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LEAMINGTON, ONTARIO -- (Marketwired) -- 07/21/15 -- Aphria Inc. ("Aphria" or the "Company") (TSX VENTURE: APH) is pleased to announce board approval for the Company to build out a Research & Development laboratory and related advanced equipment technology at its growing facility in Leamington, Ontario. "The industry has opened a new chapter after Health Canada's recent announcement allowing for the extraction and sale of cannabis oils. This expansion will provide Aphria with the opportunity to diversify into marijuana oil extracts and compete in this emerging segment of the market," stated CEO Vic Neufeld.
The expansion, budgeted at $1.7 million, is in addition to the previously announced two-phase greenhouse expansion and remains subject to Health Canada approval.
The Company experienced substantial growth over the previous quarter. Based on preliminary financial results for the 3 months ended May 31, 2015, Aphria reports sales approximating $500,000, which represents a 970% increase over the prior quarter. At the end of the fourth quarter, Aphria had registered 1,050 patients (247 at February 28, 2015); as of today, that number exceeds 1,700 registered patients. "Our fourth quarter results have significantly exceeded our expectations. Recently engaged go-to-market sales platforms are providing us with an accelerated rate of patient registration requests. As fiscal 2016 progresses, we are anticipating further growth in sales and based on current trending, expect the Company will achieve positive cash flow from operations in the near term," said Mr. Neufeld.
Aphria expects to release detailed fourth quarter and fiscal 2015 financial results for the year ended May 31, 2015 in September.
Aphria, a company continued under the laws of the Province of Ontario and based in Leamington, Ontario, is in the business of producing, supplying and selling medical marijuana pursuant to the Marihuana for Medical Purposes Regulations (the "MMPR"). Under the MMPR, Health Canada is responsible for the oversight of commercial medical marijuana growers such as Aphria. Aphria's common shares are listed on the TSX Venture Exchange under the ticker symbol "APH".
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "intend" and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements with respect to estimated margins and expectations for future growing capacity. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.Contacts: Aphria Inc. Vic Neufeld President & CEO 1-844-427-4742 NEXT ARTICLE
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