Aphria Inc (OTCQB:APHQF) is one cannabis company that looks set to capitalize on increasing demands from the recreational cannabis markets. Its CEO admired Canadian senators and government officials for passing the C-45 bill – legalizing recreational cannabis for adult use in the country.
Aphria Praises C-45 bill
The company believes the C-45 bill will eliminate the black market, restrict youth access to the drug, and protect the public’s health and safety.
Although the legalization passed only last week, Aphria has been preparing for this day over the last couple of quarters and has made sufficient product available, ready for day 1 of legal adult-use.
Its CEO Mr. Neufeld said, “As Canada moves one step closer to adult-use cannabis legalization, we are ready to serve the recreational adult use market and meet the needs of Canadians. We look forward to working with government as a long-term partner to continue to position Canada as the global success story.”
Aphria is Set to Meet Customers Demand
The company continues to progress on several expansion projects to meet the demands of the emerging market.
Its Aphria One, which is 700,000 square foot Part IV expansion project, remains on track for its first sale in January 2019. It also expects first sales from its Diamond 1,300,000 square foot retrofit project in January 2019.
The company has also completed crucial acquisitions of Broken Coast Cannabis and Nuuvera Ltd in the past quarter. Moreover, it is planning to make more acquisitions in the days to come. The CEO says, “Looking ahead, our focus remains on exploring strategic opportunities and partnerships globally while continuing our extensive preparations for the adult-use market in Canada.”
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The company has also been generating robust sales growth from its medical cannabis business. Its revenue grew to $20 million in fiscal 2017 from $8 million in the year-ago period. Market pundits expect substantial revenue growth in the following quarter; thanks to its potential to attract clients from both medical and recreational markets.
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