Join our daily newsletter At The Bell to receive exclusive market insights
- Althea Group’s (AGH) latest quarterly report shows the cannabis business hit a sales high during the period, netting $1.55 million during June
- All up, AGH brought in $3.36 million worth of unaudited revenue over the three-month term, a 111 per cent increase on the prior corresponding period
- It also notched up a total of $11.55 million in unaudited revenue across FY21, representing a 128 per cent increase year on year
- The company ended the quarter with $6.76 million in the bank. It spent $2.61 million on operations, giving it enough cash to keep going for 2.59 quarters
- AGH shares are trading up 1.56 per cent at 32.5 cents each at 1:28 pm AEST
Althea Group’s (AGH) latest quarterly report shows the cannabis business hit a sales high during the period.
The business reported on Tuesday that it netted $1.55 million in sales in the month of June alone. This represents a new record that brings AGH’s total quarterly receipts to $2.85 million.
AGH’s unaudited revenue also increased, totalling $3.36 million at quarter-end, a 111 per cent increase on the prior corresponding period.
The company’s total unaudited revenue for FY21 followed the same trend, rising by 128 per cent year on year to hit $11.55 million at the end of the financial year.
CEO Joshua Fegan said it was a pleasing result considering the impact of the COVID-19 pandemic.
“The June quarter was an exceptionally strong period for AGH and a reminder of the underlying demand for cannabis-based products in both our pharmaceutical and recreational cannabis businesses, following a COVID-19 affected March quarter,” Mr Fegan said.
“With record sales in June, an improving macro market and our recreational business in Canada taking off, there has not been a better time for the company.”
Althea ended June with $6.76 million in the bank, spending $2.61 million on operations during the quarter.
At that rate of spend, the cannabis company has enough cash to keep going for another 2.59 quarters of growth.
Shares in AGH were trading up 1.56 per cent at 32.5 cents per share at 1:28 pm AEDT.
