partial-quarter of MedReleaf outcomes, as the MedReleaf deal closed in late July, and Aurora’s quarter started July 1st. Right here, I’m inferring further gross sales primarily based on previous MedReleaf gross sales – which had been 1,425 kg/quarter in MedReleaf’s last announced quarter previous to the acquisition by Aurora.

A observe on my coloring scheme right here: Yellow cells within the desk imply that I am estimating or guessing at a determine reasonably than utilizing firm information.

Subsequent, let’s check out the primary post-recreational quarter for every firm, and make just a few inferences.

First Q Publish-Legalization Aphria Aurora Hexo
Weeks of legalization 6.43 10.86 2.14
Complete Income $50M-$55M $ 5,615.52
Rec Income $ 18,200 $ 4,242
Rec Gross sales 4,086 kg 952.2 kg
Med Income $ 13,292 $ 35,800 $ 1,421
Med Gross sales 1,778.2 kg 3,063.Zero kg 157.5 kg

Supply: Creator’s estimates primarily based on firm filings.

Every of Aphria, Aurora, and Hexo have quarters that finish on a special day, with quarters ending on the final day of November, December, and October, respectively.

Hexo has already reported incomes $5.6 million for its October quarter with leisure gross sales of 952 kg and medical gross sales of 157.5 kg. Medical gross sales rose barely from the prior quarter. Hexo’s leisure versus medical income right here is estimated as a result of Hexo didn’t break down the proportion of excise tax paid on medical hashish versus leisure hashish. My estimate right here is just $1/gram of tax on leisure hashish, which might be marginally too excessive. My earlier article on Aurora’s upcoming earnings goes right into a bit extra depth on excise taxes.

Aurora has supplied steering of $50 to $55 million of income for his or her December quarter. If we assume that medical gross sales will likely be roughly flat from final quarter, this suggests $14 to $19 million in leisure hashish income. The previous assumption is a supply of error – medical gross sales might go both up or down. Right here, I’ve estimated Aurora’s income to be inside their guided vary, however in direction of the upper finish of that vary at $54 million.

Assuming that Aurora’s leisure hashish gross sales are at ~the identical unit value as Hexo, this suggests that Aurora would promote 4,086 kg of hashish to be able to generate $18.2 million of leisure hashish income.

I’ve equally assumed right here that Aphria’s medical hashish gross sales and income will likely be ~flat from final quarter. As with Aurora, this estimate is a possible supply of error, as gross sales are unlikely to be flat. Notably, Aphria’s medical hashish gross sales grew plenty final quarter (from 1,313 kg to 1,778 kg), however income rose slower than quantity as a result of a decline in costs (income rose from $12.Zero million to $13.Three million).

Reminder: Inventories Wanted to be Crammed, too

The duty right here is easy: Estimate Aphria’s leisure hashish income and gross sales quantity.

To try this, I might first wish to estimate how a lot hashish Aurora is promoting to finish customers every week. Which may sound easy at first – would not that simply be 4,086 kg divided by 10.86 weeks? The reply to that’s no, at the least as I imply the query.

In the beginning of the primary post-legalization quarter, provincial distributors and hashish shops had zero stock. These companies weren’t open but and had nothing in inventory.

In the meantime, hashish firms acknowledge income once they promote their product to distributors or wholesalers. When that product is offered to finish customers is not particularly related as a result of leisure gross sales should not immediately between the hashish firm and an finish consumer.

Thus, hashish gross sales for every firm will embody two parts: (1) hashish that’s offered to customers in the course of the quarter, and (2) hashish that’s within the stock of hashish shops and hashish distributors on the finish of the quarter.

Thus, Hexo did not promote 952 kilograms of hashish for under 15 days of use. As a substitute, a few of that hashish was nonetheless in stock on the finish of October. Which means that Hexo’s run-rate gross sales will likely be decrease than 952 kg per 15 days – their run charge gross sales will not have to fill a list, however solely to exchange hashish that’s offered to finish customers. It is a slight oversimplification, on condition that proliferation of shops (every of which is able to want extra stock), however let’s roll with it.

Stock Estimates

We are going to finally estimate Aphria’s leisure gross sales by estimating each their weekly hashish gross sales to customers and the quantity of hashish that will likely be in stock (in hashish shops and distributors – not Aphria’s personal stock) on the finish of Aphria’s quarter.

Thus, I might wish to estimate weekly gross sales from Hexo and Aurora first, after which to estimate Aphria primarily based on these weekly gross sales.

To try this, I’ll use the Authorities of Canada’s gross sales information from October 2018:

October Stock October Gross sales
Kilogram equivalents 6,627.Eight kg 4,680.Three kg
Share of complete hashish offered 59% 41%

Supply: Creator primarily based on Government of Canada data with hashish oil equal estimates as in my previous Aurora article.

The info I’m utilizing right here is identical as I utilized in my earlier Aurora Hashish article – I like to recommend readers assessment that article if they need a bit extra depth on this information. Notably, I’m changing hashish oil at a charge of 10 mL = 1 gram of hashish and including that to each the stock ranges or shops/distributors (as of Oct. 31st) and to the gross sales to customers as of the identical date.

Hashish firm gross sales for October (in the event that they launched such figures) would come with each the 4,700 kg purchased by customers and the 6,600 kg sitting in inventories in shops and provincial distributors.

Thus, we are able to infer that Hexo didn’t promote its complete 952 kg of hashish to finish customers. As a substitute, at first look, we might estimate they solely offered 41% this a lot to finish customers, and the rest was used to inventory shops.

Nevertheless, I will put my finger on the size a bit right here. Many provinces didn’t have provide shortages – they’d affordable provides of hashish, and so there was loads of hashish in stock on the finish of October. Nevertheless, the 90% of Hexo’s gross sales had been in Quebec. Quebec had such unhealthy provide shortages that they had been compelled to shut their shops three days/week – and that occurred in the October period we’re looking at.

Given Quebec’s horrible provide shortages, it’s possible that Quebec offered greater than 41% of the hashish they bought within the month of October. In any other case, they would not have needed to shut shops, since different provinces did not have to shut shops in the identical means. Different provinces had some hiccups – however not practically as extreme.

Mainly, because of this I believe Hexo had lower than 59% of their hashish nonetheless in provincial stock on the finish of October. To tug a quantity from skinny air, I’ll recommend that maybe Hexo had 45% of their offered product nonetheless in stock on the finish of October. This estimate may very well be too excessive or too low. (If I decrease this determine, it might push my estimate for Aphria’s gross sales up, and if I elevate this quantity, it pushes my Aphria estimate down.)

Est. Stock Ranges and Gross sales

Aphria Aurora Hexo

October Stock (shops and distributors)

59%
Hexo’s est. stock 45%
Est. weekly gross sales 308 kg 244 kg
Est. stock at finish of interval 740 kg 429 kg
Market Share 13.5% 10.2%

Supply: Creator’s estimates.

At 45% in stock, this implies Hexo offered hashish to customers at a charge of 244 kg/week and that 429 kg of Hexo hashish was in retailer/distributor stock on the finish of October. This, in flip, implies that Hexo has a Canadian market share of ~10%, primarily based on my fourth quarter Canada-wide hashish gross sales estimate (~30,300 kg within the calendar fourth quarter). In the meantime, Aurora would have a market share of 13.5%, primarily based on the identical estimate (4,086 kg/30,341 kg).

Subsequent, I assume that Aurora’s stock (in shops/distributors) is proportionate to their market share (versus Hexo) however adjusted upwards by an element of (59%/45%) as a result of Aurora was not working primarily in a low-inventory province. That’s, I’m assuming Aurora’s merchandise can have an “common” stock stage on the finish of their quarter whereas I used to be assuming that Hexo’s merchandise would have a “beneath common” stock stage.

After estimating Aurora’s end-of-quarter stock stage, their weekly gross sales are then simply all of the remaining hashish they offered divided by the weeks within the quarter, (3,346 kg/10.86 weeks). This leads to weekly gross sales of 308 kilogram equivalents.

Estimating Aphria Gross sales Based mostly on Aurora and Hexo Gross sales

I estimated to-consumer weekly gross sales right here as a result of Aphria’s quarter features a totally different quantity of authorized hashish gross sales than both Aurora or Hexo. Aphria’s gross sales will embody each stock ranges on the finish of November and to-consumer gross sales for six.43 weeks of the quarter.

Given my estimates of weekly gross sales from Hexo and Aurora (244 kg/week and 308 kg/week), I can now estimate Aphria’s gross sales primarily based on these figures. To estimate Aphria’s gross sales in comparison with these two friends, I’ll contemplate just a few information factors:

Information Factors for Gross sales Est Aphria Aurora Hexo
Prov. Provide Offers (kg equiv) 22,250 kg 71,000 kg 20,000 kg
Offers as % of Canadians 99.8% 89.1% 74.7%
Offers with out listed amount 58.0% 54.5%
“Shelf space” market share 9.5% 10.5% 7.4%
Nova Scotia market share 10% 9% Nil (0%)
PEI market share 16% 14% Nil (0%)
Ontario market share 3.9% 24.5% 1.2%
Analysts Low $ 20,650 $ 60,000
Analysts Excessive $ 35,630 $ 74,770
Implied Rec at Mid $ 14,848 $ 31,585

Supply: Creator primarily based on varied sources.

Listed below are just a few information factors we are able to use to find out the relative leisure gross sales between Aphria and Aurora and Hexo.

Aurora has provincial provide offers (between each Aurora and MedReleaf) which cowl 89% of Canadians. Of these offers, offers overlaying 54.5% of Canadians don’t describe a amount of hashish whereas the offers overlaying the opposite 35% of Canadians recommend annual gross sales of 71,000 kilogram equivalents. Aphria’s provincial offers (excluding non-public offers) recommend gross sales of 22,250 kg/yr, with offers overlaying practically each Canadian. This metric maybe means that Aphria’s gross sales will fall between these of Hexo and Aurora.

I’ve beforehand carried out a examine of “shelf area” market share. That is principally a population-weighted depend of what number of totally different merchandise every provider had in probably the most populous Canadian provinces. There, I discovered that Hexo had a 7.4% share, Aurora a 10.5% share, and Aphria a 9.5% share. This metric once more means that Aphria’s gross sales will fall between these of Hexo and Aurora.

BNN Bloomberg has revealed information on hashish market share in each Nova Scotia and Prince Edward Island over the primary month of legalization. In that information, Aphria barely outsold Aurora in each provinces. These are each small provinces, nevertheless. Hexo doesn’t have provide offers in both province – their merchandise should not on sale in Nova Scotia or Prince Edward Island. This metric suggests Aphria’s gross sales could also be barely larger than these of Aurora.

I’ve beforehand revealed analysis on Ontario hashish gross sales from Ontario’s on-line hashish platform. This information spanned a interval in late October and early November, earlier than the province eliminated the power to entry this information (which was accessible through an API on their Shopify-powered (NYSE:SHOP) platform). In that information, Aurora had large market share in Canada’s largest province – and the province that purchased the most cannabis in October. This metric suggests Aurora’s gross sales could also be a lot larger than these of Aphria.

Lastly, I’ve additionally included analyst estimates from Yahoo Finance. The estimates on Aurora are already dated, given Aurora’s up to date steering. That stated, I’ve included that information right here as a result of analysts’ Aphria estimates are probably primarily based on the identical information set as their Aurora estimates. That’s, if the Aurora estimates are systematically too excessive, it is probably their Aphria estimates are additionally too excessive. As proven within the estimates, analysts anticipate Aurora to promote roughly twice as a lot leisure hashish as Aphria.

Now Some Hand-Waving

As proven, our varied information factors on Aphria and two of its friends level in numerous instructions. Some elements recommend Aphria may outsell Aurora (Gross sales in NS and PEI) whereas others recommend Aurora might outsell Aphria (ON gross sales and shelf area market share).

To guess which elements may imply probably the most, I singled out two particular elements that did an inexpensive job at “predicting” the gross sales proportions between Aurora and Hexo: Provincial provide offers as a share of Canadians and shelf area market share.

Notably, every metric supplies a “nationwide” determine – making it a helpful predictive gadget. Additional, the ratio between Aurora and Hexo approximated their estimated gross sales pretty effectively.

The previous metric describes the potential market measurement for every hashish firm. Customers in a given province can solely purchase an organization’s hashish if that firm has a provide deal of their province. The latter metric describes how “seen” every firm will likely be to a random Canadian, primarily based on product availability and inhabitants distribution. The ratio between each metrics correlate effectively with my estimates of market share and weekly gross sales for Aurora/Hexo.

Thus, I am going to use the identical metrics to estimate Aphria’s gross sales.

As a share of Hexo’s Figures Aphria Aurora
Estimated Weekly Gross sales 131% 126%
Estimated Market Share 133%
Provide Offers overlaying % of Canadians 134% 119%
Shelf-space market share 128% 142%

Supply: Creator’s estimates primarily based on the above information, with 131% being what seeds my Aphria estimates beneath.

Singling out these two elements, Aurora’s provide offers cowl 119% as many Canadians as these of Hexo (89.1%/74.7%). Aurora’s shelf area market share, in the meantime, is 142% as excessive as that of Hexo (10.5%/7.4%).

These two estimates had been comparatively near Aurora’s weekly gross sales estimate in comparison with Hexo of 126% (308 kg/244 kg) and to Aurora’s market share in comparison with Hexo of 133% (13.5%/10.2%).

Averaging the identical two metrics for Aphria – nonetheless as a share of Hexo – I estimate that Aphria’s weekly hashish gross sales to customers will likely be 1.3x as excessive as these of Hexo. I then additional assume that Aphria’s stock ranges (in comparison with weekly gross sales) will likely be about the identical as Aurora’s. That’s, each Aurora and Aphria will finish their respective quarters with an “common” quantity of product on retailer cabinets and at provincial distributors.

Placing all of it collectively

Est. Stock Ranges and Gross sales:

Aphria Aurora Hexo

October Stock (in shops and distributors)

59%
Hexo’s est. stock 45%
Est. weekly gross sales 320 kg 308 kg 244 kg
Est. stock at finish of interval 769 kg 740 kg 429 kg
Market Share 14.0% 13.5% 10.2%

Supply: Creator’s estimates primarily based on the above information.

This is identical desk as above, however with Aphria’s estimates stuffed in. Market share right here relies on the 30,341 kg equivalents within the calendar fourth quarter, with Aphria’s gross sales estimated primarily based on the weekly gross sales and their ending stock stage.

Notably, this estimate implies that Aphria can have a better market share than Aurora. That’s, for my part, a really aggressive estimate.

First Q Publish-Legalization Aphria Aurora Hexo
Weeks of legalization 6.43 10.86 2.14
Complete Income ($000s) $ 25,884 $50M-$55M $ 5,616
Leisure Income $ 12,592 $ 18,200 $ 4,242
Leisure Gross sales 2,827 kg 4,086 kg 952.2 kg
Medical Income $ 13,292 $ 35,800 $ 1,421
Medical Gross sales 1,778 kg 3,063 kg 157.5 kg

Supply: Creator’s estimates in yellow.

Based mostly on Aphria’s estimated weekly gross sales of 320 kg/week and an estimate end-state stock stage of 769 kg, together with 1 / 4 that features 6.43 weeks of leisure hashish gross sales, I estimate that Aphria will promote ~$13 million of leisure hashish, promoting ~2,800 kilogram equivalents.

If we assume flat medical hashish gross sales and income, this suggests complete income of ~$26 million and complete hashish gross sales of ~4,600 kilogram equivalents.

Ideas

As I stated earlier than, this estimate is extraordinarily speculative. If it is near appropriate, I will likely be pleasantly shocked.

Practically every little thing about this estimate may very well be questioned and different estimates may very well be used. For instance, I’ve estimates Hexo’s end-of-October stock stage (in shops and distributors) from skinny air at 45%. If I had used 30%, my income estimate for Aphria – all else equal – can be $28.5 million, and if I might used 60%, my income estimate can be $23.2 million. That single, seemingly-inconsequential change alters plenty.

Equally, I’m estimating nationwide stock ranges primarily based on little or no info. Particularly, Aphria and Aurora are each prone to have a lot bigger inventories in shops and provinces than Hexo. Each manufacturers can be found way more broadly than Hexo’s merchandise, that are actually solely offered in Quebec with scant few merchandise accessible in Ontario or British Columbia. (Though Hexo’s investor relations not too long ago advised me that extra merchandise could come to Ontario quickly.) Right here, a better required stock stage would imply extra gross sales for Aphria – they’d have to inventory that stock on this quarter and future quarters.

Nearly, every little thing else I stated above can also be open to hypothesis as effectively in a lot the identical method. Altering small variables can have a big influence on the mannequin. Take it with a grain of salt.

All that apart, I estimate that Aphria’s income this quarter might complete ~$25 million and that Aphria could promote ~2,800 kg of leisure hashish.

We are going to discover out on Jan. 11th at 7:00 am ET.

Glad investing!

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Disclosure: I’m/we’re lengthy APHA, CGC, HEXO. I wrote this text myself, and it expresses my very own opinions. I’m not receiving compensation for it (apart from from Looking for Alpha). I’ve no enterprise relationship with any firm whose inventory is talked about on this article.

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Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha
Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha
Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha
Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha
Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha

Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha

Aphria Earnings On January 11th: What I Anticipate To See - Looking For Alpha

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